Health Warning! “Realism” virus afflicting mainstream economists

I discuss these papers in a tongue-in-cheek introduction to another key problems of unrealism in economics–the absence of any role for energy in both Post Keynesian and Neoclassical production functions.

I also address Olivier Blanchard’s desire for a “widely accepted analytical macroeconomic core”, explain the role of credit in aggregate demand and income, and identify the countries most likely to face a credit crunch in the near future. I gave this talk to staff and students of the EPOG program at the University of Paris 13 on Friday September 23rd.