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Real-World Economics Review Blog

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Economy

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Real-World Economics Review Blog

30.09.2025

Utility theory — explaining everything and nothing | Real-World Economics Review Blog

from Lars Syll The methodological structure of mainstream economics often relies on axioms and theorems that are tautological by design, which severely limits their informational content. A prime example is modern expected utility theory. Its core weakness lies in the minimal constraints placed on individual preferences; this extreme flexibility allows the theory to be reconciled…

Real-World Economics Review Blog

02.10.2025

Patent monopolies are a main reason science is broken: Why can’t we talk about them? | Real-World Economics Review Blog

from Dean Baker Earlier this week The New York Times ran a big think piece by The New Atlantis editor Ari Schulman, on whether “science is broken,” and whether NIH director Jay Bhattacharya can fix it. Incredibly, the word “patents” did not appear once. That is incredibly bizarre. The high prices for drugs and other innovations that patent monopolies allow companies to…

Real-World Economics Review Blog

05.10.2025

Reality — a virulent virus afflicting mainstream economics | Real-World Economics Review Blog

from Lars Syll An examination of the contributions of famous mainstream economists reveals no clear indication that their work produces rigorous and successful explanations or predictions of real-world phenomena. The situation in physics is markedly different. There, the application of mathematics has often yielded both rigorous and successful explanations and predictions. Of course, the material…

Real-World Economics Review Blog

08.10.2025

Are the new national accounts guidelines any good? 5. The (not so) informal economy | Real-World Economics Review Blog

Summary: the formal-informal dichotomy is not fit to distinguish economic activities in a coherent way and has to be replaced by a scheme that shows out how rules guiding and embedding market and non-market transactions are set and enforced The new guidelines state that we have to measure the ´informal economy´. Of course. The informal…

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