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Tag Archives: economic rent

Radical imagination and the intellectual edifice — Jim Vrettos interviews Michael Hudson

Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismRadical imagination and the intellectual edificeJim Vrettos interviews Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

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Michael Hudson — Asset-Price Inflation and Rent Seeking

A Total-Returns Profile of Economic Polarization in America Michael Hudson Based on work with Dirk Bezemer, with charts by Howard Reed Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismAsset-Price Inflation and Rent Seeking Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking...

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Bill Mitchell — The austerity attack on British local government – Part 1

On Sunday, May 12, 2019, I will be presenting a workshop in London on – Local Government Funding: Challenging the Status Quo. Basically, I will be speaking about the way in which flawed understandings of the capacities of currency-issuing governments, combined with a vicious, ideological attack on working people from a government fully invested in neoliberal transfers to the elites, have ravaged the capacity of local government in the UK to deliver essential public services. See the Events...

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Mike O’Donnell — Charles Wright Mills’ Sociological Imagination and why we fail to match it today

Oldie but goodie. Excellent short summary of the contributions of C. Wright Mills.  "Follow the power." Power should be central to economics. Economists recognize that market imperfections arise from asymmetrical market power. These imperfections are the basis of economic rents — financial rent, land rent, natural resources rent, and monopoly-monopsony rent. Market power is also the basis for socializing negative externality, also a from of rent extraction. For example, a way to...

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Dean Baker — Progressive taxes only go so far. Pre-tax income is the problem

What Dean is saying is to preempt extraction of economic rent before it occurs, instead of taxing it back afterward. A lot of rent extraction results from government policy that can be changed politically — if the public demands it strongly enough. Truthout Progressive taxes only go so far. Pre-tax income is the problem Dean Baker | Co-director of the Center for Economic and Policy Research in Washington, D.C

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Laurie Macfarlane — Why Wealth Is Determined More by Power Than Productivity

To the early classical economists, this kind of wealth – attained by simply extracting value created by others ­­– was deemed to be unearned, and referred to it as ‘economic rent’. However, ever since neoclassical economics replaced classical economics as the dominant school of thinking in the late 19th century, economic rent has been increasingly marginalised from economic discourse. To the extent that it is acknowledged, it is usually viewed as being peripheral to the story of wealth...

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John Laurits Under Fully-Automated Communism, Your Wage Is $90 Per Hour (Says Math)

There is no problem with scarcity — there is a problem with humanity’s social organization and with its institutions. There is no failure in our production of economic values — even now they are being produced to abundance (maybe even over-abundance). The math above shows that, if it could be allowed, this country can afford to pay a wage just shy of $100 to every human being who is willing to work. It is only the obscenely wealthy whom we stretch and strain to afford… Economic rent.John...

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Charles Adams — Fiscal policy is a matter of life and death

MMT. And he also talks about rent extraction! "So why are UK politicians obsessed with balancing the books rather than helping their citizens to lead healthier lives? The answer seems to be that the many UK politicians are strongly influenced by the desires of a powerful financial sector. While a finance sector is important, it is also predominantly a rent extraction industry. It mainly acquires wealth either on the backs of other people’s labour or their debts (interest). Progressive...

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