Tag Archives: power

Peter Radford doesn't mention it specifically, but market power enables rent extraction. Otherwise, a good read.The Radford Free PressNotes on: Power MattersPeter Radford

I cannot stress enough that this elitist attitude towards society is a learned mindset, that comes with a sense of extreme entitlement, and not some inherited tendency. As it succeeds it can become contagious among those who are morally weak and easily influenced. Some good quotes. Jesse's Café AméricanAudacious Oligarchy: The Rules Are For the Little People Jesse

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...

Branko Milanovic explains why Marx's historical analysis of socio-economic phenomena remains not only relevant but also preeminent, based on a few key insights. While he does not identify as a Marxist or even a Marxian, he credits the important influence of Marx on his thinking.There are no non-trivial economic phenomena that are not socio-economic, and Marx is the analyst that put his finger on the how and why. While it would be a mistake to dogmatize Marx, it would also be a great mistake...

Analysis from the left mostly about British politics but inclusive of all aspects of neoliberalism as the policy, strategy and tactics of elite power. Says "long read," but it is not that long. Worth a read even if you are not British since it is also an analysis of elite power as it relates to national politics and neoliberal globalization. Let's hope Cook is correct in seeing the wave cresting. The question then becomes will the breaking of the wave result in world war as the elite...

How ideas move through academia may depend on where those ideas come from as much as their quality, a new study suggests. Science DailyHow ideas go viral in academia: Where idea starts is key University of Colorado at Boulder

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...

You want to understand reality? You want to know the truth? Never listen to what anyone who represents power says about what power wants to do. This is always a lie. Look only at what power consistently does. Look at the consistent results of this pattern of action, and then assume those results to be the real goals of the campaign.... VolatilityLook Only at What The System Does (Pesticides and Bees)

Good article about economics, power and ethics, with which I would substantially agree as a philosopher.  However, Professor Ruccio passes over the economic aspect of power, which bestows the ability to extract economic rent.  Power results in asymmetries that vitiate perfect competition and generate imperfect markets. This allows for rent extraction. Rent goes to the powerful, that is, the owners of real and financial capital, to the disadvantage of those lacking power, basically...

Asymmetrical power. State capture by elites arises from asymmetrical power in societies rather than asymmetrical power being created by the state. "Might makes right." There are many factors involved in might other than physical force, but in the end, physical force is the ultimate enforcer. But in a cultured society, that is generally kept in the background and under liberalism, the elite has learned to be clever instead of brutal. But when push comes to shove.... Capitalism, like...