Taking notes 41: Ideological foundations of neoclassical economics: class interests as “economic theory”

by Ismael Hossein-zadeh There is now a widespread consensus that mainstream/neoclassical economists failed miserably to either predict the coming of the 2008 financial implosion, or provide a reasonable explanation when it actually arrived. Not surprisingly, many critics have argued that … Continue reading Taking notes 41: Ideological foundations of neoclassical economics: class interests as “economic theory”

Reading Thomas Piketty: A Critical Essay

by Zoltan Zigedy I should perhaps add that I experienced the American dream at the age of twenty-two, when I was hired by a university near Boston just after finishing my doctorate… Here was a country that knew how to attract immigrants when it wanted to! Yet I also realized quite soon that I wanted to return to France and Europe… One important reason for my choice has a direct bearing on this book: I did not find the work of US economists entirely convincing… To put it bluntly, the discipline of economics has yet to get over its childish … Continue reading Reading Thomas Piketty: A Critical Essay

Nightfall: Dimming of the dream and search for an alternative

by P. J. Laska Given the emphasis on imposing hegemony by military means, it is a splendid irony that ‘American Way of Life’ should share its acronym (AWOL) with the military term “Absent Without Leave.” — http://www.laetusinpraesens.org Ronald Reagan in the famous “Morning-in-America” speech that was part of his 1984 re-election campaign took credit for the improvement of the economy since his election in 1980.  By 1983 the inflationary spiral of the 70’s had been brought under control by Federal Reserve chairman Paul Volker, who was originally appointed by Carter and then reappointed by Reagan in 1983.  Reagan could also … Continue reading Nightfall: Dimming of the dream and search for an alternative

Why socialism?

by Albert Einstein Is it advisable for one who is not an expert on economic and social issues to express views on the subject of socialism? I believe for a number of reasons that it is. Let us first consider the question from the point of view of scientific knowledge. It might appear that there are no essential methodological differences between astronomy and economics: scientists in both fields attempt to discover laws of general acceptability for a circumscribed group of phenomena in order to make the interconnection of these phenomena as clearly understandable as possible. But in reality such methodological … Continue reading Why socialism?

The Tao of economics

by Geoff Davies In the tropical forests of Central America are great stone temples and monuments, remnants of the Mayan civilisation that collapsed over a thousand years ago.  We can never know exactly why the Mayan civilisation collapsed, but some of the main factors were probably shifting climate, over-exploitation of natural resources, warfare and internal rivalries.  However a telling observation is that the grandest temples were built just before the final collapse.  It is not uncommon that the grandest accomplishments of a past society came just before a precipitous decline.  This pattern indicates the society was busy, right to the … Continue reading The Tao of economics