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Michael Hudson
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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
issue no. 114 July 2026 Game Theory and the Dilemma of Degrowth: Subscription Capitalism, Cognitive Extractivism, and the Terminal Limits of the Law of Value Pablo Dávalos Towards a post-homo oeconomicus
economy: Abderrazak Said Belabes The Covid-19 Pandemic and Inequalities in the United
States: What is the
State of the Evidence? Chiara Piovani, Hinckley
Jones-Sanpei, Lapo Salucci and Jennifer Greenfield Growth and Redistribution in the Mexican economy’s Left
Turn Juan Carlos Moreno-Brid and Edgar Pérez Medina Beyond Scarcity: How Abundance Shaped Economic Thought from Smith to Romer Bernard C. Beaudreau Teaching the Economics of Terrorism and War Junaid B. Jahangir A Critique of Samuelson's Production Possibility
Frontier Turan Subasat _____________________________________________________________________________________ issue 113
- May 2026
Entropy and Economics: Luigi Capoani, Margarita Shnaider and Martina Griseri
The systematic extraction of global resources under the U.S. trade deficit model: A reconstruction of national income accounting 76
Digital gold, risk asset, or evolving hybrid?
Analysing income inequality in Sweden 109
A macroeconomic policy framework for developing countries: an MMT perspective 118 Martin Watts and Phil Armstrong
End Matter 142
issue 112 - December 2025
ECONOMICS 100: Overpopulation is a wicked problem Theodore P. Lianos 2
The transformational role of artificial intelligence in the pursuit of good economic governance Constantine E. Passaris 21
Elements for a radical inflation targeting Carlos Guerrero de Lizardi 36
Beyond homo economicus: an interdisciplinary critique of rationality in economic decision-making Constantinos Alexiou 47
The Solow residual or what happens when moral philosophers try their hand at natural philosophy Bernard C. Beaudreau 66
Teaching economics of populism Junaid B. Jahangir 86
Strength and weakness of Germany’s economy Leon Podkaminer 101
Daniel Petrov 108
End Matter 126
Issue 111 – October 2025
The 2024 Nobel Prize for Economics:
Why only innovations based on
degrowth principles can stop
Neoclassical economics
drives environmental destruction
Absolute, global,
authoritarian capitalism:
Underdevelopment: A forgotten concept
Economics of Gaza
A heterodox commentary on
the new cronavarius economy
India: non-inclusive economic growth and a plague of
rising inequality
Fostering critical inquiry:
End Matter 111
Issue 110 – April 2025 The 2024 Nobel Prize for Economics:
Why only innovations based
on degrowth principles can stop
Neoclassical economics
drives environmental destruction
Absolute, global,
authoritarian capitalism:
Underdevelopment: A forgotten concept
Economics of Gaza
A heterodox commentary on
the new cronavarius economy
India: non-inclusive economic growth and a plague of
rising inequality
Fostering critical inquiry:
End Matter 111
Issue 109 – December 2024 Culture – the elephant in the room
The capitalization of everything
From the Bretton Woods system to global stagnation
The role of internetization
in creating sustainable development for the Global South
The works of Ha-Joon Chang
A critique of Saito’s Slow Down; How degrowth
communism can save the Earth
Causality in economics and Keynes’ General
Theory
End Matter 108
issue no. 108 – July 2024 The creationist foundations of Herman Daly’s steady
state economy Data: a critical
perspective Enlightenment Epistemology and the Climate Crisis Fabulous Macroeconomics A Tour of the Jevons Paradox. How Energy Efficiency
Backfires A Debtor Countries Club? The Cartagena Consensus
reloaded Why Has Growth Theory Been a Failure? Socialism, Fascism and Neoliberalism: Book Review Board of Editors, past contributors, submissions, etc. 114 please support this open access journal
Issue no. 107 – March 2024
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. 116
please support this open access journal
Issue no. 106 Economics and the Biophysical Limits to Economic Growth How can we construct an economics
consistent Invitation 4 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. 196 please support this open-access journal
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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