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Real-World Economics Review Blog

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Real-World Economics Review Blog: Real-World Economics Review Blog | Posts are by authors of papers published in the RWER. Anyone may comment.

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Kenneth Boulding on economists and madmen

from Lars Syll

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Economics textbooks — scandalous intellectual dishonesty

from Lars Syll It is well-known that Keynes frequently criticised more traditional economics for committing the ‘fallacy of composition.’ This fallacy essentially involves the mistaken belief that the whole is nothing more than the sum of its parts. Keynes argued that this is not the case in society or the economy, and that, a fortiori, an […]

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Are the new national account guidelines any good? 7. Capital services.

Summary: It´s meaningful to value fixed assets in the national accounts. As, however, not all transactions are capitalist market transactions and not all prices are capitalist market prices, the ´method of choice´ to value fixed assets proposed by the new national account guidelines, discounting expected future flows of income, is not as universal as suggested. […]

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Weaponizing 21st century money

from Jamie Morgan According to the Bank for International Settlements: Society has a choice. The monetary system can transform into a next-generation system built on tried and tested foundations of trust and technologically superior, programmable infrastructures. Or society can re-learn the historical lessons about the limitations of unsound money, with real societal costs, by t...

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weekend read – Affordability in a Fading Gilded Age?

from Peter Radford Demos Kratia 13: All of a sudden affordability is on every politician’s lips.  Somewhat regretfully in many cases.  Yet it is not a new issue — it has been brewing for ages. Now it has burst on the scene, and only people branded as “extreme” seem willing to engage with it. That’s […]

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