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

From Germany to America: A Dialog on Inequality

At a coffee break between sessions at a history of economics meeting, I chatted with a young woman professor of political science at a German university. On hearing that I work on inequality, she immediately challenged me: “I don’t believe in equality. Inequality is just a statistic… What matters are policies to improve citizen’s wellbeing, like health or education, not policies to reduce inequality.” . . . → Read More: From Germany to America: A Dialog on Inequality

How Colonies Can Liberate Themselves by Taxing Real Estate

A colony is an area of land belonging mostly to outsiders, who extract more than they put in, hold good property underused, and control local politics. Greece, Haiti and Puerto Rico are colonies. Given the political will, and absent military intervention, colonies can liberate themselves by taxing the land. . . . → Read More: How Colonies Can Liberate Themselves by Taxing Real Estate

Putting Land and Power Back into Economics

Rethinking the Economics of Land and Housing, by three British economists, puts land and power back into economics, by recognizing–as did the classical economists–that ownership natural resources conveys wealth and political power. It also provides an enlightening history of British postwar housing policy, which has gone from building inexpensive rental housing for the working class, to pumping up property values for the ownership class. . . . → Read More: Putting Land and Power Back into Economics

The Democrats Confront Monopoly

At a June 2016 event organized by Barry Lynn of the Open Markets Institute, Elizabeth Warren delivered a stunning speech on the damage of monopoly and the importance of reviving antitrust. Shortly afterwards, I attended a New York presentation by Alan Blinder, Hillary Clinton’s economic policy advisor. He focused on Hillary’s positions on issues vis-à-vis Trump’s and those of the median voter, complete with graphs. He suggested that Bernie had pulled her away from that median voter—a bad idea. One issue Blinder didn’t have on the list was antitrust, so I raised my hand and asked. “Oh,” Blinder said, “that’s not a priority at present, but maybe after her first two years…” . . . → Read More: The Democrats Confront Monopoly

What’s the Matter with Wisconsin?

In 2016 BT (before Trump) Professor Katherine Cramer of U. Wisconsin explored how upstate Wisconsin – which later voted heavily for Trump – passionately hates the downstate cities of Madison and Milwaukee, and government at all levels. Read my review of The Politics of Resentment: Rural Consciousness in Wisconsin and the Rise of Scott Walker from Dollars & Sense, March/April 2017. . . . → Read More: What’s the Matter with Wisconsin?

The 7 Secrets of the Prolific

If you’re like me, you always wanted to be a writer—but obligations came first: family, friends, bosses, students, bills, good causes. Recently, I grumbled about my lack of productivity to my editor Chris Sturr at Dollars & Sense magazine. He sent me The 7 Secrets of the Prolific: The Definitive Guide Overcoming Procrastination, Perfectionism, and Writer’s Block by Hillary Rettig. . . . → Read More: The 7 Secrets of the Prolific

Strangers in Their Own Land: Anger and Mourning on the American Right

Arlie Hochschild, a retired sociology professor at U.C. Berkeley, has spent five years interviewing and becoming friends with Tea Party supporters in Louisiana. As she puts it, she has been trying to climb over the “empathy wall,” to “turn off the alarm bells”, in order to understand how her friends view the world. Her new book, Strangers in Their Own Land, should be essential reading for Democratic politicians from Hillary on down. . . . → Read More: Strangers in Their Own Land: Anger and Mourning on the American Right

James Galbraith Tells Us What Everyone Needs to Know About Inequality

Inequality has surged in the U.S. over the last forty years; many observers now blame the deregulation and tax cuts for the rich starting with the presidency of Ronald Reagan in 1980. In his new short book, Inequality: What Everyone Needs to Know, James Galbraith explains how this happened through the change in U.S. industrial structure. He offers a surprising recommendation. . . . → Read More: James Galbraith Tells Us What Everyone Needs to Know About Inequality

David and Goliath, or Why the One Percent Has to Rig the System

Malcolm Gladwell’s bestseller, David and Goliath, asks how and why the weak win far more often than we expect. What characteristics of the weak can sometimes make them strong? What characteristics of the powerful can often make them vulnerable? For a long-time inequality buff like me, Gladwell provides some new insights. . . . → Read More: David and Goliath, or Why the One Percent Has to Rig the System