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from Dean Baker We have been seeing numerous stories in the media about how people support Donald Trump because he did such a great job with the economy. Obviously, people can believe whatever they want about the world, but it is worth reminding people what the world actually looked like when Trump left office (kicking and screaming) and Biden stepped into the White House. Trump’s Legacy: Mass Unemployment The economy had largely shut down in the spring of 2020 because of the pandemic. It...

South Africa has now presented its charge of Israeli genocide in the International Court of Justice (ICJ), and Israel has presented its rebuttal. Regardless of the ultimate judgment, a page has been turned. Israel’s actions in Gaza, assisted by the US, have changed the geopolitical landscape. The consequences stand to be dire and lasting. The […]

from Clive Spash and Clíodhna Ryan and RWER issue 106 Economics fails not merely to account for biophysical limits to growth but to account for actual and potential alternative provisioning systems. Instead, talk of ‘the economy’ makes an implicit ontological claim that there is only a singular form of modern economy: the capital accumulating, price-making market economy. Economics has then become limited to a discussion of market capitalism and how it can be maintained in light of its...

Thank you for your comments. Bill

This Crooked Timber post on declining population has prompted me to get started on what I plan, in the end, to be a lengthy critique of the pro-natalist position that dominates public debate at the moment. My initial motivation to do this reflected long-standing concerns about human impacts on the environment but I don’t have any particular expertise on that topic, or anything new to say. Instead, I want to address the economic and social issues, making the case that a move to a...

Right-wing ranters in my Twitter timeline are pooh-poohing the whole climate discussion without doing their homework. So, here’s a little reader to aid and abet (sorry, early retired teacher and that all).Let’s start at the beginning:1. CO2 is measured at the Manua Loa station. Results are clear, robust, and stark: CO2 is increasing. And no, CO2 is not ‘following temperature’ as the latest lazymeme from the lazyright wants to have it. It’s following us. We’re causing it. A ‘mass...

from Andri Stahel and RWER issue 106 Imagine some interstellar anthropologists trying to understand our tribe, the earthlings. On the one hand, they would see a part of the tribe devoted to understanding the functioning of all our Earth systems. Called ‘scientists’, these tribe members command great respect and funds. This function was once held by the shamans and sorcerers who claimed to speak to the spirits who inhabited it; then, it was taken by the priests and theologians...

In my latest Guardian piece, I argue that, unless we pay attention to the purchasing power of wages, talk about the “cost of living” is like the sound of one hand clapping The policy debate about the cost of living is among the most confused and confusing in recent memory. All sorts of measures to reduce the cost of living are proposed, then criticised as being potentially inflationary. The argument implies, absurdly, that reducing the cost of living will increase the cost of...

from Steve Keen and RWER issue 106 Human society is energy blind. Like a fish in water, it takes for granted the existence of that without which it could not survive. As with so many of humanity’s problems, this conceptual failure can be traced back to an economist. However, the guilty party is not one of “the usual suspects”—Neoclassical economists—but the person virtually all economists describe as “the Father of Economics”, Adam Smith. Smith led economics astray on the vital issue of...

from Neva Goodwin and RWER issue 106 A healthy economy is one that operates so as to achieve its goals, with relatively little of the overall economic activity working against them. There are obviously a great many things that can be said about what it takes to achieve this; here I will only address one set of requirements. This refers to the fourth essential economic activity mentioned above: maintaining the resources required for the other activities of production, distribution, and...