Feeding at the Trough

FEEDING AT THE TROUGH

I took the call from my maiden Aunt Leona.  Uncle Myron and his idiosyncratic wife Marjorie—Republican activists and occasional pranksters—were piloting their black Cadillac limo to the Utah Governor’s office from Leona’s home in Ogden.  “Expect their arrival at the State Capitol momentarily,” Leona announced resolutely. My octogenarian aunt and uncle were pre-World War II […]

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Karl Marx

WHEN THE LEFT AIN’T RIGHT

If pragmatism is to be resurrected in American economics and politics, the methodology of John Maynard Keynes remains as the best starting point.  However, because real economies evolve in complexity—and because economic ideas stagnate and loose vibrance—Keynesian-type thinking needs rebirthing.  The best intellectual pathway for renewal ought to start with Joan Robinson, Keynes’ student.  Her reflections on what she called the profit lacuna are a solid gateway toward the development of some sort of in-between theory dealing especially with all sorts of fraud.  Beyond economics, it might also pour balm on America’s culture wars.  Capitalism in Crisis dot Org is about fleshing out these compelling possibilities.

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A CULTURE OF FRAUD?

Trump’s playing an economic and political role parallel with American President Herbert Hoover, from a century ago. Hoover’s the one that economists associate with a failed culture of orderliness.  Locked up with him in his dysfunctional, rigid thinking about how he believed the economic world should work, were millions of unemployed Americans. Sound familiar?

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FRAUD!

Capitalism and Fraud Fraud’s on the rise in American capitalism, politics and culture.  It occurs when a “sucker” is tricked, duped or hustled into acting against their best interest.  Deception always plays a part. Here’s four alleged frauds, drawn from the news on a single day, the last day of Summer, 2020: National Institutes of […]

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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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