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Real-World Economics Review Blog

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Economy

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Real-World Economics Review Blog

16.01.2025

The greater stagnation. Some stylized facts. | Real-World Economics Review Blog

For about 150 years, productivity, ideally defined as output per hour worked or, less precise, as output per employed person or job, increased. And increased. And increased. Wars? Plagues? Winters of discontent? Productivity either kept increasing or rebounded almost overnight. Not anymore. At least, not anymore in quite some countries. Italy was the first. But…

Real-World Economics Review Blog

17.01.2025

Understanding society via self-discovery | Real-World Economics Review Blog

Asad Zaman If “to know yourself is the beginning of wisdom,” then modern economics might well be the pinnacle of folly. Its foundational assumption—that human beings behave like homo economicus, selfishly pursuing wealth and pleasure—has been repeatedly disproven by empirical evidence. Worse, it would be unwise for real people to act in this way. The self-centered pursuit of…

Real-World Economics Review Blog

18.01.2025

It wasn’t just flawed forecasts, dishonesty has also hurt economists | Real-World Economics Review Blog

from Dean Baker Ben Casselman has an interesting piece in the New York Times about how economists have lost standing with both politicians and the public at large. While he attributes the profession’s problem to flawed forecasts and arcane language, I would argue the problems go much deeper. There has been a major lack of honesty in…

Real-World Economics Review Blog

21.01.2025

Social sciences — a plaidoyer | Real-World Economics Review Blog

from Lars Syll One of the most important tasks of social sciences is to explain the events, processes, and structures that take place and act in society. However, the researcher cannot stop at this. As a consequence of the relations and connections that the researcher finds, a will and demand arise for critical reflection on…

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