My fellow Crooked Timber blogger Ingrid Robeyns has long been making the case for limitarianism, that is, the idea that there should be an upper limit on the amount any one person can own or consume. As Ingrid has observed, limitarianism is a constraint, rather than a complete ethical principle, so it’s important to consider how it interacts with other principles. In the case of utilitarianism, the answer is surprisingly well, at least in (using Ingrid’s terminology) this and nearby...

from Asad Zaman and current issue of WEA Commentaries Ever since the spectacular failure of modern economic theory became obvious to all in the Global Financial Crisis, the search for alternative ways of organizing our economic affairs has intensified. The vast majority of alternatives under consideration offer minor tweaks and patches, remaining within the methodological framework of neoclassical economics. In contrast, Polanyi offers a radical alternative, with unique insights based on...

A large part of why they succeeded was due to this...

[unable to retrieve full-text content]Geopolitical Economy Report, July 28, 2023   NATO failed in Ukraine against Russia. Now it’s targeting China By Radhika Desai and Michael Hudson. 93.1K subscribers  Political economists Radhika Desai and Michael Hudson are joined by geopolitical analyst Pepe Escobar to discuss how NATO has shifted from its proxy war against Russia in Ukraine to targeting China in Continue Reading The post NATO Moves to Bait China first...

Q2 GDP indicates continued good expansion now, but more storm clouds gathered ahead  – by New Deal democrat Now let’s deal with this morning’s big news: real GDP improved at a perfectly respectable 0.6% over the first Quarter of this year: This works out to a 2.4% annualized rate. Although it continues the slowdown from the white hot 2021 numbers, it would be average for the economy since the turn of the Millenium. As per my usual...

As a warehouse manager for $250 million in sales annually warehouse, I was tasked with distribution, inventory, and costs. In other words, we had to ship on time to get inventory overseas via train to container ships and customs in a timely manner to our plants. We did it but not without my going back to the warehouse at night to check inventory to answer a plant of spend a Wednesday and much of Thanksgiving Day answering the Philippines facility and...

money creation a lie?

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I suspect that at the end of July, just about every expert globally will be looking for reasons why July’s climate will potentially be the hottest month experienced since we started to keep records. The U.S. has broken more than 2,000 high temperature records in the past month. The United States is long overdue in taking action to minimize the harm we as citizens exact upon our America. I guess we are not proud enough of this country to do...

.[embedded content] Sandel is — as always — both incisive and sensible in his analysis. As did Polanyi decades ago, Sandel shows the dangers of letting market economies drift into becoming market societies.