The Real-World Economics Review

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The Real-World Economics Review

Postby sanha926 » Fri Dec 12, 2008 1:19 pm

Formerly the 'Post-Autistic Economics Review', the 'Real-World Economics Review' has just released its latest issue, with a special section on the financial crisis:
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Re: The Real-World Economics Review

Postby dtcochrane » Sun Dec 14, 2008 3:25 pm

Thanks Sandy. Discovering the Post-Autistic Economics movement was very important for me during my undergrad. It was heartening to realize that I wasn't alone among economics majors in the belief that neoclassical economics is a sort of twilight zone. Although I understand the name change, I'm not sure I like 'Real-World Economics' either. As N&B argue, there can be no 'economic analysis' as that would require the existence of a separate and identifiable economy.

Nonetheless, I'll definitely be checking this out.
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Re: The Real-World Economics Review

Postby stephd » Mon Dec 15, 2008 12:13 am

Thanks for the link Sandy. I was reading Paul Davidson's "Reforming the world's international money." He claims that to prevent a 'global Great Depression' one of the things we need to do is ensure countries can promote full employment without having to fear that the domestic financial system will be affected by financial events in other countries. (p293) I see this idea of achieving a state of domestic security as impossible, especially since international monetary movement is so entrenched in the current financial system.

Although his heart is in the right place (with regard to capital controls), I think it is problematic to think that there can be a separate, stable domestic economy, especially in a capitalist system. And if the current international financial crisis is in fact a result of unconstrained international financial flows, as Davidson says it is, then how would we go about creating capital controls in a truly global market? Did anyone else read this article? Thoughts?
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