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Must-read! Branko Milanovic sums up the fundamental issue affecting political economy as economics in relation to society. Neoclassical economic is like doing engineering with a total focus on efficiency and ignoring resilience. This approach views redundancy as inefficient. This is like eliminating the emergency brake on vehicles. An economy is the material life-support system for a society and its culture. It is the welfare and progress of the society that set the priorities. Neoliberalism is based on the view that society does not exist. Go figure. As Branko Milanovic points out, following the classical economists and Marx, it's the endowments, stupid. This results in market asymmetries that determine who wins and who loses, not the assumed spontaneous natural order that
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Mike Norman considers the following as important: distribution, inequality, production
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Must-read! Branko Milanovic sums up the fundamental issue affecting political economy as economics in relation to society. Neoclassical economic is like doing engineering with a total focus on efficiency and ignoring resilience. This approach views redundancy as inefficient. This is like eliminating the emergency brake on vehicles. An economy is the material life-support system for a society and its culture. It is the welfare and progress of the society that set the priorities. Neoliberalism is based on the view that society does not exist. Go figure. As Branko Milanovic points out, following the classical economists and Marx, it's the endowments, stupid. This results in market asymmetries that determine who wins and who loses, not the assumed spontaneous natural order that
Topics:
Mike Norman considers the following as important: distribution, inequality, production
This could be interesting, too:
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Neoclassical economic is like doing engineering with a total focus on efficiency and ignoring resilience. This approach views redundancy as inefficient. This is like eliminating the emergency brake on vehicles.
An economy is the material life-support system for a society and its culture. It is the welfare and progress of the society that set the priorities.
Neoliberalism is based on the view that society does not exist. Go figure.
As Branko Milanovic points out, following the classical economists and Marx, it's the endowments, stupid. This results in market asymmetries that determine who wins and who loses, not the assumed spontaneous natural order that arises spontaneously as a result of the operation of a free market that leads to equilibrium characterized by optimality
Global Inequality
Production and then distribution, or distribution and production together
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace