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Themes of 2016

Posted: 6 January 2017 in Uncategorized

Looking back over the past year, here are the ten major themes I found in my blog posts: inequality critique of mainstream economics the U.S. presidential election, especially Bernie Sanders and Donald Trump class and surplus epistemology, especially uncertainty utopia working-class corporations and capital academy critique of liberalism We’ll see what happens in the current year. . […]

Mainstream economists and politicians have answers for everything. Lose your job? Well, that’s just globalization and technology at work. Not much that can be done about that. And if you still want a job? Then just move to where the jobs are—and make sure your children go to college in order to prepare themselves for […]

Most of us pay the taxes we’re required to pay. That’s because there aren’t many ways to avoid them. Sales, property, payroll, or income—the tax is paid at the time of the purchase, the amount is deducted from our paychecks, or the records go directly to the government. There’s no real way around them. And we […]

I continue to maintain that Congressional Republicans will stick with President Donald Trump until they get their favorite policies enacted—or until Trump’s missteps and declining popularity stand in the way of their getting what they want. And one of the things they want is tax reform—specifically, a cut in corporate taxes. Here’s the problem: U.S. […]

One of the arguments I made in my piece on “Class and Trumponomics” (serialized on this blog—here, here, here, and here—and recently published as a single article in the Real-World Economics Review [pdf]) is that, in the United States, the class dynamic underlying the growing gap between the top 1 percent and everyone else was […]

  One of the courses I’m offering this semester is A Tale of Two Depressions, cotaught with one of my colleagues, Ben Giamo, from American Studies. It’s a comparison of the conditions and consequences of the two major crises of capitalism during the past hundred years, the 1930s and the period after the crash of 2007-08.* It […]

It comes as no surprise, at least to most of us, that corporations are getting larger and increasing their share in many different industries. We see it everyday—when we buy plane tickets or try to take out a loan or just make a purchase at a retail store. We know it. And now, it seems, economists […]

In his Prison Notebooks, Antonio Gramsci wrote: “The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum morbid phenomena of the most varied kind come to pass.”* The world is once again living an interregnum. It is poised between the failed economic model of recovery […]

It is extraordinary that the hegemonic economic theory in the world today—neoclassical economics—still lacks an adequate theory of the firm. It beggars belief both because neoclassical economics is the predominant theory that is taught to hundreds of thousands of students every year and used to make sense of the world and formulate policy in countless think thanks […]

The capitalist machine is broken—and no one seems to know how to fix it. The machine I’m referring to is the one whereby the “capitalist” (i.e., the boards of directors of large corporations) converts the “surplus” (i.e., corporate profits) into additional “capital” (i.e., nonresidential fixed investment)—thereby preserving the pact with the devil: the capitalists are the ones […]