How the U.S. Military Protects and Enriches Multinational Speculators

At a 1972 economics conference, at the height of the Vietnam war, Mason Gaffney presented an invited paper blandly entitled “The Benefits of Military Spending.” The paper so shocked the conference organizer that he refused to include it in the conference volume. Gaffney couldn’t find another publisher willing to touch it. Now, only 46 years later, here’s that paper (draft version), updated by Cliff Cobb, and published in the American Journal of Economics and Sociology (March 2018). What so offended the economics establishment? . . . → Read More: How the U.S. Military Protects and Enriches Multinational Speculators

It Takes Government to Create Markets: Alex Marshall’s The Surprising Design of Market Economies

Conventional economics wittingly or unwittingly provides cover for the One Percent, by professing that “the market” operates benevolently on its own. Alex Marshall gives us an entertaining, thoughtful, and well-written antidote to this dangerous abstraction. . . . → Read More: It Takes Government to Create Markets: Alex Marshall’s The Surprising Design of Market Economies

It Takes Government to Create Markets: Alex Marshall’s The Surprising Design of Market Economies

Conventional economics wittingly or unwittingly provides cover for the One Percent, by professing that “the market” operates benevolently on its own. Alex Marshall gives us an entertaining, thoughtful, and well-written antidote to this dangerous abstraction. . . . → Read More: It Takes Government to Create Markets: Alex Marshall’s The Surprising Design of Market Economies

Wealth of Nations, Wolf on Jacobs, Krugman on Warsh

Martin Wolf of the Financial Times, calls Jane Jacobs, who died last week, “a self-educated intellectual of astonishing originality.” He devotes most of his article, “National wealth on city life’s coat tails” (5/2/06) to a review of one of his and my favorite books, Jacob’s 1984 Cities and the Wealth of Nations — which he . . . → Read More: Wealth of Nations, Wolf on Jacobs, Krugman on Warsh