A discussion of the state of the economy from 2017. Discusses the gap between mainstream economic theory and reality, the gap in income and wealth between the working and capitalist classes, and the gap between the proposed solutions and what is really needed.
(more…)Category: Economics
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Markets, Marx and Mutualism
A review of Socialism After Hayek by Theodore A. Burczak, noting the apparent ignorance of libertarian socialism and so failing to discuss mutualism even though he approaches it.
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Politics and Industrial Relations in the Media: A Guide for the Perplexed
What the media really means when it comments on industrial action….
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John Kenneth Galbraith, RIP
In memory of a flawed economist whose work is worth reading as he understood the role of power in the market.
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And the Nobel prize for economics goes to… Karl Marx
A sort article on the 2006 (non-)Nobel prize for economists going to Edmund Phelps basically repeating what socialists had argued as regards the role of unemployment in capitalism since at least Karl Marx
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