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The fundamentals are “sound”?: PICTURE = 1000 WORDS

Real-World Economics Review – issue no. 87 Economics and the Ecosystem download whole issue Introduction           2Jamie Morgan and Edward Fullbrook           download Growthism: Its ecological, economic, and ethical limits          9Herman Daly           download Producing ecological economy          23Katharine N. Farrell          download Economics 101: dog barking, overgrazing and ecological collapse          33Edward Fullbrook          download Addressing meta-externalities:...

from Maria Alejandra Madi Looking back, after the Second World War, new theoretical and applied work in economics fostered empirical techniques that included structural estimation, the development of input-output methods and linear programming. Among the theoretical advances, the Keynesian revolution, the mathematical modeling of the business cycle, game theory, dynamic modeling, new models of consumer behavior and general equilibrium analysis can be highlighted. What is significant about...

Can anyone out there help me? Just saw a headline on CNN saying that, in spite of Brexit chaos, unemployment was at an historic low. Likewise in US where in spite of Trump — could it really be because of? — unemployment is also at an historic low. Reminds me that back in the late 1970s there was a G-7 summit in London England. There were pictures in the press of the leaders, beginning with Thatcher. For Italy the joke was that politics was so volatile that no one could...

Can anyone out there help me? Just saw a headline on CNN saying that, in spite of Brexit chaos, unemployment was at an historic low. Likewise in US where in spite of Trump — could it really be because of? — unemployment is also at an historic low. Reminds me that back in the late 1970s there was a G-7 summit in London England. There were pictures in the press of the leaders, beginning with Thatcher. For Italy the joke was that politics was so volatile that no one could remember who was its...

from Lars Syll According to one of the most widely used textbooks on mainstream theories of economic growth, one can for the United States “calculate labor’s share of GDP by looking at wage and salary payments and compensation for the self-employed as a share of GDP. These calculations reveal that the labor share has been relatively constant over time, at a value of around 0.7.” But is this “classic stylized fact” — that the labour share is relatively constant over time at around...

That’s the headline for my latest piece in The Conversation, my contribution to a three-part series mini-symposium on Wages, Unemployment and Underemployment presented by The Conversation and the Academy of the Social Sciences in Australia. Key quote For more than forty years, both the architecture of labour market regulation and the discretionary choices of governments have been designed with the precise objective of holding wages down. These policies have been highly...

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on. Like this:Like Loading...

from Peter Radford I am not quite sure what to make of the phrase “radical uncertainty”.  It pops up in most discussions of Keynes as being a critical, if not the critical, point of departure of his thinking from the silliness we know as classical economics. Is radical uncertainty a redundant statement?  If something is uncertain, what is it that can make it radically so?  Surely the whole point of uncertainty is that we have no idea just how radical that lack of knowledge may be.  Worse,...