Economics and ideology — LARS P. SYLL

Mainstream (neoclassical) economics has always put a strong emphasis on the positivist conception of the discipline, characterizing economists and their views as objective, unbiased, and non-ideological … Acknowledging that ideology resides quite comfortably in our economics departments would have huge intellectual implications, both theoretical and practical. In spite (or because?) of that, the matter has […]

via Economics and ideology — LARS P. SYLL

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Fighting Inequality Can Strengthen the US Economy

A one-pager free download from the Levy Institute on how higher taxes on the wealthiest Americans coupled with a comparable increase in public spending can not only redress political but also economic inequality while boosting consumption and aggregate demand in a sustainable fashion and reducing the dependence of these factors on rising debt levels. A brief summary below:

“Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary justifications for such policies is that reducing inequality would help safeguard political equality. However, Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza show how these tax policies, if matched by comparable increases in government spending, have the potential to boost aggregate demand while helping reform the unstable structure of the US economy.”

Where to Invade Next – social progress and a productive economy

WhereToInvadeNextI have ‘enjoyed’ (if that is the appropriate word) much of the work of US filmmaker Michael Moore. He tirelessly aims through this work and beyond it to campaign for a more progressive society and politics. He tries to entertain, inform and persuade. I often get the feeling when watching his films that he is preaching to the converted, but I still find myself learning something new.

His 2015 offering Where to Invade Next sees him visiting various countries around the world, mainly in Europe but also elsewhere, exploring aspects of their culture which as an American ‘liberal’ he admires more than the home-grown alternative. For each aspect, he plants the stars and stripes, indicating his ‘invasion’, and vows to steal the particular idea and take it back to the US. Continue reading

Robert Reich: the four biggest right-wing lies about inequality

I like Robert Reich’s short, entertaining and informative videos. While some of the ideas he presents are simplified, perhaps this is necessary to communicate them to a wider audience.

This one makes a good case that we don’t have to accept today’s levels of inequality as a price to pay for future prosperity. In fact, for ordinary workers in the US, real wages are barely higher than they were forty years ago, while since 1980 incomes and wealth at the top have soared. At the same time, investment and growth rates have fallen, apart from a brief revival in the late 1990s. It has been prosperity for some, but not for most.

David Harvey on the persistence of neoliberalism

David Harvey is a distinguished professor of Anthropology and Geography at the City University of New York Graduate School. He has written extensively on aspects of Marxist political economy, including a number of popular books and guides to Marx’s Capital.

In the first part of this interview with the Real News Network he discusses the persistence of neoliberalism despite its manifold failures.

A world out of balance

599px-The_Blue_MarbleWhen rich speculators prosper

while farmers lose their land;

when government officials spend money

on weapons instead of cures;

when the upper class is extravagant and irresponsible

while the poor have nowhere to turn –

all this is robbery and chaos.

It is not in keeping with the Tao.

Taken from: Lao Tzu, Tao Te Ching, verse 53 (Translated by Stephen Mitchell, copyright 1988)