CAPITALISM’S FIRST GLITCH

My last post dug into the challenge of equilibrium in economics.  It’s an analytical lens, inherited from physical scientist Isaac Newton.  When an economist invokes equilibrium and then looks through that lens only, doing so may obscure other aspects of emerging problems in actual economies. Laissez-faire economists were unable to cope with Great Depression problems […]

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ECON ERRORS 101

Where to start? Let’s start here. Macroeconomics is largely science but built upon huge metaphysical assumptions. One notable assumption is orderliness. We should ask then, what happens when some assumptions, orderliness included, no longer describe aptly, the way in which the contemporary economic world has come to work? Our focus initially is upon physical scientist […]

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THE GOVERNMENT REPUBLICANS WANT

Industrial policy?  Isn’t it verboten for Republicans?  Don’t conservatives believe proactive government misallocates resources and suboptimizes economic outcomes? They do.  More recently however, industrial policy perspectives are getting a makeover from many on the political right.  If Donald Trump captures a second term, the Republican “take” on government’s appropriate economic role may grow ever-closer to […]

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DO THESE THREE THINGS…

How to reclaim a sense of Francis Bacon’s wonderment about capitalism’s future?  About America’s road ahead?  About the future of participatory American democracy?  Let’s start with these three things.  We’ll be expanding on each and explaining their necessity for America to thrive.  First, demarcate productive capitalism.  Then, draw a bright line around what capitalism is […]

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ARE YOU TYPE II?

Look carefully at the expression on Francis Bacon’s face.  He was a consummate Type II. I remain spellbound by Bacon’s expression, placed there by Henry Weekes, his sculptor.  Weekes’ masterpiece is tucked away in the Trinity College Chapel at Cambridge University. What was the sculptor attempting in his depiction of Bacon?  Why does Bacon’s message […]

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