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and Jonathan Nitzan Mauro Gallegati On the use and misuse of
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An Expedition through Real Life Economics C. T. Kurien Appreciating Mental Capital:
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How entropy drives us towards degrowth “It is much too soon to act “ – Economists and the
climate change Addressing the climate and inequality crises: Stocking up on wealth … concentration Back to the past: income distribution in America Blinded by science: The empirical case for quantum
models in finance Critique of Ayn Rand’s Atlas Shrugged political economy and its place in neoliberalism Twenty-first century money: Huber and the case for CBDC Book review of Chang, Ha-Joon, (2022) Edible
Economics Board
of Editors, past contributors, submissions, etc. Issue no. 106 Economics
and the Biophysical Limits to Economic Growth How can we
construct an economics consistent Invitation Economics as
if ecology mattered An economic theory
compatible with life processes and physical laws Supporting
well-being over time: Six kinds of capital required in a healthy economy Oikonomics and the limits to growth Reorienting
economics to social ecological provisioning An economics
of deep transformations Will
economics ever become more…ecological? Towards a
relational economics Putting
energy back into economics Against the
clock: Economics 101 and the concept of time The adoption
of “complexity” in economics Biophysical
limit and metabolic growth Complex
economies embedded in the biosphere with the commons restored Sharing
planet Earth: overcoming speciesism in economics PART TWO:
BACKGROUND CONSIDERATIONS On capitalogenic climate crisis Unlimited
limits and the challenges of living in reciprocity with nature Positivism
and the plight of the planet Economics
needs to ditch most of what it does and . . . . Economics of
abundance with degrowth Who gets
what, how and why? The system of provision approach Liveability
within planetary limits Demographics,
the economy and the environment: an MMT approach On ecology
and economics Board of
Editors, past contributors, submissions, etc. Issue no. 105 – October 2023 In Praise of
Rebellion? Professor
Stiglitz’s contributions to debates on intellectual property America’s trade
deficits: blame U.S. policies – starting with tax laws Extending the
concept of inflation beyond consumer prices History and
origin of money in MMT and Austrian Economics: Ownership
illusions: When ownership really matters for economic analysis From
original institutionalism to the economics of conventions and inventing
value: Some
questions to Edward Fullbrook regarding his book Hopefully Schlaudt’s questions about Market-value are
the first of many
Issue no. 104 – 4 July 2023 The Dead Parrot
of Mainstream Economics Why
Hedge Funds Matter: An interview with Jan Fichtner ETF shares as
shadow money The Dollar
Centric Financial System and the Conflict in Ukraine Book
Review: Muhammad Ali Nasir, Off the Target: The Stagnating Political Economy
of Europe and Post-Pandemic Recovery Book Review:
Jon D. Wisman, The Origins and Dynamics of
Inequality. Sex, Politics, and Ideology Book
Review: Lars P. Syll, The Poverty of Fictional
Storytelling in Mainstream Economics Issue no. 103 – 31 March
2023 How to Make the
Oil Industry Go Bust Technological
Change and Strategic Sabotage: Do copyrights
and paywalls on academic journals violate the US Constitution? Mainstream
economics – the poverty of fictional storytelling Why do
economists persist in using false theories? Revisiting
the Principles of Economics through Disney On the
Employer-Employee Relationship Why is
yield-curve inversion such a good predictor of recession? Book
Review: Thomas Picketty, A Brief
History of Equality Book Review:
John Komlos, Foundations of Real-World
Economics, 3rd Edition Board of Editors, past
contributors, submissions, etc. 135 Issue no. 102 – 18 December 2022 Ecological Economics
in Four Parables The Paradigm
in the Iron Mask: The Towering
Problem of Externality-Denying Capitalism Have We Passed
Peak Capitalism? A
Probabilistic Theory of Supply and Demand Unicorn,
Yeti, Nessie, and Neoclassical Market On the
Efficacy of Saving Occupation
Freedoms: Comparing Workers and Slaves Book
Review: Steve Keen, (2021) The New Economics: A Manifesto Book Review:
Fullbrook, E. and Morgan, J. (2020) Board of Editors, past
contributors, submissions, etc. 171 Issue no. 101 – 15 September 2022 Two conceptions
of the nature of money How power shapes
our thoughts SARS-CoV-2: The
Neoliberal Virus The giant
blunder at the heart of General Equilibrium Theory A life in
development economics and political economy: An interview with Jayati Ghosh John Komlos
and the Seven Dwarfs A three-dimensional
production possibility frontier with stress Free trade
theory and reality: The choice of
currency and policies for an independent Scotland: Board of Editors, past
contributors, submissions, etc.
107 Issue no. 100 – 30 June 2022 Introduction
to RWER issue 100 3 Real
Science Is Pluralist issue no. 5
– 2001 Is There
Anything Worth Keeping in Standard Microeconomics?
issue no. 12 – 2002 How
Reality Ate Itself: Orthodoxy, Economy & Trust
issue no. 18 – 2003 What
is Neoclassical Economics? issue no. 6 –
2006 A financial
crisis on top of the ecological crisis: Ending the monopoly of neoclassical
economics issue no. 49 – 2009 U.S.
“quantitative easing” is fracturing the Global Economy
issue no. 55 – 2010 Capitalism
and the destruction of life on Earth: Six theses on saving the Secular
stagnation and endogenous money issue
no. 66 – 2014 Piketty
and the resurgence of patrimonial capitalism
issue no. 69 – 2014 Capital
and capital: the second most fundamental confusion
issue no. 69 – 2014 Deductivism – the fundamental flaw of mainstream
economics issue no. 74 – 2016 Radical
paradigm shifts issue no. 85 – 2018 Growthism:
its ecological, economic and ethical limits
issue no. 87 – 2019 Producing
ecological economy issue no. 87 – 2019 Economism
and the Econocene: a coevolutionary interpretation
issue no. 87 – 2019 Inequality
challenge in pursued economies issue
no. 92 – 2021 What is
economics? A policy discipline for the real world
issue no. 96 – 2021 Consumerism
and the denial of values in economics
issue no. 96 – 2021 Of
Copernican revolutions – and the suddenly-marginal marginal mind at the dawn
of the Anthropocene issue no. 96 – 2021 Postscript:
RWER is for everyone and no one 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 Externalities,
public goods, and infectious diseases An
essential journey back to the seeds of prosperity in a time of pandemics: How
resource-cheaply could we live well? The
role of the IMF in a changing global landscape MMT,
post-Keynesians and currency hierarchy: Why
not sovereign money AND job guarantee? Performativity,
marketization and market-based central banking The
mathematics of profit maximization is incorrect The
‘Great Disinflation’:The importance of the ‘China factor’ is overstated Board of Editors, past
contributors, submissions, etc. 157 Issue no. 98 – 15 December 2021 Issue no. 97 – 22 September 2021
Issue no. 96 – 29
July 2021
Issue no. 95 – 22
March 2021 Issue no. 94 - 22 March 2021 Alarm. The evolutionary jump of global political economy needed 2 Neoliberalism must die because it does not serve humanity 27 Climate arsonist Xi Jinping: a carbon-neutral China with a 6% growth
rate? 32 All the good things a digital euro could do – and all the bad things
it will 53 Is economics a science?
61 Private equity and public problems in a financialized world: an
interview with Rosemary Batt
83 Macro: understanding quantitative easing 109 The hemispheres of finance: GDP and non-GDP finance 113 The digital twin of the economy: proposed tool for policy design and
evaluation 140 Heterodoxy, positivism and economism. 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 REVIEW ESSAY Tony Lawson,
economics and the theory of social positioning 132 Jamie Morgan download INTERVIEW 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 American
trade deficits and the unidirectionality error 13 The “Nobel
Prize” for Economics 2019… illustrates the nature and inadequacy of
conventional economics Greenwish: the wishful thinking undermining the ambition
of sustainable business 47 An
evolutionary theory of resource distribution 65 The case for
the ontology of money as credit: money as bearer or basis of “value” 98 Cross-current,
or change in the direction of the mainstream? 119 Negative
natural interest rates and secular stagnation: much ado about nothing? 126 BOOK
REVIEW INTERVIEW Board of
Editors, past contributors, submissions, etc. 155 Issue no. 89 – 3 October 2019 Special Issue: Modern
monetary theory and its critics
Issue no. 87 – 19 March 2019 Special Issue:
Economics
and the Ecosystem
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www.paecon.net Membership in the
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, Mariano Torras, C.P. Chandrasekhar, Thanos
Skouras, Diego Weisman,
Philip George, Stephanie Kelton,
Luke Petach, Jørgen Nørgård, Jin Xue, Tim Di Muzio,
Leonie Noble, Kazimierz Poznanski,
Muhammad Iqbal Anjum, Pasquale Michael Sgro, June Sekera, Michael Joffe, Basil
Al-Nakeeb, John F. Tomer, Adam Fforde,
Paulo Gala, Jhean Camargo, Guilherme Magacho,
Frank M. Salter, Michel S. Zouboulakis, Prabhath Jayasinghe, Robert A. Blecker, Isabel Salat, Nasos Koratzanis, Christos Pierros,
Steven Pressman, Eli Cook, John Komlos,
J.-C. Spender, Yiannis Kokkinakis, Katharine N. Farrell, John M. Balder, Blair
Fix, Constantine E. Passaris, Michael Ellman, Nuno Ornelas Martins,
Jason Hickel, Eric
Kemp-Benedict, Sivan Kartha, Peter McManners, Richard B. Norgaard,
William E. Rees, Joachim H. Spangenberg, Lia Polotzek, Per Espen Stoknes, Imad A. Moosa, Salim
Rashid, Richard Vahrenkamp, Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza, Abderrazak Belabes, Phil Armstrong, Bruno Bonizzi,
Annina Kaltenbrunner, Jo
Michell, Dirk H. Ehnts, Maurice Höfgen,
Richard Murphy, Louis-Philippe Rochon, Malcolm Sawyer, Jan Toporowski, Kenneth Austin, Duncan Austin, Kalim Siddiqui, Arthur M. Diamond, Jr., Theodore P.
Lianos, John E. Coulter, Gerald Holtham, Jaehee Choi, Girol Karacaoglu, Geoff Crocker, Andri
W. Stahel, Gregory A. Daneke, Joaquim Vergés-Jaime,
Hardy Hanappi. Rosemary
Batt, Patrick Pobuda, Ulrich Thielemann,
Tanja von Egan-Krieger, Steve Roth, Ron Wallace. 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.” "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.”
" . . . 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 . . .” " 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.” " 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.” " . . . mainstream economists seek knowledge through numbers to stop the
messy reality of people, processes and politics dirtying their invisible
hands.” " 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.”
" 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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