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Most downloaded RWER papers from current issue Who is behind the campaign to rid the world of cash?, Norbert HaeringThe trouble with human capital theory, Blair FixA progressive trade policy, Dean BakerThe enigmatization of economic growth, Bernard C. Beaudreau Most downloaded RWER papers from last 4 years Trump is Obama’s legacy. Will this break up the Democratic Party?, Michael HudsonChina’s communist-capitalist ecological apocalypse, Richard SmithInequality, the financial crisis and...

This paper argues the mainstream economics profession is threatened by theories of the financial crisis and ensuing stagnation that attribute those events to the policies recommended and justified by the profession. Such theories are existentially threatening to the dominant point of view. Consequently, mainstream economists resist engaging them as doing so would legitimize those theories. […]

from Constantine Passaris and the current issue of RWER I have coined the word internetization for the purpose of circumventing the drawbacks of the concept of globalization. These drawbacks commence with the fact that globalization is not a new concept. The international outreach between nations has taken place since time immemorial. Furthermore, globalization does not reflect the contemporary digital empowerment of civil society and the electronic facility for modern financial...

from Lars Syll If human scientists could be supposed to play a system of analogous games of chance … the evidential support available for successful scientific hypotheses could be measured by a Pascalian probability-function … But unfortunately the analogy breaks down at several points. The number of co-ordinate alternative outcomes​ that are possible in any one trial of the issue investigated may be infinite, indeterminate, or at least unknowable … And even more importantly, the trial...

A few weeks ago, I commented sceptically on Adani’s announcement that it had moved heavy earthmoving equipment to its Carmichael site. At the same time, Adani flew a banner over its Brisbane office, claiming it was ready to start the mining project the moment it got the green light. As I observed at the time, the “heavy earthmoving equipment” appeared to consist of one large grader and a few smaller vehicles. The latest news is that Adani is “moving ahead with access work” namely,...

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from Dean Baker In the fall of 2013, Jared Bernstein and I wrote a book called Getting Back to Full Employment: A Better Bargain for Working People. The main point of the book was that low unemployment rates disproportionately benefited those who are most disadvantaged in the labor market. For this reason, we argued for using macroeconomic policy to get the unemployment rate as low as possible, until inflation became a clear problem. At that time, the unemployment rate was still close to...

from Lars Syll For realists, the name of the scientific game is explaining phenomena, not just saving them. Realists typically invoke ‘inference to the best explanation’ [IBE] … What exactly is the inference in IBE, what are the premises, and what the conclusion? The intellectual ancestor of IBE is Peirce’s abduction: The surprising fact, C, is observed. But if A were true, C would be a matter of course. Hence, … A is true. Here the second premise is a fancy way of saying “A explains C”....

AA study of fake news on Twitter Facebook has found that the biggest propagators are Republicans over 65. No surprises there. Unfortunately, the researchers muddy the waters by suggesting that this group is prone to believing and spreading lies because they are “digital immigrants”, rather than “digital natives”, a distinction I thought had disappeared. ,A moment’s thought should have suggested a different interpretation. The same group, after all constitutes the primary audience...