The Orwellian turn in contemporary economics

Economist Michael Hudson on some of the trends in contemporary economics, and plenty more besides! He is certainly a fountain of ideas. While I am not sure that I agree with it all, he remains thought-provoking, taking points of view that are definitely unorthodox. For me in particular, his theory, drawing on classical economics, that government-funded provision of education, health, welfare etc can lower production costs and make the economy more competitive is an important one in a world in which the private is so often assumed to be more efficient than the public.

His criticism of Obama as blowing the chance to be a great president during a potentially major turning point in world history, and in fact being a worse one than George W Bush, was unexpected.

This interview was produced by the Real News Network, which is a useful source of independent reporting.

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4 thoughts on “The Orwellian turn in contemporary economics

  1. Thanks for the video. I find Hudson worth paying attention to — he has clear positions which I find thought-provoking and useful even as an occasion to figure out why one may disagree.

    By the way, Nick, have you read John Weeks’ “The Irreconcilable Inconsistencies of Neoclassical Macroeconomics. A False Paradigm” ? I wonder whether I should spend some time reading it.

    • Yes I read it a few years ago and it is worth a look. It is quite technical and almost completely a critique of mainstream theory rather than a construction of alternatives. I can also recommend Weeks’ ‘Capital, Exploitation and Economic Crisis’ which is the author’s take on the Marxist theory of capitalism, with the final chapter on the GFC.

  2. He starts well but the does rather go off on one. His defence of public goods is admirable but I think he is too hard on M Thatcher, in particular the creation of private but regulated industries does generally (not always) find the middle ground of public interest meets private efficiency, and is a million miles for the US Republican model of Wild West capitalism.

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