Economics: Its History and Politics
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The Real Problem with the Broken Window Fallacy

The Real Problem with the Broken Window Fallacy | Economics: Its History and Politics | Scoop.it
John Quiggin recently posted on the "Broken Window Fallacy" (BWF), a parable beloved by libertarians, originating from Frederic Bastiat but finding its most modern exposition in Henry Hazlitt. The ...
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Economics: Its History and Politics
Is economics the dismal science or does politics make it the dismal science.
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David M. Levy, Sandra J. Peart, The Secret History of the Dismal Science. Part I. Economics, Religion and Race in the 19th Century | Library of Economics and Liberty

David M. Levy, Sandra J. Peart, The Secret History of the Dismal Science. Part I. Economics, Religion and Race in the 19th Century | Library of Economics and Liberty | Economics: Its History and Politics | Scoop.it

My motto is: Nothing is ever as it seems!  And stis story proves that point one more time.   This story has VI parts.  All very, very very interesting.

 

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The Real Reason You Can’t Afford a Home | The Tyee

The amount of global capital — or “financial assets” — available to invest is rising much more rapidly than actual economic growth. Five years later, there’s so much capital available that investors don’t know what to do with it all. They’re pouring it into investments like real estate. The result is sky-high prices.
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malek's comment, February 20, 6:35 PM
what is a house: a residence Or investment?
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David Graeber on Bullshit Jobs

David Graeber on Bullshit Jobs. A clip from Episode 1 of Renegade Inc. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Renegade Inc. provides its members with the conten

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How a Ruthless Network of Super-Rich Ideologues Killed Choice and Destroyed People’s Faith in Politics - Evonomics

How a Ruthless Network of Super-Rich Ideologues Killed Choice and Destroyed People’s Faith in Politics - Evonomics | Economics: Its History and Politics | Scoop.it
The events that led to Donald Trump’s election started in England in 1975. At a meeting a few months after Margaret Thatcher became leader of the Conservative party, one of her colleagues, or so the story goes, was explaining what he saw as the core beliefs of conservatism. She snapped open her handbag, pulled out a dog-eared book, and slammed it on the table. “This is what we believe,” she said. A political revolution that would sweep the world had begun.
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US protectionism won't work. This is why

US protectionism won't work. This is why | Economics: Its History and Politics | Scoop.it
The Trump administration's policy of imposing tariffs won't work, argues Professor Richard Baldwin.
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The Science of Flow Says Extreme Inequality Causes Economic Collapse - Evonomics

The Science of Flow Says Extreme Inequality Causes Economic Collapse - Evonomics | Economics: Its History and Politics | Scoop.it
According to a recent study by Oxfam International, in 2010 the top 388 richest people owned as much wealth as the poorest half of the world’s population– a whopping 3.6 billion people. By 2014, this number was down to 85 people. Oxfam claims that, if this trend continues, by the end of 2016 the top 1% will own more wealth than everyone else in the world combined. At the same time, according to Oxfam, the extremely wealthy are also extremely efficient in dodging taxes, now hiding an estimated $7.6 trillion in offshore tax-havens.[3]
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What Is Radical Economics? (Hint: It's Not Neoliberal or Marxist) - Evonomics

What Is Radical Economics? (Hint: It's Not Neoliberal or Marxist) - Evonomics | Economics: Its History and Politics | Scoop.it
Socially equitable. Ecologically sustainable. Personally and spiritually satisfying. What sort of economic transformations are needed to achieve societies like these?
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It's Time for New Economic Thinking Based on the Best Science Available, Not Ideology

It's Time for New Economic Thinking Based on the Best Science Available, Not Ideology | Economics: Its History and Politics | Scoop.it

A new narrative for a complex age...Rational economic models are of little help on these issues, and a deeper understanding of psychology, sociology, political science, anthropology, and history is required. Likewise, communications is critical – thick reports are important for government ministries, but stories, narratives, visuals, and memes are needed to shift the media and public thinking."


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Lorien Pratt's curator insight, February 4, 2:28 PM

Economics, including analysis of jobs and income disparity, is an area where DI can provide a framework for evidence and action.  Idealogy == pulling the same levers without understand the (new) implications and outcomes.

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Exxon, Russia Eye Oil and Gas in Disputed South China Sea

Exxon, Russia Eye Oil and Gas in Disputed South China Sea | Economics: Its History and Politics | Scoop.it
President Donald Trump's newly sworn-in Secretary of State, recently retired ExxonMobil CEO Rex Tillerson, turned heads when he expressed support for an aggressive military stance against China's actions in the disputed South China Sea during his Senate committee hearing and in response to questions from Democratic Party Committee members.
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malek's comment, February 6, 11:16 AM
Fossil fuels are in serious need for a while, protecting your troves is not a bad idea.
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Why Economic Recovery Requires Rethinking Capitalism | naked capitalism

Why Economic Recovery Requires Rethinking Capitalism | naked capitalism | Economics: Its History and Politics | Scoop.it
Capitalism needs a dose of socialism, aka public works. Mission-oriented public investment is vital to revive private-sector investment.

Via Nicholas Ripley
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Another Milton Friedman legacy bites the dust

Another Milton Friedman legacy bites the dust | Economics: Its History and Politics | Scoop.it
Milton Friedman and his gang at Chicago, including the ‘boys’ that went back and put their ‘free market’ wrecking ball through Chile under the butcher Pinochet, have really left a mess of confusion and lies behind in the hallowed halls of the academy, which in the 1970s seeped out, like slime, into the central banks and the treasury departments of the world. The overall intent of the literature they developed was to force governments to abandon so-called fiscal activism (the discretionary use of government spending and taxation policy to fine-tune total spending so as to achieve full employment), and, instead, empower central banks to disregard mass unemployment and fight inflation first. Several strands of their work – the Monetarist claim that aggregate policy should be reduced to a focus on the central bank controlling the money supply to control inflation (the market would deliver the rest (high employment and economic growth, etc); the promotion of a ‘natural rate of unemployment’ such that governments who tried to reduce the unemployment rate would only accelerate inflation; and the so-called Permanent Income Hypothesis (households ignored short-term movements in income when determining consumption spending), and others – were woven together to form a anti-government phalanx. Later, absurd notions such as rational expectations and real business cycles were added to the litany of Monetarist myths, which indoctrinated graduate students (who became policy makers) even further in the cause. Over time, his damaging legacy has been eroded by researchers and empirical facts but like all tight Groupthink communities the inner sanctum remain faithful and so the research findings haven’t permeated into major shifts in the academy. It will come – but these paradigm shifts take time.
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Darwin, the Market Whiz

Darwin, the Market Whiz | Economics: Its History and Politics | Scoop.it
WHO was the greater economist — Adam Smith or Charles Darwin?

Since Darwin, the pioneering naturalist, never thought of himself as an economist, the question seems absurd. Yet his understanding of competition describes economic reality far more accurately than Smith’s. Within the next century, I predict, Darwin will be seen by most economists as the intellectual founder of their discipline.
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Manfred Max Neef Barefoot Economics Part 1

Artur Manfred Max Neef (b. October 26, 1932, Valparaiso, Chile) is a Chilean economist and environmentalist. He is of German descent. Mainly known for hi
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What lettuces tell us about deregulating Britain

What lettuces tell us about deregulating Britain | Economics: Its History and Politics | Scoop.it

"Post-Brexit, it might be expected that the UK has an opportunity to reduce the burden of regulation, in areas where European standards have been more restrictive than we might have decided to impose on our own. One place where commentators appear to have been particularly keen on deregulating is in the key export market for financial services. But people are correctly suspicious of financial deregulation, as it appears to have been the source of several disasters in the past. Why and how does deregulation go wrong, and is there any way of doing it correctly? Let's start by thinking about lettuces."

 
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The Science Is In: Greater Equality Makes Societies Healthier - Evonomics

The Science Is In: Greater Equality Makes Societies Healthier - Evonomics | Economics: Its History and Politics | Scoop.it
Let’s consider the health of two babies born into two different societies. Baby A is born in one of the richest countries in the world, the United States, home to more than half of the world’s billionaires. It is a country that spends somewhere between 40 and 50 percent of the world’s total spending on health care, although it contains less than 5 percent of the world’s population. Spending on drug treatments and hightech scanning equipment is particularly high. Doctors in this country earn almost twice as much as doctors elsewhere and medical care is often described as the best in the world.
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They Just Get Bigger: How Corporate Mergers Strangle the Economy

They Just Get Bigger: How Corporate Mergers Strangle the Economy | Economics: Its History and Politics | Scoop.it
The determinants of economic growth have long ranked as one of the most important questions in the history of economic science, along with such puzzles as price formation and income distribution. Over the past generation, the rate of economic growth in advanced Western democracies has slowed markedly, which raises the old (but now fashionable) spectre of secular stagnation. Secular stagnation is a particularly acute macroeconomic problem insofar as it has a direct connection to improvements in the national standard of living, whether tabulated using objective benchmarks like life expectancy or subjective metrics like happiness.
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Finished at 50? Actually your career might just be getting started

Finished at 50? Actually your career might just be getting started | Economics: Its History and Politics | Scoop.it
With more people in their 60s and 70s getting hired than ever before, it seems middle age no longer spells the sunset of your professional life.
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£1.73 an hour: Jinn couriers complain over low earnings

£1.73 an hour: Jinn couriers complain over low earnings | Economics: Its History and Politics | Scoop.it
Delivery firm scrapped a minimum hourly rate of £8 an hour in January for its self-employed contractors

Via Graham Watson, Bruce Fellowes
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Graham Watson's curator insight, February 13, 12:46 PM
Another insight into the low wages being earned in the 'gig economy'. Here, delivery couriers in Leeds have reported that being employed by Jinn has, in one instance, seen a 'self-employed contractor' earning as little as £1.73 per hour.

Is this really fair, given the National Minimum Wage? Or is this clearly the equilibrium rate in the sector, and should there be no government interference to guarantee a minimum wage?

I think regular readers of the board know where I stand on the issue.
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Why the Maximize Shareholder Value Theory Is Bogus - Evonomics

Why the Maximize Shareholder Value Theory Is Bogus - Evonomics | Economics: Its History and Politics | Scoop.it
Further confirmation comes from a must-read article in American Prospect by Steven Pearlstein, When Shareholder Capitalism Came to Town. It recounts how until the early 1990s, corporations had a much broader set of concerns, most importantly, taking care of customers, as well as having a sense of responsibility for their employees and the communities in which they operated. Equity is a residual economic claim. As we wrote in 2013:
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Brexit vote already bad for firms, bosses say - BBC News

Brexit vote already bad for firms, bosses say - BBC News | Economics: Its History and Politics | Scoop.it
The Brexit vote is already having a negative impact on business, a survey of bosses of the UK's biggest firms suggests.

Via Graham Watson, Bruce Fellowes
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Graham Watson's curator insight, February 6, 7:35 AM
I 'scoop' this without comment; both sides of the debate defend their positions with quasi-religious zeal, so attempting to argue via data, is largely meaningful, if some of the responses I've had on Twitter are anything to go by...
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European Leaders Should Ditch The Fiscal Compact

The consensus that dominated macroeconomics from the 1980s, and framed the European institutions’ thinking in terms of macroeconomic governance, relegated fiscal policy to the dustbin of history. If anything, standard macroeconomic thinking relied on monetary policy to react to economic shocks. The 2008 crisis challenged this consensus, as monetary policy alone proved ineffective in counteracting the spectacular drop in economic activity. Indeed, deleveraging and private sector pessimism about the recovery led to stagnation in consumer spending that only public intervention via direct spending could compensate, as it had done in the 1930s.
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Decent Work Or Indecent Politics

Decent Work Or Indecent Politics | Economics: Its History and Politics | Scoop.it
The United Nations 2030 Agenda for Sustainable Development commits UN member states to “leave no one behind.” One crucial component of that commitment – encompassed in the International Labor Organization’s own agenda – is decent work for all. At a time when worker frustration and disillusionment is being expressed in elections across the world, this goal could not be more important.

Nowadays, the expectation that each generation will be better off than the previous one, both socially and economically, is no longer automatic. For many, downward mobility has become the new normal.
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What’s wrong with macroeconomics? – Mosquito Ridge

What’s wrong with macroeconomics? – Mosquito Ridge | Economics: Its History and Politics | Scoop.it
My father in law was an engineering worker. When people asked him: “what do you make in there?” he replied: we make tools and excuses, and the excuses are excellent.” My starting point is that…

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Providence area sees biggest shift away from manufacturing jobs in US

Providence area sees biggest shift away from manufacturing jobs in US | Economics: Its History and Politics | Scoop.it

A new study illustrates just how drastically employment has plunged in Rhode Island’s historic industrial base over recent decades. Since 1980, the Providence metropolitan area has experienced the largest shift in the country away from manufacturing jobs and into work requiring college degrees, according to a paper by Stephan Whitaker, a research economist at the Federal Reserve Bank of Cleveland. “In 1980, 40% of workers in the Providence metro area worked in manufacturing and 25% worked in degree-intensive fields,” Whitaker writes. “By 2014, manufacturing had dropped to just 11%, and degree-intensive jobs had risen to 47%.”

 

Tags: urban, industry, manufacturing, labor, economic, Rhode Island.


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Manfred Max-Neef Barefoot Economics Part 2

Discusses barefooot economics and US as underdeveloping country
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Confessions of a confused capitalist

Confessions of a confused capitalist | Economics: Its History and Politics | Scoop.it
If I could change one thing to create a more fair and equitable economy in America, I would redefine economic success as an economy’s ability to meet all fundamental human needs, not just its ability to produce capital. I personally like Manfred Max Neef’s list of fundamental human needs: subsistence, protection, affection, understanding, participation, leisure, creation, identity, and freedom. But any measure of economic success which is more far-reaching than production would be an improvement on our current evaluation mechanism.
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