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Real-World Economics Review Blog

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Economy

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Real-World Economics Review Blog

22.05.2025

Neoliberal economics — fiction based on absurd assumptions | Real-World Economics Review Blog

from Lars Syll ‘Rigorous’ and ‘precise’ economic models cannot be considered anything else than unsubstantiated conjectures as long as they aren’t supported by evidence from outside the theory or model. To my knowledge, no in any way decisive empirical evidence has been presented. No matter how precise and rigorous the analysis, and no matter how…

Real-World Economics Review Blog

26.05.2025

Big guns on trade: Ricardo via Malkiel | Real-World Economics Review Blog

from Peter Radford Wheeling out the big guns at last! It’s taken a while, but we’ve arrived.  At long last we have an article in the Financial Times — our bastion of global financial goings-on — that explains David Ricardo to those who need to know. Better late than never. Even better:  the article is…

Real-World Economics Review Blog

27.05.2025

So-called reforms reinforced underdevelopment | Real-World Economics Review Blog

from Fidel Aroche Reyes and RWER #110 During the 20th century, many poorer countries adopted economic strategies for development. Europe experienced a rise in living standards; more recently, several Asian nations, such as China, Taiwan, and South Korea, have successfully overcome underdevelopment through focused economic policies, while most other Asian countries have made significant strides…

Real-World Economics Review Blog

30.05.2025

The problem with equilibrium models | Real-World Economics Review Blog

from Lars Syll Economic theory is built on equilibrium assumptions. Perhaps this term once connoted the rest point of a dynamic process. But in modern parlance, an equilibrium assumption posits a relation between the beliefs and behavior of different agents without explicitly describing a process which causes this relation to hold. Competitive equilibrium assumes prices…

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