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from Lars Syll Being a true expert involves not only knowing stuff about the world but also knowing the limits of your knowledge and expertise. It requires, as psychologists say, both cognitive and metacognitive skills. The point is not that true experts should withhold their beliefs or that they should never speak with conviction. Some beliefs are better supported by the evidence than others, after all, and we should not hesitate to say so. The point is that true experts express...

from James Galbraith and Jaehee Choi and issue 92 of RWER In the years following World War II the division of labor between neoclassical micro- economics and pseudo-Keynesian macroeconomics was pioneered at MIT and disseminated worldwide from there. Macro held a narrow strip of economic territory: unemployment, inflation, interest rates and money supply, the business cycle, the rate of growth and their interrelations through the quantity theory, the Phillips Curve and Okun’s Law. The...

from David Ruccio and issue 9 of RWER Mainstream economists continue to insist that workers benefit from economic growth, because wages rise with productivity. Here’s the argument as explained by Donald J. Boudreaux and Liya Palagashvili:  Firms cannot afford a misalignment of their workers’ pay and productivity increases – the employees will move to other firms eager to hire these now more productive workers. Higher economy-wide productivity, after all, means that workers add more to the...

from Richard Koo and issue 92 of RWER Income inequality has become one of the hottest and most controversial issues in economics not only in the developed world but also in China and elsewhere as well. Many are growing increasingly uncomfortable with the divide between the haves and the have-nots, especially after Thomas Piketty’s Capital in the 21st Century2sparked a fresh debate on the optimal distribution of wealth, an issue that had been largely overlooked by the economics...

The progressive economics community, in Canada and around the world, lost a wonderful colleague, comrade and friend with the passing of John Loxley on July 28, 2020. Here I would like to share some personal reflections on John’s impact on my life as a progressive economist, and the very rich legacy he has left our shared community. (I also commend the many other tributes that have been posted, including here here here here here and here.) John embodied a combination of innovative,...

The progressive economics community, in Canada and around the world, lost a wonderful colleague, comrade and friend with the passing of John Loxley on July 28, 2020. Here I would like to share some personal reflections on John’s impact on my life as a progressive economist, and the very rich legacy he has left our shared community. (I also commend the many other tributes that have been posted, including here here here here here and here.) John embodied a combination of innovative,...

DI jaman saat ini, di mana semua hal bisa dilakukan menggunakan internet, mulai dari seperti kebutuhan sehari-hari, Contoh membeli sesuatu seperti makanan, dan hal lain yang kita inginkan bisa sangat mudah dibeli tanpa harus ke toko. Hanya mencari situs jual beli dan pergi ke situs web dan memesan, membuat segalanya lebih mudah, dari hal-hal besar hingga hal-hal kecil yang dapat kita lakukan online, saat ini internet seperti dunia baru untuk semua orang di negara di dunia, begitu...

from Jayati Ghosh and issue 93 of RWER A global pandemic is a particularly bad time to be reminded of existing inequalities. But there is no doubt that the Covid-19 pandemic has highlighted the extent of inequalities between and within countries. Whatever may be the fond sentiments expressed by at least some global leaders, we are clearly not “all in this together”. It is true that in principle, a virus is no respecter of class or other socio-economic distinctions: it enters human hosts...

Back again with another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page Like this:Like Loading...