Karl Marx may have been too optimistic about capitalism. Economist Michel Hudson has long claimed that Marx’s contention that ultimately industrial capitalism would triumph over finance capitalism was wrong. That, in fact, bankers have prevailed subjugating the productive forces of industry to the power of debt slavery and rentier capitalism. The real economy has been subsumed by the FIRE economy.
|By: DSWright Friday June 21, 2013 9:15 am|
|By: masaccio Sunday May 19, 2013 9:00 am|
A society where knowledge is irrelevant, replaced by focus-group tested slogans and canned talking points created by and for a bunch of rich people isn’t a democracy.
|By: DSWright Friday April 26, 2013 11:15 am|
Academia remains incredulous as evidence accumulates that the Reinhart-Rogoff paper that underwrote much of the intellectual justification for austerity economics omitted important data and contained severe Excel errors. Some are calling it a technical knockout of austerity economics, handing victory to the anti-austerity faction of economists.
|By: masaccio Sunday March 3, 2013 11:00 am|
The official explanations of the causes of the Great Crash are useful to the hyper-rich. More nuanced descriptions aren’t.
|By: Dean Baker Friday February 1, 2013 6:52 am|
Most people know that the deficit whiners live largely in a fact free zone, but every now and then it is worth trying to throw a few in their direction in the quest for intelligent life. The immediate motivation is Joe Scarborough’s latest tirade after having Paul Krugman as a guest on his show.
|By: Dean Baker Monday January 21, 2013 11:05 am|
Joe Stiglitz had an Opionator piece in the NYT arguing that inequality was bad for growth. Krugman responded by taking issue with a couple of the points raised by Stiglitz: that upward redistribution of income leads to fiscal problems and that upward redistribution of income leads to stagnation.
|By: Jane Hamsher Tuesday January 1, 2013 5:05 am|
There is some joy to be taken in the fact that nobody was able to harpoon the elusive white whale of Social Security, Medicare and Medicaid, and that somewhere Pete Peterson weeps.
But we are, as the HuffPo notes, in a permanent state of “cliff crisis” now. Timothy Geithner says the debt limit has once again been reached, and Peterson can take solace in the fact that Obama’s resolve not to negotiate with Republicans over the debt ceiling is indeed just as strong as his commitment not to negotiate over taxes for the rich.
|By: fairleft Sunday December 30, 2012 7:00 am|
The European and U.S. problem is not only the year-after-year reality of high unemployment and slow or negative growth, it’s that results be damned most of us ‘still’ believe in austerity. The masters have reason to believe and even love austerity, because they get rich off moving wealth from the middle to the top, but dammit most of us chumps believe too
|By: David Dayen Monday December 17, 2012 12:45 pm|
To say that “we have a budget deficit” is no different than saying “we’re in the middle of a recession.” The correlation between deficits and economic growth is very tight. A large part of deficits are composed of reduced tax receipts from less people working, and increase in utilization of automatic stabilizers like unemployment benefits, Medicaid and food stamps, which recedes in better economic times.
|By: Jon Walker Tuesday December 4, 2012 9:30 am|
Until the Republicans figure out a way to make the math work their offer cannot be considered a serous plan, because it is not even a “plan.” A plan requires specific ideas that at least stand a chance of achieving the stated goal.