Tag Archives: asymmetry

I had a mentor who emphasized the necessity to understand power. At first I didn't quite know what he was talking about. Subsequently, I discovered that he was correct. For example, C. Wright Mills's The Power Elite was a real eyeopener.Counterpunch How We Stay Blind to the Story of Power Jonathan Cook

After decades of rightwing dominance, a transatlantic movement of leftwing economists is building a practical alternative to neoliberalism.... The new leftwing economics wants to see the redistribution of economic power, so that it is held by everyone – just as political power is held by everyone in a healthy democracy… The new economists’ enormously ambitious project means transforming the relationship between capitalism and the state; between workers and employers; between the local and...

Ha-Joon Chang.The Case for Concerted ActionAsymmetric ProtectionismV. Ramanan

Bill answers the main questions about MMT and a progressive agenda to address wealth inequality. There is no need for a currency issuer to tax to obtain the funds it issues itself. The reasons that a currency issuer should tax excessive wealth is political, in that wealth conveys political power. Neoliberalism differs from classical liberalism (laissez-faire) by harnessing government to promoting the interests of capital rather than reducing government involvement in the economy as...

Earlier in the week I was in Britain. Walking around the streets of Brighton, for example, was a stark reminder of how a wealthy nation can leave large numbers of people behind in terms of material well-being, opportunity and, if you study the faces of the people, hope. I am used to seeing poverty and mental illness on the streets of the US cities but in Brighton, England it very visible now as Britain has struggled under the yoke of austerity. Swathes of people living from day to day...

Those living in the bubbles of prosperity are largely unaware of the big picture, which is distorted by stats like per capita GDP.Wall Street On ParadeNew Economic Study Presents a Disturbing Map of the United States Pam Martens and Russ MartensSee alsoAsia TimesDespite recovery, 50 million Americans stuck in ‘distressed communities’ Asia Unhedged

Information is the basis for our economic and financial decisions. As buyers, we collect information about products before entering into a transaction. As investors, the same goes for information about firms seeking our funds. This is information that sellers and fund-seeking firms typically have. But, when it is too difficult or too costly to collect information, markets function poorly or not at all. This form of asymmetric information―where two parties to a potential transaction have...