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Real-World Economics Review Blog

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Economy

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Real-World Economics Review Blog

19.02.2025

What is wrong with game theory | Real-World Economics Review Blog

from Lars Syll Back in 1991, when yours truly earned his first PhD​ with a dissertation on decision making and rationality in social choice theory and game theory, I concluded that “repeatedly it seems as though mathematical tractability and elegance — rather than realism and relevance — have been the most applied guidelines for the…

Real-World Economics Review Blog

19.02.2025

The Greek myth that helps explain the failings of modern economics | Real-World Economics Review Blog

from Nat Dyer Readers of this blog will be well aware of the myriad problems with the mainstream economics that has dominated university and political life for the past few decades. As Lars Syll wrote here last month, too much of the profession "has since long given up on the real world" and is happy to…

Real-World Economics Review Blog

19.02.2025

The incredible cost of Bitcoin. | Real-World Economics Review Blog

Source AI is not what it is supposed to be. Inspired by my son, who attends higher education, I asked chat-GPT to write an article about the energy use of bitcoin in the style of my blog post series ´The real costs of making money´. Look here. Guess what: chat-GPT did not emulate my style…

Real-World Economics Review Blog

19.02.2025

Weekend read: Keynes’ critique of econometrics is still valid | Real-World Economics Review Blog

from Lars Syll Mainstream economists often hold the view that Keynes’ criticism of econometrics resulted from a sadly misinformed and misguided person who disliked and did not understand much of it. This is, however, nothing but a gross misapprehension. To be careful and cautious is not the same as to dislike. Keynes did not misunderstand…

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