Special mention

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I just received word that Frederic S. Lee, who taught Post Keynesian economics at the University of Missouri-Kansas City for the past fourteen years, died last night. I first met Fred when he was at Roosevelt University, and we had been in touch (at conferences and presentations as well as through his articles and books on heterodox economics) many times since.

Here’s Fred’s autobiography:

I attended a small state college in Maryland where I majored in history and took a bit of philosophy. After graduating in 1972, I took some more philosophy courses. But then I got interested in economics and began reading books and articles by Smith, Ricardo, Marx, J. B. Clark, Schumpeter, Joan Robinson, Keynes, Kalecki, Sraffa (or at least I tried to) and others. After working in Saudi Arabia for a couple of years, I returned to the States and attended Colombia University (1976-77) where I picked my undergraduate economic courses. While there I read about everything I could find on costs, pricing, the determination of the mark up, and the business enterprise; and the economists I read included Philip Andrews, Adrian Wood, Harcourt, Hall and Hitch and many others. Because I was a Post Keynesian economist (although I did not know it), it was suggested to me that I go talk to an economists called Alfred Eichner. I did so and became part of the Post Keynesian movement. After Colombia, I went to the University of Edinburgh for a year; and then returned to Rutgers University where I got my Ph.D. My teachers included Jan Kregel, Paul Davidson, Nina Shapiro, and Eichner. In my first year, I took an independent study with Kregel and he told me that I should read the Keynes-Harrod letters regarding theGeneral Theory which had just been published. I did so and wrote a paper which became the basis of my first article, “The Oxford Challenge to Marshallian Supply and Demand: The History of the Oxford Economists’ Research Group.” I left Rutgers to take up a one-year teaching position at the University of California-Riverside; and after 3 years there I obtained a tenured position at Roosevelt University in Chicago. In 1990 I went to England where I taught at De Montfort University in Leicester for the next decade. In August 2000 I moved to Kansas City to take up my current at UMKC.

My research interests are Post Keynesian microeconomics, Post Keynesian industrial organization, and the history of economics in the 20th century, with special emphasis on the history of heterodox economics. I am currently writing a monograph on Post Keynesian microeconomic theory. In addition, I am engaged in three other projects, the history of heterodox economics in the United Kingdom since 1945, market governance in the U.S. gunpowder industry, 1865 to 1900, and Congressional response to the problem of corporate size, monopoly and competition, 1945 to 1980. This last project is quite exciting because it enables me to explore the administered price controversy, examine in detail various institutional economists such as Walton Hamilton and John Blair, and examine the way neoclassical economists used their institutional power to suppress heterodox economics.

And here’s a link to his essay, “Predistine to Heterodoxy or How I Became a Heterodox Economist.”

Chart of the day

Posted: 24 October 2014 in Uncategorized
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As David Cay Johnston explains,

American paychecks shrank last year, just-released data show, further eroding the public’s purchasing power, which is so vital to economic growth.

Average pay for 2013 was $43,041 — down $79 from the previous year when measured in 2013 dollars. Worse, average pay fell $508 below the 2007 level. . .

Flat or declining average pay is a major reason so many Americans feel that the Great Recession never ended for them. A severe job shortage compounds that misery not just for workers but also for businesses trying to profit from selling goods and services. . .

Which group of lucky duckies didn’t see their pay fall? Workers making more than $50 million, who saw their average pay rise by $12.8 million, to $111.7 million. . .

Overall median pay — half of Americans make more, half make less — rose slightly last year. It was up a scant $109, to $28,031. That was still $320 below the 2000 median. It also was slightly lower than the 1999 median of $28,109, a troubling measure of long-term wage stagnation.


Note: here’s a link to the Social Security Administration’s wage statistics for 2013.


Special mention

Steve Bell 22.10.2014



The second part of That Film about Money is even better than the first.

That’s because it explores the connection between money and the crisis of 2007-08, including giving the working-class more debt instead of increasing wages (which is why, as you can see below, household debt service payments as a percent of disposable personal income rose so precipitously from the early-1990s onward, until the crash) and why the banks have recovered since the crash (by taking cheap money from the government and lending it back, to finance the deficit, at higher rates of interest).



Special mention

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