from Dean Baker I was having an exchange with an old friend on Mastodon (yes, I’m there now @deanbaker13@econtwitter.net), in which I was arguing that the best way to get alternatives to the current patent system was to have examples of successful drugs developed without relying on patent monopolies. Of course, there are great historical […]
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from Lars Syll Post Keynesian authors have offered various classifications of uncertainty … A common distinction is that of epistemological versus ontological uncertainty, with the former depending on the limitations of human reasoning and the latter on the actual nature of social systems … Models of ontological uncertainty tend to hinge on the existence of information that is critical […]
The EU-commission issued a tweet (below). Another step towards EU statehood. A large one. Since around 1500, access to credit was key for European (later: all) states waging war. The early development of central banks was intertwined with the history of national wars. Look here for the Wikipedia page on the history of the Bank […]
real-world economics review Please click here to support this journal and the WEA Issue no. 10218 December 2022 download whole issue Ecological Economics in Four ParablesHerman Daly 2 The Paradigm in the Iron Mask: Toward an Institutional Ecology of Ecological EconomicsGregory A. Daneke 16 The Towering Problem […]
from Lars Syll In econometrics one often gets the feeling that many of its practitioners think of it as a kind of automatic inferential machine: input data and out comes causal knowledge. This is like pulling a rabbit from a hat. Great, but as renowned statistician David Freedman had it, first you must put the […]
from Dean Baker The idea of industrial policy has taken on almost a mystical quality for many progressives. The idea is that it is somehow new and different from what we had been doing, and if we had been doing industrial policy for the last half-century, everything would be better. This has led to widespread applause on […]
from Lars Syll Economics students today are complaining more and more about the way economics is taught. The lack of fundamental diversity — not just path-dependent elaborations of the mainstream canon — and narrowing of the curriculum, dissatisfy econ students all over the world. The frustrating lack of real-world relevance has led many of them […]
from Asad Zaman and the WEA Pedagogy Blog Why does “Sovereign Default” become a hot topic with annoying regularity in Pakistan? The fundamental problem is the huge imbalance between our exports and imports. In 2021, our exports were USD 30 Billion, while our imports were around USD 62 Billion. In general, since 1960 onwards, our […]
from Peter Radford Is it just me? Or is the realm of punditry in a state of confusion? There seems to be an emerging consensus that something big is happening. It’s just that we don’t quite know what. The problem is that the template we are all applying is frayed if not shattered. Consequently we […]