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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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Current issue -- 26 June 2017 

Inequality, democracy and the ecosystem

Politics, preferences, and prices: the political consequences of inequality          2
Luke Petach

The triumph of Pareto          14
Gary Flomenhoft 

Do we need a new economics for sustainable development?          32
Peter Söderbaum         

From green growth towards a sustainable real economy          45
Jørgen Nørgård and Jin Xue


Split-circuit reserve banking – functioning, dysfunctions and future perspectives          63
Joseph Huber

The coming revolution in political economy          85
Tim Di Muzio and Leonie Noble

Keynesian issues

Derivation of involuntary unemployment from Keynesian microfoundations          109
Philip George

Asymmetric price adjustment: the missing link in Keynesian macroeconomics          121
Victor Beker


Chinese economics as a form of ethics          148
Kazimierz Poznanski

A brief history of Pakistan’s economic development          171
Muhammad Iqbal Anjum and Pasquale Michael Sgro 

Review essays

Negating 1984: Michael Hudson’s antidote to doublespeak in economics          179
Jamie Morgan

Deserving economics          186
Peter Radford

A note

Trade imbalances are undesirable          193
Leon Podkaminer

Board of Editors, past contributors, submissions and etc.          197


issue no. 79 -  30 March 2017        download whole issue

Trumponomics: causes and consequences

Part II

30 March 2017


Economic policy in the Trump Era           2

Dean Baker            download pdf


Major miscalculations: globalization, economic pain, social dislocation and the rise of Trump        13
illiam Neil             download pdf


Trumponomics and the developing world            29

Jayati Ghosh             download pdf


Nature abhors a vacuum: sex, emotion, loyalty and the rise of illiberal economics            35

Julie A. Nelson             download pdf


Is Trump wrong on trade? A partial defense based on production and employment           43

Robert H. Wade             download pdf


President Trump and free-trade            64

Jacques Sapir             download pdf


U.S. private capital accumulation and Trump`s economic program            74

Jim Stanford             download pdf


Trumponomics and the `post-hegemonic world`            91

Barry K Gills and Heikki Patomäki             download pdf


Pussynomics: regression to mean            08

Susan Feiner             download pdf


Trump` s contradictions and the future of the Left            115

Boris Kagarlitsky             download pdf


Trumponomics, firm governance and US prosperity            120

Robert R Locke             download pdf


Donald Trump, American political economy, and the `terrible simplificateurs`            136

Kurt Jacobsen and Alba Alexander             download pdf


Mexico, the weak link in Trump`s campaign promises            142

Alicia Puyana             download pdf


`unemployment`: misinformation in public discourse            158

Edward Fullbrook             download pdf


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



Issue no. 78 -  22 March 2017        download whole issue

Trumponomics: causes and consequences
Part I

Preface          download pdf


Trumponomics: everything to fear including fear itself?          3
Jamie Morgan          download pdf                                                                           


Can Trump overcome secular stagnation?          20                                  
James K. Galbraith            download pdf      


Trump through a Polanyi lens: considering community well-being          28
Anne Mayhew            download pdf     


Trump is Obama’s legacy. Will this break up the Democratic Party?          36

Michael Hudson          download pdf


Causes and consequences of President Donald Trump          44
Ann Pettifor               download pdf     


Explaining the rise of Donald Trump          54
Marshall Auerback          download pdf 


Class and Trumponomics          62                                                                                 
David F. Ruccio          download pdf 


Trump's Growthism: its roots in neoclassical economic theory          86
Herman Daly          download pdf 


Trumponomics: causes and prospects          98
L. Randall Wray          download pdf 


The fall of the US middle class and the hair-raising ascent of Donald Trump       
Steven Pressman          
download pdf          112


Mourning in America: the corporate/government/media complex          125
Neva Goodwin          download pdf 


How the Donald can save America from capital despotism          132
Stephen T. Ziliak          download pdf 


Prolegomenon to a defense of the City of Gold          141
David A. Westbrook          download pdf 


Trump`s bait and switch: job creation in the midst of welfare state sabotage
Pavlina R. Tcherneva           download pdf          148


Can ‘Trumponomics` extend the recovery?          159
Stephanie Kelton           download pdf 


Board of Editors, past contributors, submissions and etc.          173     



Issue no. 77 - 10 December 2016        download whole issue


Human growth and avoiding European disintegration: lessons from Polanyi          2     
Jorge Buzaglo          download pdf 


Uncertainty about uncertainty: the futility of benefit-cost analysis for climate change policy          11
Mariano Torras          download pdf 


Growthism: A Cold War leftover           26
Herman Daly          download pdf


Finance capital and the nature of capitalism in India today         30 
C.P. Chandrasekhar          download pdf


Competitiveness and its leverage in a currency union: how Germany gains from the euro         40
Thanos Skouras          download pdf


Rethinking rationality theory`s epistemological status: normative vs. positive approach        50
Gustavo Marques and Diego Weisman          download pdf


Time and the analysis of economic decision making          64
Donald Katzner          download pdf


The mathematical equivalence of Marshallian analysis and `General Equilibrium` theory          73
Philip George            download pdf   


The problem with production theory          85
Bernard C. Beaudreau          download pdf


Trade surpluses of countries trading with the United States          102
John B. Benedetto          download pdf


A CasP model of the stock market          118
Shimshon Bichler and Jonathan Nitzan          download pdf


A New `General Theory`? A review of Capitalism by Anwar Shaikh          155
Bernard Guerrien          download pdf


Board of Editors, past contributors, submissions and etc.             168




Issue no. 76 - 30 September 2016           download the whole issue


Negative interest rates or 100% reserves: alchemy vs chemistry

Herman Daly           download pdf


Why negative interest rate policy (NIRP) is ineffective and dangerous

Thomas I. Palley            download pdf 


Japan's liquidity trap

Tanweer Akram           download pdf


Paul Romer's assault on 'post-real' macroeconomics

Lars Palsson Syll           download pdf 


Another reason why a steady-state economy will not be a capitalist economy

Ted Trainer           download pdf


Using regression analysis to predict countries' economic growth:

illusion and fact in education policy

Nelly P. Stromquist           download pdf


Can a country really go broke? Deconstructing Saudi Arabia's macroeconomic crisis

Sashi Sivramkrishna           download pdf 


Reconsideration of the Prebisch-Singer Hypothesis

Ewa Anna Witkowska           download pdf


Industrial policy in the 21st century: merits, demerits and how can we make it work

Mohammad Muaz Jalil           download pdf


Review Essays


Review of James Galbraith, Welcome to the Poisoned Chalice

Michael Hudson           download pdf


A travesty of financial history - which bank lobbyists will applaud

Michael Hudson            download pdf




Capitalism, corporations and ecological crisis: a dialogue concerning Green Capitalism

Richard Smith, William Neil and Ken Zimmerman           download pdf


Board of Editors, past contributors, submissions and etc.




Issue no. 75 - 27 June 2016


The other half of macroeconomics and the three stages of economic development          2
Richard C. Koo          download pdf


Polanyi and the coming US president election          49
William R. Neil          download pdf


The political economy of the Paris Agreement on human induced climate change          67
Clive L. Spash          download pdf


Zucman on tax evasion and the U.S. trade deficit          76
John B. Benedetto          download pdf


The resource curse mirage          download pdf          92
Ricardo Restrepo Echavarria, Carlos Vazquez, Karen Garzon Sherdek


Economics as practical wisdom          113
Paul Spicker          download pdf


Everyday futures: Financial market stability in the performative social present          126
Erik Andersson          download pdf


Review Essays

Is the CORE eBook a possible solution to our problems?                     download pdf          135
Mouvement des etudiants pour la reforme de l
'`enseignement en économie


Rethinking Piketty: Critique of the critiques          143
Suzanne Helburn          download pdf



A note on the aggregated production function and the accounting identity          152
Martin Zerner          download pdf



Don’t ask economists, just listen to Sargent and ask the people          156
Peter Radford          download pdf


Poll Results

2016: Top 10 economics books of the last 100 years          download pdf          159
2006: Greatest Twentieth-Century Economists          
download pdf          160


Board of Editors, past contributors, submissions and etc.            download pdf          161




Issue no. 74 - 7 April 2016


Inequality, the financial crisis and stagnation             1
Thomas Palley                download pdf 

Deductivism - the fundamental flaw of mainstream economics              22

Lars Palsson Syll             download pdf 


Heterodox economics or political economy?              40

Frank Stilwell             download pdf 


History as a source of economic policy             49

Robert R. Locke             download pdf 


The natural capital metaphor and economic theory             64

Alejandro Nadal             download pdf 


Inferences from regression analysis: are they valid?              85

Steven Klees             download pdf 


Escaping the Polanyi matrix             98

Gary Flomenhoft             download pdf 


The petition against the Smoot-Hawley Tariff Bill: What 1,028 economists overlooked             124

Bernard C. Beaudreau             download pdf 


Review Essay

When the model becomes the message - a critique of Rodrik             139

Lars Palsson Syll              download pdf 


Board of Editors, past contributors, sumbissions and etc.               156




Issue no. 73 - 11 December 2015


What does `too much government debt` mean in a stock-flow consistent model?              2

David R Richardson             download pdf


Divine belief in Economics at the beginning of the 21st century             16

Emil Urhammer              download pdf 


The double discipline of neoclassical economics             27

Michel Gueldry             download pdf


Two worlds of minimum wage and a new research agenda             58

Ruya Gokhan Kocer               download pdf


The IMF and Troika's Greek bailout programs: an East Asian view             76

Hee-Young Shin              download pdf


Globalisation and sticky prices: `Con` or conundrum?              92

Kevin Albertson, John Simister and Tony Syme              download pdf 


Review Essays


Putting an end to the aggregate function of production... forever?              99

Bernard Guerrien and Ozgur Gun               download pdf


Paul Mason's PostCapitalism             110

Donald Gillies             download pdf


The long-term rate of interest as Keynes`s `villain of the piece`              120

Geoff Tily               download pdf




Mass Migration and Border Policy             130

Herman Daly              download pdf


Stiglitz and the `Greek morality tale`             133

Ali Abdalla Ali             download pdf


Board of Editors, past contributors, submissions and etc.               138




Issue no. 72 - 30 September 2015


Income inequality in the U.S. from 1950 to 2010: The neglect of the political          2

Holger Apel        download pdf 


A never ending recession? The vicissitudes of economics and economic policies          16
from a Latin American perspective

Alicia Puyana          download pdf


Capital accumulation: fiction and reality         47

Shimshon Bichler and Jonathan Nitzan         download pdf


Amartya Sen and the media         69

John Jeffrey Zink        download pdf 


A critique of Keen on effective demand and changes in debt          96

Severin Reissl         download pdf


Commodities do not produce commodities:
A critical view of Sraffa`s theory of production and prices          118

Christian Flamant          download pdf


Economic consequences of location: Integration and crisis recovery reconsidered         135

Rainer Kattel          download pdf


Global production shifts, the transformation of finance         147
and Latin America`s performance in the 2000s

Esteban Perez Caldentey          download pdf


Fight against unemployment: Rethinking public works programs         174

Amit Bhaduri, Kaustav Banerjee, Zahra Karimi Moughari         download pdf


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




Issue no. 71 - 28 May 2015


Two proposals for creating a parallel currency in Greece


A program proposal for creating a complementary currency in Greece         2
Trond Andresen and Robert W. Parenteau
         download pdf


Updated proposal for a complementary currency for Greece         12
Alan Harvey
         download pdf  


China`s communist-capitalist ecological apocalypse         19
Richard Smith
         download pdf


Trends in US income inequality         64

Pavlina R. Tcherneva          download pdf


The market economy: Theory, ideology and reality         75
C. T. Kurien
         download pdf


Explaining money creation by commercial banks          92
Ib Ravn
         download pdf


Realist Econometrics? - Nell and Errouaki`s, Rational Econometric Man         112

Jamie Morgan         download pdf


Who does the state work for? - Geopolitics and global finance         124
Tijo Salverda
         download pdf


Board of Editors, past contributors, submissions and etc.         140




Issue no. 70 - 19 February 2015


The euro area`s secular stagnation and what can be done about it          2

Leon Podkaminer         download pdf


Six core assumptions for a new conceptual framework for economics         17

Gustavo Marques         download pdf


The Federal Reserve and shared prosperity         27

Thomas Palley         download pdf


Still about oil?         49

Shimshon Bichler and Jonathan Nitzan         download pdf


A monetary case for value-added negative tax         80

Michael Kowalik         download pdf 


Did globalisation stimulate increased inequality?          92

Mohammad Muaz Jalil         download pdf 


A population perspective on the steady state economy         106

Herman Daly         download pdf


Money and Say's law: On the macroeconomic models of Kalecki, Keen and Marx         110

José A. Tapia         download pdf


Asymmetric information, critical information and the information interface         121

Patrick Spread         download pdf


Productivity decline in the Arab world         140

Ali Kadri         download pdf 


From TREXIT to GREXIT?  - Quo vadis hellas?         161

Claude Hillinger         download pdf


Board of Editors, past contributors, submissions and etc.          164




issue no. 69 - 7 October 2014 
Special issue on Piketty`s Capital

The Piketty phenomenon and the future of inequality         2

Robert Wade          download pdf


Egalitarianism`s latest foe          18
Yanis Varoufakis          download pdf


Piketty and the limits of marginal productivity theory          36
Lars Syll          download pdf


Piketty`s determinism?         44
Ann Pettifor and Geoff Tily          download pdf


Piketty`s global tax on capital          51
Heikki Patomäki          download pdf


Reading Piketty in Athens          58
Richard Parker          download pdf


Pondering Mexican hurdles while reading Capital in the XXI Century          74
Alicia Puyana Mutis           download pdf


Piketty`s inequality and local versus global Lewis turning points          89
Richard Koo          download pdf


The growth of capital          100
Merijn Knibbe          download pdf


Piketty vs. the classical economic reformers          122
Michael Hudson          download pdf


Is Capital in the Twenty-first century Das Kapital for the twenty-first century?          131
Claude Hillinger           download pdf


Piketty and the resurgence of patrimonial capitalism          138
Jayati Ghosh          download pdf


Unpacking the first fundamental law          145
James K. Galbraith          download pdf


Capital and capital: The second most fundamental confusion          149
Edward Fullbrook          download pdf


Piketty`s policy proposals: How to effectively redistribute income          161
David Colander          download pdf


Piketty: Inequality, poverty and managerial capitalism          167
Victor. A. Beker          download pdf


Capital in the Twenty-First Century: Are we doomed without a wealth tax?          175
Dean Baker          download pdf


Board of Editors, past contributors, submissions and etc.          181




issue no. 68 - 21 August 2014 

Monetary policy in the US and the EU after quantitative easing          2

Thomas Palley          download pdf


Processes vs. mechanisms and two kinds of rationality          10

Gustavo Marques          download pdf


A systems and thermodynamics perspective on technology in the circular economy          

Crelis F. Rammelt and Phillip Crisp          download pdf          25


Back where we started from: the Classics to Keynes, and back again          41

Roy H Grieve          download pdf


Demand theory is founded on errors          62

Jonathan Barzilai          download pdf


The central bank with an expanded role in a purely electronic monetary system          66

Trond Andresen          download pdf


Financialization, income distribution and social justice:           74

Recent German and American experience

Robert R Locke          download pdf


Recovering Adam Smith's ethical economics          90

Thomas R. Wells          download pdf


The human element in the New Economics          98

Neva Goodwin          download pdf


Placing economists' analyses of antidumping in an antitrust context          119

John B. Benedetto          download pdf


Board of Editors, past contributors, submissions and etc.           147




issue no. 67 - 9 May 2014 

Loanable funds vs. endogenous money: Krugman is wrong, Keen is right          2

Egmont Kakarot-Handtke          download pdf


Why DSGE analysis cannot accurately model financial-real sector interaction     17
Piet-Hein van Eeghen          download pdf

Evaluating the costs of growth          41
Asad Zaman          download pdf


Climate change, carbon trading and societal self-defence          52

Max Koch          download pdf


Supply and demand models - the impact of framing          67

Stuart Birks          download pdf


Excess capital and the rise of inverted fascism: an historical approach          78
John Robinson          download pdf


What is the nature of George Soros' INET?           90
Norbert Haering          download pdf


Public debt crises in Latin American and Europe: A comparative analysis          97
Oscar Ugarteche          download pdf


Reconciling homo-economicus with the biological evolution of homo-sapiens   117

Taddese Mezgebo          download pdf


Ordinal utility and the traditional theory of consumer demand: response to Barzilai

Donald Katzner          download pdf          130

Book review essays


The capitalist algorithm: Reflections on Robert Harris' The Fear Index          137

Jonathan Nitzan and Shimshon Bichler          download pdf


The accidental controversialist: deeper reflections on Thomas Piketty’s Capital   143

Thomas I. Palley          download pdf


Board of Editors, past contributors, submissions and etc.          147




issue no. 66 - 13 January 2014 

Secular stagnation and endogenous money
Steve Keen        download pdf        2          

Micro versus Macro     
Lars Palsson Syll        download pdf        12   

On facts and values: a critique of the fact value dichotomy 
Joseph Noko          download pdf        30

Modern Money Theory and New Currency Theory: A comparative discussion 
Joseph Huber        download pdf            38

Fama-Shiller, the Prize Committee and the 'Efficient Markets Hypothesis' 
Bernard Guerrien and Ozgur Gun        download pdf        58      

How capitalists learned to stop worrying and love the crisis 
Shimshon Bichler and Jonathan Nitzan        download pdf        65

Two approaches to global competition: A historical review 
M. Shabid Alam        download pdf        74

Dimensions of real-world competition: A critical realist perspective 
Hubert Buch-Hansen        download pdf        80

Information economics as mainstream economics and the limits of reform 
Jamie Morgan and Brendan Sheehan        download pdf        95

The À capability matrix: GDP and the economics of human development 
Jorge Buzaglo           downloiad pdf        109

Open access vs. academic power 
C P Chandrasekhar        download pdf        127

Interview with Edward Fullbrook on
New Paradigm Economics vs. Old Paradigm Economics        download pdf        131

Book review of  The Great Eurozone Disaster: From Crisis to Global New Deal      
download pdf        144

Comment: Romar Correa on 'A Copernican Turn in Banking Union', by Thomas Mayer       
download pdf        147

Editorial Board, Submissions, past contributors, and etc.        149  

Instant comments - You may post comments on papers in this issue on the Real-World Economics Review Blog




issue 65 - 27 September 2013 


Regression and causation: a critical examination of econometrics textbooks          2
Bryant Chen and Judea Pearl         
download pdf


Diagrammatic economics          21
John Pullen         
download pdf


A plea for reorienting philosophical attention from models to applied economics          30
Gustavo Marqués         
download pdf


A Copernican turn in banking union urgently needed          44
Tom Mayer         
download pdf


A monetary and fiscal framework
for macroeconomic stability in the European Monetary Union         
Thomas Oechsle         
download pdf


The experience of three crises:
the Argentine default, American subprime meltdown and European debt mess          65
Victor A. Beker         
  download pdf


Global output growth: wage-led rather than profit-led?          116
Leon Podkaminer         
download pdf  


Striking it richer: the evolution of top incomes in the United States          120
Emmanuel Saez         
 download pdf


New Paradigm Economics          129
Edward Fullbrook         
download pdf


Past contributors, submissions and etc.          132


Instant comments - You may post comments on papers in this issue on the Real-World Economics Review Blog



issue 64 - 2 July 2013   

 Is it a bubble?                  download pdf                   2

Steve Keen - A bubble so big we can't even see it           download pdf         3

Dean Baker - Are the bubbles back?       download pdf         11

Ann Pettifor - The next crisis                 download pdf         15

Michael Hudson - From the bubble economy to         download pdf         21


Rethinking economics using complexity theory             23
Dirk Helbing and Alan Kirman    
download pdf


The fate of Keynesian faith in Joseph's countercyclical moral    52
Douglas Grote             
download pdf


A constructive critique of the Levy sectoral financial balance approach             59
Brett Fiebiger               
download pdf


Capturing causality in economics and the limits of statistical inference             81
Lars Syll           download pdf


Money as gold versus money as water               90
Thomas Colignatus         
download pdf


Constant returns to scale: Can the competitive economy exist    102
M. Shahid Alam            
download pdf


Reassessing the basis of corporate business performance          110
Robert Locke               
download pdf


Capitalism and the destruction of life on Earth          125
Richard Smith          
download pdf  


Past contributors, submissions and etc.          152



Issue 63 - 25 March 2013 

The veil of deception over money         2
Norbert Häring          download pdf

Ultra easy monetary policy and the law of unintended consequences          19
William White          download pdf

Civilizing capitalism          57
Erik Reinert          download pdf

Looking at the right metrics in the right way - Two kinds of models          73
Merijn Knibbe          download pdf

Crisis and methodology: Some heterodox misunderstandings          98
Egmont Kakarot-Handtke          download pdf

Inapplicable operations on ordinal, cardinal, and expected utility          118
Jonathan Barzilai          download pdf

Reduced work hours as a means of slowing climate change          124
David Rosnick          download pdf

Electronic money and Modern Monetary Theory          135
Trond Andresen          download pdf

Productivity, unemployment and the Rule of Eight          142
Alan Taylor Harvey          download pdf

What I would like economic majors to know          147
David Hemenway          download pdf

Past, contributors, submissions and etc. 155



Issue 62 - 15 December 2012



A radical reformation of economics education         2
Jack Reardon        download pdf


To observe or not to observe:
Complementary pluralism in physics and economics         20
Edward Fullbrook          download pdf


Trend, randomness, and noise: Exogenous vs. endogenous          29
explanation in complex heterodox analysis         download pdf

Yinan Tang, Wolfram Elsner, Torsten Heinrich, Ping Chen


Rational expectations - a fallacious foundation          34
for macroeconomics in a non-ergodic world
Lars Syll         download pdf


Rethinking economics: Logical gaps – empirical to the real world          51
Stuart Birks         download pdf


Laboratory experimentation in economics         68
Dimitrios Koumparoulis         download pdf


Some developments in the economic scientific community         83
and the situation in Germany
Arne Heise         download pdf


Economy and Society


The Fiscal Cliff - Lessons from the 1930s (Report to US Congress)          98
Steve Keen         download pdf


Breakdown of the capacity for collective agency:          112
The leitmotif of our times
Korkut Alp Ertürk         download pdf


Surviving progress: Managing the collective risks of civilization          121
Mark Jablonowski         download pdf


Financial capitalism – at odds with democracy         132
Wolfram Elsner         download pdf


A hot wheels idea for looking at the distribution         160
of household wealth in Mexico 1984-2010
Carlos Guerrero de Lizardi         download pdf


Past Contributors, etc.          170



Issue 61 - 26 September 2012


The optimal material threshold: Toward an economics of sufficiency         2
Samuel Alexander         download pdf


The normative foundations of scarcity          22

Asad Zaman         download pdf


Degrowth, expensive oil, and the new economics of energy         40

Samuel Alexander         download pdf


Nash dynamics of the wealthy, powerful, and privileged:         52
America’s two-player, Darwin metaeconomy

L. Frederick Zaman         download pdf


Capital as power: Toward a new cosmology of capitalism         65

Shimshon Bichler and Jonathan Nitzan         download pdf


A warrant for pain:          85

Caveat emptor vs. the duty of care in American medicine

Avner Offer         download pdf


Reassessing the basis of economics:          100

From Adam Smith to Carl von Clausewitz

Robert R Locke         download pdf


Mankiw’s attempted resurrection of marginal productivity theory         115

Fred Moseley         download pdf


The evolution of economic theory:          125

And some implications for financial risk management

Patrick Spread         download pdf


More on why we should bury the neoclassical theory         137

of the return on capital

Roy Grieve         download pdf


Past Contributors, etc.          147

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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. Ziliak, Steve Fleetwood, Tony Aspromourgos, Yves Gingras, Ingrid Robeyns, Robert Scott Gassler, Grischa Periono, Esther-Mirjam Sent, Ana Maria Bianchi, Steve Cohn, Peter Wynarczyk, Daniel Gay, Asatar Bair, Nathaniel Chamberland, James Bondio, Jared Ferrie, Goutam U. Jois, Charles K. Wilber, Robert Costanza, Saski Sivramkrishna, Jorge Buzaglo, Jim Stanford, Matthew McCartney, Herman E. Daly, Kyle Siler, Kepa M. Ormazabal, Antonio Garrido, Robert Locke, J. E. King, Paul Davidson, Juan Pablo Pardo-Guerra, Kevin Quinn, Trond Andresen, Shaun Hargreaves Heap, Lewis L. Smith, Gautam Mukerjee, Ian Fletcher, Rajni Bakshi, M. Ben-Yami, Deborah Campbell, Irene van Staveren, Neva Goodwin, Thomas Weisskopf, Mehrdad Vahabi, Erik S. Reinert, Jeroen Van Bouwel, Bruce R. McFarling, Pia Malaney, Andrew Spielman, Jeffery Sachs, Julian Edney, Frederic S. Lee, Paul Downward, Andrew Mearman, Dean Baker, Tom Green, David Ellerman, Wolfgang Drechsler, Clay Shirky, Bjørn-Ivar Davidsen, Robert F. Garnett, Jr., François Eymard-Duvernay, Olivier Favereau, Robert Salais, Laurent Thévenot, Mohamed Aslam Haneef, Kurt Rothschild, Jomo K. S., Gustavo Marqués, David F. Ruccio, John Barry, William Kaye-Blake; Michael Ash, Donald Gillies, Kevin P.Gallagher, Lyuba Zarsky, Michel Bauwens, Bruce Cumings, Concetta Balestra, Frank Fagan, Christian Arnsperger, Stanley Alcorn, Ben Solarz, Sanford Jacoby, Kari Polanyi, P. Sainath, Margaret Legum, Juan Carlos Moreno-Brid, Igor Pauno, Ron Morrison, John Schmitt, Ben Zipperer, John B. Davis, Alan Freeman, Andrew Kliman, Philip Ball, Alan Goodacre, Robert McMaster, David A. Bainbridge, Richard Parker, Tim Costello, Brendan Smith, Jeremy Brecher, Peter T. Manicas, Arjo Klamer, Donald MacKenzie, Max Wright, Joseph E. Stiglitz. George Irvin, Frédéric Lordon, James Angresano, Robert Pollin, Heidi Garrett-Peltier, Dani Rodrik, Marcellus Andrews, Riccardo Baldissone, Ted Trainer, Kenneth J. Arrow, Brian Snowdon, Helen Johns, Fanny Coulomb, J. Paul Dunne, Jayati Ghosh, L. A Duhs, Paul Shaffer, Donald W Braben, Roland Fox, Marco Gillies, Joshua C. Hall, Robert A. Lawson, Will Luther, JP Bouchaud, Claude Hillinger, George Soros, David George, Alan Wolfe, Thomas I. Palley, Sean Mallin, Clive Dilnot, Dan Turton, Korkut Ertürk, Gökcer Özgür, Geoff Tily, Jonathan M. Harris, Thomas I. Palley, Jan Kregel, Peter Gowan, David Colander, Hans Foellmer, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, Thomas Lux, Luigi Sapaventa, Gunnar Tómasson, Anatole Kaletsky, Robert R Locke, Bill Lucarelli, L. Randall Wray, Mark Weisbrot, Walden Bello, Marvin Brown, Deniz Kellecioglu, Esteban Pérez Caldentey, Matías Vernengo, Thodoris Koutsobinas, David A. Westbrook, Peter Radford, Paul A. David, Richard Smith, Russell Standish, Yeva Nersisyan, Elizabeth Stanton, Jonathan Kirshner, Thomas Wells, Bruce Elmslie, Steve Marglin, Adam Kessler, John Duffield, Mary Mellor, Merijn Knibbe, Michael Hudson, Lars Pålsson Syll, Korkut Erturk, Jane D’Arista, Richard Smith, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino, Robert H. Wade, Silla Sigurgeirsdottir, Victor A. Beker, Pavlina R. Tcherneva, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino, Robert H. Wade, Silla Sigurgeirsdottir, Victor A. Beker, Pavlina R. Tcherneva, Dietmar Peetz, Heribert Genreith, Mazhar Siraj, Ted Trainer, Hazel Henderson, Nicolas Bouleau, Geoff Davies, D.A. Hollanders, , Richard C. Koo,  Jorge Rojas, Marshall Auerback, Bill Lucarelli, Robert McMaster, Fernando García-Quero, Fernando López Castellano, Robin Pope and Reinhard Selten, Patrick Spread , Wilson Sy, Esteban Pérez-Caldentey, Trond Andresen, Fred Moseley, Claude Hillinger, Shimshon Bichler, Johnathan Nitzan, Nikolaos Karagiannis, Alexander G. Kondeas, Roy H. Grieve, Samuel Alexander, Asad Zaman, L. Frederick Zaman, Avner Offer Jack Reardon, Yinan Tang, Wolfram Elsner, Torsten Heinrich, Ping Chen, Stuart Birks, Arne Heise, Mark Jablonowski, Carlos Guerrero de Lizardi, Norbert Häring, William White, Jonathan Barzilai, David Rosnick, Alan Taylor Harvey, David Hemenway, Ann Pettifor, Dirk Helbing, Alan Kirman, Douglas Grote, Brett Fiebiger, Thomas Colignatus, M. Shahid Alam,  Bryant Chen, Judea Pearl, John Pullen, Tom Mayer, Thomas Oechsle, Emmanuel Saez, Joseph Noko, Joseph Huber, Hubert Buch-Hansen, Brendan Sheehan, C P Chandrasekhar, Heikki Patomäki, Romar Correa, Piet-Hein van Eeghen, Max Koch, John Robinson, Oscar Ugarteche, Taddese Mezgebo, Donald Katzner, Crelis F. Rammelt, Phillip Crisp, John B. Benedetto, Heikki Patomäki, Alicia Puyana Mutis, Leon Podkaminer, Michael Kowalik, Mohammad Muaz Jalil, José A. Tapia, Robert W. Parenteau, Alan Harvey, C. T. Kurien, Ib Ravn, Tijo Salverda, Holger Apel, John Jeffrey Zink, Severin Reissl, Christian Flamant, Rainer Kattel, Amit Bhaduri, Kaustav Banerjee, Zahra Karimi Moughari, David R Richardson, Emil Urhammer, Michel Gueldry, Rüya Gökhan Koçer, Hee-Young Shin, Kevin Albertson, John Simister, Tony Syme, Geoff Tily, Ali Abdalla Ali, Alejandro Nadal, Steven Klees, Gary Flomenhoft, Bernard C. Beaudreau, William R. Neil, John B. Benedetto, Ricardo Restrepo Echavarría, Carlos Vazquez, Karen Garzón Sherdek, Paul Spicker, Mouvement des étudiants pour la réforme de l’enseignement en économie, Suzanne Helburn, Martin Zerner, Tanweer Akram, Nelly P. Stromquist, Sashi Sivramkrishna, Ewa Anna Witkowska, Ken Zimmerman





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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