Capitalism's First Glitch - Capitalism In Crisis

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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Economic Errors - Capitalism In Crisis

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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SECOND CIVIL WAR?

Does history repeat itself?  Maybe we’re entering a Second Great Depression?  Or perhaps even a rerun of America’s Civil War? Now as then, our people are beset by a crisis of vision.  Who are we now, and what do we choose to become? Can culture warfare be transcended?  Can we move toward building and sharing […]

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A SECOND AMERICAN DEPRESSION? JUST AROUND THE CORNER?

There’s no official definition for economic depression. Intuitively it means protracted recession when expectations sink and malaise sets in, to become the new norm. Breaking out would be daunting due not only to economic realities but also to political intransigence heightened by continuing culture warfare. Sound all too possible? Could America be verging on getting […]

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FOR TRUMP, PORTLAND IS A DREAM COME TRUE

David Ignatius for the Washington Post: For President Trump and his campaign, the Portland protests and similar eruptions elsewhere are a dream come true. This is a president who, quite literally, has nothing to run on — no positive achievements to show. His only chance is that his adversaries will create opportunities for him. Let’s […]

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KRUGMAN AND STEPHENS: WHAT’S AMERICA’S FUTURE?

​Donald Trump is losing the election. Or is he? A devilish bit of Trumpism is now in the air, in Portland, Oregon. Conservative columnist Bret Stephens gives a clue to where Trump’s election strategy is headed. It’s about scaring conservative-leaning suburban women who might chose Joe Biden but fear if they do—without Trump as their […]

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