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Please click here to support this open-access journal and the WEA real-world economic review issue no. 106 download whole issue Special Issue How can we construct an economics consistent with the biophysical limits to economic growth? Invitation 3 PART I – PARTIAL ANSWERS TO THE QUESTION Economics as if ecology mattered Peter Newell 5 An economic […]
Not all prices are market exchange prices. I’ve been writing about administered prices (here and here) and ‘commons’ prices (here). In January, I hope to make a first small step towards a badly needed periodic table of prices. Today a new element, Gift Exchange Prices. Gifts are like the Greeks. They come in many varieties. […]
from Yoshinori Shiozawa Review of John Komlos, Foundations of Real-World Economics / What Every Economic Student Needs to Know, Third Edition, 2023 Introduction This review article must not be too long. Readers of this Real-World Economics Blog are accustomed to read posts less than one thousand words. I want to limit it within three thousand […]
from Peter Radford This is just for fun. It’s nearly the holiday season after all. Let’s tell a story: a friend of ours here in southern Vermont was looking for a job. She saw an advertisement posted by a local business. Or, perhaps, she heard something about a job from a friend. In any case […]
from Asad Zaman and WEA Pedagogy Bog I recently gave a talk to students of Modern Money and Economics of Sustainability at Torrens University. The video of the talk is here. I have also written up some notes about this talk which clarify some points only sketched briefly in the talk, and provide links to more […]
from Lars Syll “the heart of darkness in ‘New Keynesian’ macroeconomics” Macroeconomic models may be an informative tool for research. But if practitioners of ‘New Keynesian’ macroeconomics do not investigate and make an effort to provide a justification for the credibility of the assumptions on which they erect their building, it will not fulfil its […]
from Peter Radford I keep coming upon ideas that seem to make such sense that, surely, they have been imported into economics. But, no, hubris prevents an expansion of the discipline to include such novelty. The threat they represent to the entire mainstream edifice is too much of a threat. The guild closes ranks. The […]
According to the Monetary Statistics of the European Central Bank, the credit impulse to the Euro Area economy is getting even weaker (graph 1, the yellow part of the bars). Which not only forbodes a recession but already is a recession. Graph 1. Monetary developments in the Euro Area. Source. This interpretation (the EA is […]
from Dean Baker Like many self-imagined “free-traders,” the Washington Post editorial board cannot even conceive of free trade when it comes to prescription drugs. They demonstrated this fact yet again in discussing ways to deal with the high price of effective weight-loss drugs like Wegovy. These drugs carry price tags of more than $1,000 a month, making […]
from Maria Alejandra Madi I am writing today about a new online conference of the World Economics Association ”Capitalism, Socialism and Democracy 80 years later: Looking at capitalism today in light of its past and possible future”. It runs from 1st February to 28th February, 2024. You can find more information about it here: https://capitalismanddemocracy2024.weaconferences.net/ Home […]