Harvard, MIT, Stanford, Princeton, Chicago, and the University of California, Berkeley.SlateAlmost Every Powerful Economist We Have Went to 1 of 6 Schools. That’s Not Great! Pete McKenzieh/t Naked Capitalism

The Zombie in question is neoliberalism.Equals BlogWhat will it take to kill a Zombie?Max Lawson, Head of Inequality Policy at Oxfam International & EQUALS Podcast co-host. He is also Chair of the Global People’s Vaccine Alliance

Minsky and Keynes show the way out of the crisis American economist Hyman Minsky described capitalism as a “two price” system. On one side are asset prices—both financial, like government or corporate bonds, and physical like residential or commercial property. On the other, there are consumer prices—goods and services that determine current output and consumer price inflation.   In the contemporary global economy, asset prices are much more sensitive to...

1.0 Introduction I have previously quoted authorities disparaging Böhm-Bawerk's pamphlet examining the supposed contradiction between volumes 3 and 1 of Marx's Capital. I refer to Karl Marx and the Close of His System, first published in German, in 1896. Engels brought out volume 3 of Marx's Capital in 1894. Böhm-Bawerk's treatment, although it ultimately misses the point, is important from a historical angle: "...the historical importance of Böhm-Bawerk's criticism of Marx ... should...

Short explainer on Marx’s theory of Alienation… [embedded content]There is apparently a whole big thing under Marx wrt this “Alienation” … So if you are believing Marx here on alienation (uneducated climate nutter Greta Thumberg e.g.) you’re likely to form apocalyptic beliefs as a result… Not ideal imo…I wonder where Christendumb gets theirs?  All the debt doomsday morons?  The perma bears?  ?

I’ve had a lifelong fascination with New York City in general and with Manhattan in particular. My dad grew up in Brooklyn, and my paternal grandparents lived on Long Island (Hempstead) when I was growing up. I went to the 1964 Worlds Fair in Flushing Meadows, and once ate at an automat in Manhattan. When my folks lived on the East Side for two years, I enjoyed visiting them between quarters in college. The Battery, Wall Street, SoHo, Central Park,...

Real hourly and aggregate wages update; plus further comments on consumer and producer inflation  – by New Deal democrat Let’s update some inflation-related information. First of all, real hourly wages for non-managerial personnel increased less than 0.1% in April. They are up about 3% from just before the pandemic, and also up a little over 1% since their June low last year: Note the graph above is normed to 100 as of the long-time...

If you recall, I reported on a West VA. Federal Court Ruling in Favor of Drug Distributors last July. The City of Huntington and the County of Cabell sued three drug wholesalers responsible for distributing hydrocodone and oxycodone or opioids. The claim was AmerisourceBergen Drug Co., Cardinal Health Inc., and McKesson Corp. were responsible for the increase in Cabell county and the city of Huntington. Both have a total population of ~92,000....

Milton Friedman revolutionized macroeconomics with his 1967 presidential speech to the American Economics Association (AEA), which presented a theory of the so-called natural rate of unemployment for the first time. That speech, which played a major role in discrediting the brand of Keynesianism that prevailed in postwar liberal economic policy thinking, remains one of the […]

The truly scientific attitude I recall, with sadness, a comment made to me by the author of a well-known textbook. Upon being asked whether he accepted my analysis of demand theory as presented first in 1948, the reply was positive. He added that it would not be included in his advanced textbook because “it would upset too many things and be too disturbing, i.e., Dicta non movere.” So much for the acceptance of new scientific results and for a truly...