Economic Theory

  • Sequester Talk on Russia Today

          On Capitol Hill, there's still no deal in sight to avert the 85-billion-dollars' worth of cuts which will kick in later on Friday. It's known in Washington as the 'sequester' and would see significant reductions on military and domestic spending. But Republicans and Democrats just can't agree on what to do. President Obama says U.S. will get through the deep budget cuts if it has to, but admits the economy will get even worse. Economist Richard Wolff says the American people should prepare for the worst.
  • On the sequester as austerity policy (Blog)

      Over the centuries, lenders eventually figured out that if they punished borrowers unable to repay that would only further undermine their capacity to repay. So poorhouses and debtors prisons were abandoned (after countless millions were destroyed in the process) and bankruptcy procedures developed.   Over the 3 centuries of modern capitalism, employers finally figured out that if they pressed wages down too low, the masses could not buy what the capitalists had to sell.
  • Economic Update: Profit, Austerity and Criticizing the System

    Updates on profit-driven scandals (horsemeat in Europe and fish in US); how long we work, Correa's anti-austerity victory in Ecuador, and getting public benefits for public investm
  • Capitalism Becomes Questionable

    originally appeared in MRzine   The depth and length of the global crisis are now clear to millions.  In the sixth year since it started in late 2007, no end is in sight.  Unemployment rates are now less than halfway back from their recession peak to where they were in 2007.  Over 20 million are without work, millions more limited to part-time work, millions have been foreclosed out of their homes.   Those who retain jobs suffer declining real wages, fewer benefits, reduced job security, and more work.
  • Interview with Jim Banks on KGNU


  • Minimum Wage (Blog)

      The argument for an increase in the minimum wage ought not to rely on or focus on economics. The political, ethical, and social reasons for higher minimum wages make the case better, more clearly and more definitively.   Economists have accumulated a vast literature on the minimum wage. That literature is divided into two opposing schools. The first, comprised of paid spokespersons for business and their various allies in politics, media and the academy, strives to establish the following sort of argument.
  • Austerity, US Style, Exposed

    originally appeared in

  • Online Education: Another Phony "Revolution"

    originally appeared in

    Thomas Friedman's latest column touting online education "is another exercise in (1) finding a potential positive dimension of capital's latest profit-driven move, (2) hyping it and (3) ignoring its contradictions, especially those that are negative."

  • Revolution for Income Equality (blog)

      The transitions from feudalism and other pre-capitalist economic systems to modern capitalism have always and everywhere been celebrated for bringing a new epoch of human history. Freedom, democracy, and equality were the hallmarks of those celebrations. The French Revolution of 1789 raised the slogan of liberte, egalite, fraternite. The US has long celebrated its capitalism for producing a vast “middle class” that permanently overcame previous societies’ tendencies toward extreme inequalities of wealth and income.

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