Review of Thomas Frank’s “The People, No”

The pundits love to denounce populists. They are the ignorant people who rally to the standards of foreign far-right fascists. In the US, they are Donald Trump’s loyal “deplorables” or Bernie Sanders’s “Bernie Bros.” They’re a major threat to democracy. In The People, No, Thomas Frank proposes that anti-populists are the real threat. . . . → Read More: Review of Thomas Frank’s “The People, No”

Webinar with Richard Vague, author of A Brief History of Doom, May 17, 2020

In A Brief History of Doom, Two Hundred Years of Financial Crises, Richard Vague simultaneously fills in a gap in Henry George’s economic model, and torpedoes the conventional Keynesian model of the business cycle. . . . → Read More: Webinar with Richard Vague, author of A Brief History of Doom, May 17, 2020

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 Dissing of Henry George

Henry George (1839–1897) was a journalist, self-educated economist and philosopher, and eventually prominent politician. In 1879 he published Progress and Poverty, which soon became a worldwide bestseller. His followers played a major role in the early 20th Century Progressive movement. How could it happen that if he is remembered at all today, he’s considered a crackpot? . . . → Read More: The Dissing of Henry George

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

Dead Empires: How China May Overtake the U.S.

“The earth is the tomb of dead empires, no less than of dead men.” Thus wrote the American economist and journalist Henry George in his 1879 worldwide bestseller, Progress and Poverty. Adam Smith had identified cooperation and specialization—“the division of labor”—as the forces that generated economic growth and prosperity. George claimed that those same forces led eventually to collapse, as monopolization of land and other natural resources directed more and more wealth into ever fewer hands. Two astute observers have recently offered complementary predictions of the imminent demise of the American empire, and its replacement by China. . . . → Read More: Dead Empires: How China May Overtake the U.S.

Piketty’s Model of Inequality and Growth in Historical Context, Pt 2

Many individuals helped construct neoclassical economics, often with financial support from the robber barons and their successors. I will focus on two: in the United States, John Bates Clark (1847-1938), and in Europe, Vilfredo Pareto (1848 to 1923). . . . → Read More: Piketty’s Model of Inequality and Growth in Historical Context, Pt 2

Piketty’s Model of Inequality and Growth in Historical Context, Pt 1

In Thomas Piketty’s doomsday model, slowing of growth in the twenty-first century will cause an inexorable increase in inequality. Piketty is not the first to propose a grand model of inequality and growth. To get some perspective on his model, let’s see what the “classical” economists had to say (Part I), and how the “neoclassical” economists responded (Part II). . . . → Read More: Piketty’s Model of Inequality and Growth in Historical Context, Pt 1

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