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WEA eBooks


Finance as Warfare

Michael Hudson


The Scientist and the Church

Shimshon Bichler and Jonathan Nitzan


The Economy of the Hamster

Mauro Gallegati


On the use and misuse of theories and models in economics

Lars Pålsson Syll


Bubble Economics: Australian Land Speculation 1830 – 2013

Paul D. Egan and Philip Soos


Developing an economics for the post-crisis world

Steve Keen


Nuevos paradigmas, desarrollo económico y dinámica social

Jorge Buzaglo


Statistical Foundations for Econometric Techniques

Asad Zaman


Wealth and Illfare: An Expedition through Real Life Economics

C. T. Kurien


Appreciating Mental Capital: What and Who Economists Should Also Study

Robert Locke








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Issue no. 103 – 31 March 2023


How to Make the Oil Industry Go Bust
Blair Fix     2


Technological Change and Strategic Sabotage:
A Capital as Power Analysis of the US Semiconductor Business

Christopher Mouré     26


Do copyrights and paywalls on academic journals violate the US Constitution?
Spencer Graves     56


Mainstream economics – the poverty of fictional storytelling
Lars P. Syll     61


Why do economists persist in using false theories?
Asad Zaman     84


Revisiting the Principles of Economics through Disney
Junaid Jahangir     89


On the Employer-Employee Relationship
David Ellerman     111


Why is yield-curve inversion such a good predictor of recession?
Philip George     122


Book Review: Thomas Picketty, A Brief History of Equality
Junaid Jahangir     128


Book Review: John KomlosFoundations of Real-World Economics, 3rd Edition
Alan Freeman     132


Board of Editors, past contributors, submissions, etc.           135


please support this open-access journal




Issue no. 102 – 18 December 2022


Ecological Economics in Four Parables
Herman Daly          2


The Paradigm in the Iron Mask:
Toward an Institutional Ecology of Ecological Economics

Gregory A. Daneke         16 


The Towering Problem of Externality-Denying Capitalism
Duncan Austin          30 


Have We Passed Peak Capitalism?
Blair Fix          55


A Probabilistic Theory of Supply and Demand
John Komlos          89


Unicorn, Yeti, Nessie, and Neoclassical Market
– Legends and Empirical Evidence

Ibrahim Filiz, Jan René Judek, Marco Lorenz, Markus Spiwoks          97


On the Efficacy of Saving
George H. Blackford          119


Occupation Freedoms: Comparing Workers and Slaves
M. S. Alam          137


Book Review: Steve Keen, (2021) The New Economics: A Manifesto
Shimshon Bichler and Jonathan Nitzan          156


Book Review: Fullbrook, E. and Morgan, J. (2020)
Modern Monetary Theory and its Critics

Junaid B. Jahangir          164


Board of Editors, past contributors, submissions, etc.           171


please support this journal




Issue no. 101 – 15 September 2022


Two conceptions of the nature of money 
Tony Lawson          2


How power shapes our thoughts
Asad Zaman         20


SARS-CoV-2: The Neoliberal Virus
Imad A. Moosa          27


The giant blunder at the heart of General Equilibrium Theory
Philip George          38


A life in development economics and political economy: An interview with Jayati Ghosh
Jayati Ghosh and Jamie Morgan          44


John Komlos and the Seven Dwarfs
Junaid B. Jahangir          65


A three-dimensional production possibility frontier with stress
John Komlos           76


Free trade theory and reality:
How economists have ignored their own evidence for 100 years

Jeff Ferry          83


The choice of currency and policies for an independent Scotland:
A debate through the lenses of different economic paradigms

Alberto Paloni          90


Board of Editors, past contributors, submissions, etc.       107


please support this journal




Issue no. 100 – 30 June 2022


Introduction to RWER issue 100          3


Real Science Is Pluralist           issue no. 5 – 2001
Edward Fullbrook         5


Is There Anything Worth Keeping in Standard Microeconomics?          issue no. 12 – 2002
Bernard Guerrien          11


How Reality Ate Itself: Orthodoxy, Economy & Trust          issue no. 18 – 2003
Jamie Morgan          14


What is Neoclassical Economics?         issue no. 6 – 2006
Christian Arnsperger and Yanis Varoufakis          20


A financial crisis on top of the ecological crisis: Ending the monopoly of neoclassical economics         issue no. 49 – 2009
Peter Söderbaum          30


U.S. “quantitative easing” is fracturing the Global Economy          issue no. 55 – 2010
Michael Hudson          41


Capitalism and the destruction of life on Earth: Six theses on saving the
          issue no. – 64
Richard Smith          53


Secular stagnation and endogenous money          issue no. 66 – 2014
Steve Keen          81


Piketty and the resurgence of patrimonial capitalism          issue no. 69 – 2014
Jayati Ghosh          92


Capital and capital: the second most fundamental confusion          issue no. 69 – 2014
Edward Fullbrook          99


Deductivism – the fundamental flaw of mainstream economics          issue no. 74 – 2016
Lars Pålsson Syll          112


Radical paradigm shifts          issue no. 85 – 2018
Asad Zaman          134


Growthism: its ecological, economic and ethical limits          issue no. 87 – 2019
Herman Daly          139


Producing ecological economy          issue no. 87 – 2019
Katharine N. Farrell          154


Economism and the Econocene: a coevolutionary interpretation          issue no. 87 – 2019
Richard B. Norgaard          164


Inequality challenge in pursued economies          issue no. 92 – 2021
Richard C. Koo          184


What is economics? A policy discipline for the real world          issue no. 96 – 2021
James K. Galbraith          208


Consumerism and the denial of values in economics         issue no. 96 – 2021
Neva Goodwin          224


Of Copernican revolutions – and the suddenly-marginal marginal mind at the dawn of the Anthropocene          issue no. 96 – 2021
Richard Parker          242


Postscript: RWER is for everyone and no one
Jamie Morgan          264


Board of Editors, past contributors, submissions, etc.            157




Issue no. 99 – 24 March 2022


Keynes’, Piketty’s, and an extensive failure index:Introducing maldevelopment indices
Jorge Buzaglo and Leo Buzaglo Olofsgård           2


Externalities, public goods, and infectious diseases
Spencer Graves and Douglas Samuelson           25


An essential journey back to the seeds of prosperity in a time of pandemics:
Notes for a renewed agenda in development studies

Fernando García-Quero and Fernando López Castellano           57


How resource-cheaply could we live well?
Ted Trainer            64


The role of the IMF in a changing global landscape
Jayati Ghosh           80


MMT, post-Keynesians and currency hierarchy:
Notes towards a synthesis

Luiz Alberto Vieira            90


Why not sovereign money AND job guarantee?
Hongkil Kim and Hunter Griffin            106


Performativity, marketization and market-based central banking
Goghie Alexandru-Stefan           125


The mathematics of profit maximization is incorrect
Philip George           143


The ‘Great Disinflation’:The importance of the ‘China factor’ is overstated
Leon Podkaminer           151


Board of Editors, past contributors, submissions, etc.            157




Issue no. 98 – 15 December 2021

download whole issue


101 Textbooks

The riddle of the use of impossible examples in microeconomics textbooks
Emmanuelle Bénicourt, Sophie Jallais and Camille Noûs


101 Textbooks

The 1-2-3 toolbox of mainstream economics:
promising everything, delivering nothing

Shimshon Bichler and Jonathan Nitzan


Capitalists are dispensable, laborers are not
M. Shahid Alam


Redistributing income through hierarchy
Blair Fix


The Becker model of discrimination is anachronistic and should no longer be taught
John Komlos


“Susan Strange saw the financial crisis coming, Your Majesty”
Nat Dyer


Measuring economic transformation:
what to make of constant price sectoral GDP

Adam Fforde


Booming wealth alongside fiscal concerns about ageing populations
David R Richardson


Price indices suitable for the monetary policy
Carlos Guerrero de Lizardi


From the political economy of financial regulation and economic governance to climate change
Jamie Morgan with Andrew P. Baker


Board of Editors, past contributors, submissions, etc




Issue no. 97 – 22 September 2021


Has economics become a new theology?
Some comments about the practice of modern economists and medieval theologians

Andri W. Stahel



Beyond dollar creditocracy: A geopolitical economy

Radhika Desai and Michael Hudson



A black-swan shock exposes the deep fissures, endemic imbalances,
and structural weaknesses of the U.S. economy

John Komlos



Fuck the market

Terry Hathaway



The ritual of capitalization

Blair Fix



Economic hypocrisies in the pandemic age

Raphael Sassower



The politics of economics:
Post-structuralist discourse theory as a new theoretical perspective for heterodox economics

Shu Shimizu



Putting Minsky into space: The geography of asset price bubbles in the United States, 1994–2018

John Posey



How financial bubbles are fueled by money creation a.k.a. bank lending:
An explanation for public education

Ib Ravn



China, the exception that proves the growthist rule? Richard Smith on China’s contribution to climate emergency 

REVIEW of Smith, R. (2020) China’s Engine of Environmental Collapse. London: Pluto Press

Jamie Morgan



Board of Editors, past contributors, submissions, etc




Issue no. 96 – 29 July 2021


The future: Thanks for the memories 
Jamie Morgan


Of Copernican revolutions – and the suddenly-marginal marginal mind
at the dawn of the Anthropocene

Richard Parker


Post-economics: Reconnecting reality and morality to escape the Econocene
Richard B. Norgaard


What is economics? A policy discipline for the real world 
James K. Galbraith


Beyond indifference: An economics for the future 
Lukas Bäuerle


Growth through contraction: Conceiving an eco-economy 
William E. Rees


Interrogating the holy grail of productivity growth 
Jayati Ghosh


Changing role of neoliberalism across the stages of economic development 
Richard C. Koo


Consumerism and the denial of values in economics 
Neva Goodwin


Beyond the growth imperative and neoliberal doxa
Max Koch, Jayeon Lindellee and Johanna Alkan Olsson


Writing forward Georgescu-Roegen’s critique of Marx 
Katharine N. Farrell


Three possible new paradigms

Humanistic economics, a new paradigm for the 21st century 
John Komlos


A future social-ecological economics 
Clive L. Spash & Adrien O.T. Guisan


Oikonomics: towards a new paradigm in economics 
Andri W. Stahel


Economics 999
Edward Fullbrook


Board of Editors, past contributors, submissions, etc.




Issue no. 95 – 22 March 2021

Is a capitalist steady-state economy possible? Is it better in socialism?

Theodore P. Lianos


The “ideal market” as a normative figure of thought. Analysing the reasoning of the World Bank pro land grabbing

Tanja von Egan-Krieger


The rise of human capital theory

Blair Fix


How downward redistribution makes America richer: 

An empirical, “money view” model of spending, wealth concentration, and wealth accumulation

Steve Roth


The moral dilemma and asymmetric economic impact of COVID-19

Constantine E. Passaris


Pigou and the dropped stitch of economics

Duncan Austin


Third world development: the simpler way critique of conventional theory and practice

Ted Trainer  


The American Gordian Knot and Alexander the Great is not in sight

John Komlos


Unbridgeable: why political economists cannot accept capital as power

Shimshon Bichler and Jonathan Nitzan


A modest proposal for generating useful analyses of economies: a brief note

Geoff Davies


On the relevance of the Church-Turing Thesis for theoretical economics

Ron Wallace


From finance to climate crisis: An interview with Steve Keen

Steve Keen and Jamie Morgan


Board of Editors, past contributors, submissions, etc.






Issue no. 94 -  22 March 2021


Alarm. The evolutionary jump of global political economy needed         2
Hardy Hanappi         

Neoliberalism must die because it does not serve humanity          27
Nikolaos Karagiannis         

Climate arsonist Xi Jinping: a carbon-neutral China with a 6% growth rate?          32
Richard Smith         

All the good things a digital euro could do – and all the bad things it will          53
Norbert Häring         

Is economics a science?          61
Andri W. Stahel         

Private equity and public problems in a financialized world: an interview with Rosemary Batt          83
Rosemary Batt and Jamie Morgan         

Macro: understanding quantitative easing          109
Edward Fullbrook         

The hemispheres of finance: GDP and non-GDP finance          113
Joseph Huber         

The digital twin of the economy: proposed tool for policy design and evaluation          140
Patrick Pobuda         

Heterodoxy, positivism and economism.
On the futility of overcoming neoliberalism on positive grounds          149
Ulrich Thielemann         

Board of Editors, past contributors, submissions, etc.          186



Issue no. 93    28 September 2020   


Why are the rich getting richer while the poor stay poor?

Andri W. Stahel          download


Machina-economicus or homo-complexicus: 

Artificial intelligence and the future of economics?

Gregory A. Daneke          download


Maybe there never was a unipower

John Benedetto         download


Empirical rejection of mainstream economics’ core postulates –

on prices, firms’ profits and markets structure

Joaquim Vergés-Jaime          download


Humanism or racism: pilot project Europe at the crossroads

Hardy Hanappi          download


Towards abolishing the institution of renting persons:

A different path for the Left

David Ellerman          download


Simpler way transition theory

Ted Trainer          download


Book Review

    Degrowth: necessary, urgent and good for you

    Jamie Morgan          download


Minimum wages and the resilience of neoclassical labour market economics.

Some preliminary evidence from Germany

Arne Heise          download


Prelude to a critique of the Ricardian Equivalence Doctrine

Leon Podkaminer          download


Public debt “causing” inflation? Very unlikely

Leon Podkaminer          download


Board of Editors, past contributors, submissions, etc.



Issue no. 92    29 June 2020   

Special Issue The Inequality Crisis


The three options: an introduction

Edward Fullbrook          download


Rethinking the word economy as a two-block hierarchy

Robert Wade          download


Inequality in a time of pandemic

Jayati Ghosh          download


The United States of Inequality                        

David Ruccio          download


Fixing capitalism: stopping inequality at its source 

Dean Baker          download


Inequality challenge in pursued economies

Richard Koo          download 


Inequality under globalization: state of knowledge and implications for economics

James Galbraith and Jaehee Choi          download


Thomas Piketty’s changing views on inequality  

Steve Pressman          download  


Inequality: What we think, what we don’t think and why we acquiesce

Jamie Morgan          download  


The art of balance: The search for equaliberty and solidarity                     

Peter Radford          download


Globalization, digitization, shareholder capitalism and the summits of contemporary wealth

David A Westbrook          download  


Poverty and income inequality: a complex relationship

Victor A. Beker          download 


The inequalities that could not happen: What the Cold War did to economics

Erik Reinert          download 


I Love You - investing for intergenerational wellbeing

Girol Karacaoglu          download 


Inequality in development: the 2030 Agenda, SDG 10 and the role of redistribution

Holger Apel          download


Inequality and the case for UBI

Geoff Crocker          download


Inequality and morbid symptoms of a financialised system

Ann Pettifor          download


Why COVID-19 Is the Great Unequalizer

Marshall Auerback          download


Board of Editors, past contributors, submissions, etc.



Issue no. 91   16 March 2020      download whole issue  

Complexity, the evolution of macroeconomic thought, and micro foundations          2

David Colander          download


Models and reality: How did models divorced from reality become epistemologically acceptable?          20

Asad Zaman          download


ECONOMICS 101 (editors invite more papers on Economics 101)           45

The value of “thinking like an economist”

Bernard C. Beaudreau          download       


An essay on the putative knowledge of textbook economics          53

Lukas Bäuerle         download


World population: the elephant in the living room          70

Theodore P. Lianos           download


The carbon economy – rebuilding the building blocks of economics and science          83

John E. Coulter          download


Breaking the golden handcuffs: recreating markets for tenured faculty          91

M. Shahid Alam          download


Reinforcing the Euro with national units of account          102

Gerald Holtham          download


Neoliberalism vs. China as model for the developing world          108

Ali Kadri          download


Classifying “globally integrated” production firms from a worker/citizen perspective          128

John B. Benedett          download



Tony Lawson, economics and the theory of social positioning          132

Jamie Morgan          download



Ecological and feminist economics: an interview with Julie A. Nelson          146

Julie A. Nelson and Jamie Morgan          download


Board of Editors, past contributors, submissions, etc.                   154



Issue no. 90   9 December 2019      download whole issue  

Making America great again          2
Shimshon Bichler and Jonathan Nitzan          download


American trade deficits and the unidirectionality error          13
Kenneth Austin           download


The “Nobel Prize” for Economics 2019… illustrates the nature and inadequacy of conventional economics
Ted Trainer          download          41


Greenwish: the wishful thinking undermining the ambition of sustainable business          47
Duncan Austin          download


An evolutionary theory of resource distribution         65    
Blair Fix          download


The case for the ontology of money as credit: money as bearer or basis of “value”          98
Phil Armstrong and Kalim Siddiqui          download


Cross-current, or change in the direction of the mainstream?          119
Arthur M. Diamond, Jr          download


Negative natural interest rates and secular stagnation: much ado about nothing?          126
Leon Podkaminer          download


John Komlos's Foundations of Real-World Economics: What every economics student needs to know
Alan Freeman          download          133


The importance of ecological economics: An interview with Herman Daly          137
Herman Daly and Jamie Morgan          download


Board of Editors, past contributors, submissions, etc.          155



Issue no. 89  3 October 2019    

Special Issue: Modern monetary theory and its critics



Introduction: Whither MMT?          2

The editors          download


Alternative paths to modern money theory          5

L. Randall Wray          download


Initiating a parallel electronic currency in a eurocrisis country – why it would work          23

Trond Andresen          download


An MMT perspective on macroeconomic policy space          32

Phil Armstrong          download


Monetary sovereignty is a spectrum: modern monetary theory and developing countries    

Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell          download          46


Are modern monetary theory’s lies “plausible lies”?          62

David Colander          download


What is modern about MMT? A concise note          72

Paul Davidson          download


Modern monetary theory: a European perspective          75

Dirk H. Ehnts and Maurice Höfgen          download


MMT: the wrong answer to the wrong question          85

Jan Kregel          download


Modern monetary theory and post-Keynesian economics          97

Marc Lavoie          download


Money’s relation to debt: some problems with MMT’s conception of money          109

Tony Lawson          download


The sleights of hand of MMT          129

Anne Mayhew          download


Tax and modern monetary theory         138

Richard Murphy          download


Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics        148

Thomas I. Palley          download


MMT and TINA          156

Louis-Philippe Rochon          download


Modern monetary theory: is there any added value?          167

Malcolm Sawyer          download


The significance of MMT in linking money, markets, sector balances and aggregate demand          180

Alan Shipman          download


The political economy of modern money theory, from Brecht to Gaitskell          194

Jan Toporowski          download


Board of Editors, past contributors, submissions, etc.          203




Issue no. 88 10 July 2019    download whole issue


Make-believe empiricism

Is econometrics relevant to real world economics?          2
Imad A. Moosa          download


The fiction of verifiability in economic “science”         14

Salim Rashid          download


Nominal science without data – the artificial Cold War content of Game Theory and Operations Research          29

Richard Vahrenkamp           download


Real GDP: the flawed metric at the heart of macroeconomics          51

Blair Fix, Jonathan Nitzan and Shimshon Bichler          download


Realism and critique in economics: an interview with Lars P. Syll          60

Lars P. Syll and Jamie Morgan          download


Digital currency. Design principles to support a shift from bankmoney to entral bank digitalcurrency          76

Joseph Huber          download


Economics and the shop floor: reflections of an octogenarian          91

Robert R. Locke          download


Can redistribution help build a more stable economy?          108

Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza          download


What can economists and energy engineers learn from thermodynamics beyond the technical aspects?          130

Abderrazak Belabes          download


Metaphors for the evolution of the American economy: progressing from the invisible and visible hands to the humanistic hand          144

John F. Tomer          download


Permanent fiscal deficits are desirable for the high income countries: a note          159

Leon Podkaminer          download


Board of Editors, past contributors, submissions, etc.          163





Issue no. 87 19 March 2019   

Special Issue: ​​​​​​​​​​​​​​Economics and the Ecosystem

Introduction            2
Jamie Morgan and Edward Fullbrook           download

Growthism: Its ecological, economic, and ethical limits           9
Herman Daly          download

Producing ecological economy          23
Katharine N. Farrell          download

Dog barking, overgrazing and ecological collapse          33
Edward Fullbrook          download

Addressing meta-externalities: investments in restoring the earth          36
Neva Goodwin          download

Degrowth: A theory of radical abundance          54
Jason Hickel          download

Environmental financialization: What could go wrong?          69
Eric Kemp-Benedict and Sivan Kartha          download

Elements of a political economy of the postgrowth era         90
Max Koch          download

Victim of success: civilisation is at risk         106
Peter McManners          download

Economism and the Econocene: A Coevolutionary Interpretation          114
Richard B. Norgaard          download

End game: The economy as eco-catastrophe and what needs to change          132
William E. Rees          download

An ecosocialist path to limiting global temperature rise to 1.5°C0          149
Richard Smith          download

Toward sustainable development: Democracy-oriented economics          181
Peter Söderbaum          download

Like blending chalk and cheese          196
Joachim H. Spangenberg and Lia Polotzek          download

Of Ecosystems and Economies: Re-connecting economics with reality          213
Clive L. Spash and Tone Smith          download

How to achieve the sustainable development goals by 2050 231
Per Espen Stoknes          download

The simpler way: envisioning a sustainable society in an age of limits 247
Ted Trainer and Samuel Alexander          download

Board of Editors, past contributors, submissions, etc.          261



                                Index Part 2


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Editor: Edward Fullbrook

Associate Editor: Jamie Morgan


Board of Editors

Nicola Acocella, Italy, University of Rome

Robert Costanza, USA, Portland State University

Wolfgang Drechsler, Estonia, Tallinn Uni. of Technology

Kevin Gallagher, USA, Boston University

Jo Marie Griesgraber, USA, New Rules for Global

Finance Coalition

Bernard Guerrien, France, Uni. Paris 1 Pantheon

Michael Hudson, USA, Uni. of Missouri at Kansas City

Anne Mayhew, USA, University of Tennessee

Gustavo Marques, Argentina, Universidad de Buenos Aires

Julie A. Nelson, USA, Uni. of Massachusetts, Boston

Paul Ormerod, UK, Volterra Consulting

Richard Parker, USA, Harvard University

Ann Pettifor, UK, Policy Research in Macroeconomics

Alicia Puyana, Mexico, Latin Am. School of Social Sciences

Jacques Sapir, France, Ecole des hautes etudes en

sciences sociales

Peter Soderbaum, Sweden, School of Sustainable

Development of Society and Technology

Peter Radford, USA, The Radford Free Press

David Ruccio, USA, Notre Dame University

Immanuel Wallerstein, USA, Yale University


PAST CONTRIBUTORS: James Galbraith, Frank Ackerman, André Orléan, Hugh Stretton, Jacques Sapir, Edward Fullbrook, Gilles Raveaud, Deirdre McCloskey, Tony Lawson, Geoff Harcourt, Joseph Halevi, Sheila C. Dow, Kurt Jacobsen, The Cambridge 27, Paul Ormerod, Steve Keen, Grazia Ietto-Gillies, Emmanuelle Benicourt, Le Movement Autisme-Economie, Geoffrey Hodgson, Ben Fine, Michael A. Bernstein, Julie A. Nelson, Jeff Gates, Anne Mayhew, Bruce Edmonds, Jason Potts, John Nightingale, Alan Shipman, Peter E. Earl, Marc Lavoie, Jean Gadrey, Peter Söderbaum, Bernard Guerrien, Susan Feiner, Warren J. Samuels, Katalin Martinás, George M. Frankfurter, Elton G. McGoun, Yanis Varoufakis, Alex Millmow, Bruce J. Caldwell, Poul Thøis Madsen, Helge Peukert, Dietmar Lindenberger, Reiner Kümmel, Jane King, Peter Dorman, K.M.P. Williams, Frank Rotering, Ha-Joon Chang, Claude Mouchot, Robert E. Lane, James G. Devine, Richard Wolff, Jamie Morgan, Robert Heilbroner, William Milberg, Stephen T. 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Thoughts that led to

the creation of this journal


". . . economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems"

Milton Friedman


" [Economics as taught] in America's graduate schools... bears testimony to a triumph of ideology over science.” 
Joseph Stiglitz


"Existing economics is a theoretical [meaning mathematical] system which floats in the air and which bears little relation to what happens in the real world”

Ronald Coase


" We live in an uncertain and ever-changing world that is continually evolving in new and novel ways.  Standard theories are of little help in this context.  Attempting to understand economic, political and social change requires a fundamental recasting of the way we think” 

Douglass North


"Page after page of professional economic journals are filled with mathematical formulas […] Year after year economic theorists continue to produce scores of mathematical models and to explore in great detail their formal properties; and the econometricians fit algebraic functions of all possible shapes to essentially the same sets of data”

Wassily Leontief


" Today if you ask a mainstream economist a question about almost any aspect of economic life, the response will be: suppose we model that situation and see what happens…modern mainstream economics consists of little else but examples of this process”

Robert Solow


"Economics is supposed to be social science, i.e. an intellectual discipline resting upon empirically-observed facts, in which mathematics and conceptual frameworks are tools for understanding.  But in contemporary mainstream economics, the tools are often in the driver's seat, declaring evident facts impossible and reducing the subtleties of the real world to whatever clockwork economists best know how to build."

Ian Fletcher


"Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.”
Mark Blaug


" . . . the close to monopoly position of neoclassical economics is not compatible with normal ideas about democracy.  Economics is science in some senses, but is at the same time ideology.  Limiting economics to the neoclassical paradigm means imposing a serious ideological limitation.  Departments of economics become political propaganda centers . . .”
Peter Söderbaum


" Economics students . . . graduate from Masters and PhD programs with an effectively vacuous understanding of economics, no appreciation of the intellectual history of their discipline, and an approach to mathematics that hobbles both their critical understanding of economics and their ability to appreciate the latest advances in mathematics and other sciences.  A minority of these ill-informed students themselves go on to be academic economists, and they repeat the process.  Ignorance is perpetuated”

Steve Keen


" The human economy has passed from an “empty world” era in which human-made capital was the limiting factor in economic development to the current “full world” era in which remaining natural capital has become the limiting factor “

Robert Costanza

"Most courses deal with an ‘imaginary world,’ and have no link whatsoever with concrete problems.” 
Emmanuelle Benicort


" All of these textbooks fail to explain how prices are determined in ‘markets’’ and thus how markets work.  Where do prices come from?  Who determines them?  How do they fluctuate?  These questions are never addressed, even though it is through the price mechanism that the ‘invisible hand’ is supposed to operate.”
Le Mouvement Autisme-Économie


" . . . mainstream economists seek knowledge through numbers to stop the messy reality of people, processes and politics dirtying their invisible hands.” 
Alan Shipman


" Multinationals are everywhere except in economic theories and economics departments.”

Grazia Ietto-Gillies


 “. . . the economist must engage him or herself as a citizen with convictions regarding the public good and ways of treating it, rather than as the holder of universal truth that he or she substitutes for discussion in order to impose it on us all.”
André Orléan

" The Taliban, and its variety of fundamentalist thinking, has been the most controlling and oppressive regime with regard to women in contemporary times.  Contemporary academic economics, and contemporary global economic policies, are gripped by other rigidities of thinking – what George Soros has dubbed ‘market fundamentalism.’  Fantasies of control are operative in both phenomena, and gender is far from irrelevant to understanding their power, and their solution.”
Julie A. Nelson


" There is an urgent need for a more realistic economics of the environment, with theories and analyses that can help to create environmentally sustainable economic activity.” 

Frank Ackerman

"Modern economics is not very successful as an explanatory endeavour. This much is accepted by most serious commentators on the discipline, including many of its most prominent exponents”

Tony Lawson


" Because mathematics has swamped the curricula in leading universities and graduate schools, student economists are neither encouraged nor equipped to analyze real world economies and institutions.”

Geoffrey M. Hodgson


" . . . the concepts of uneconomic growth, accumulating illth, and unsustainable scale have to be incorporated in economic theory if it is to be capable of expressing what is happening in the world. This is what ecological economists are trying to do.”

Herman E. Daly


" The application of mathematics to economics has proved largely unsuccessful because it is based on a misleading analogy between economics and physics. Economics would do much better to model itself on another very successful area, namely medicine, and, like much of medicine, to adopt a qualitative causal methodology.”

Donald Gillies


" Economic history courses have been disappearing from classrooms across the world. Once a compulsory part of economics education, they have been relegated to the remote corners of ‘options’ and even closed down.”

Ha-Joon Chang


" In Smith is a forgotten lesson that the foundation of success in creating a constructive classical liberal society lies in the individuals’ adherence to a common social ethics. According to Smith, virtue serves as ‘the fine polish to the wheels of society’ while vice is ‘like the vile rust, which makes them jar and grate upon one another.’ Indeed, Smith sought to distance his thesis from that of Mandeville and the implication that individual greed could be the basis for social good. Smith’s deistic universe might not sit well with those of post-enlightenment sensibilities, but his understanding that virtue is a prerequisite for a desirable market society remains an important lesson. For Smith ethics is the hero-not self-interest or greed-for it is ethics that defend social intercourse from the Hobbesian chaos.”

Charles K. Wilber


". . . conventional economics . . . remains fixated on the view that economics is the physics of society.  In other words, most of the profession behaves as if there were a single universally valid view of the world that needs only to be applied.” 

Paul Ormerod




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