Category Archives: Econ 101

Krugman v. Stiglitz — Debt v. Taxation

I have noted before that two of America’s best-known economists, Paul Krugman and Joseph Stiglitz, both Nobel Prize winners, are in extreme disagreement on the causes and implications of and remedies for, America’s inequality crisis. Both are politically progressive, but … Continue reading

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The Quantity Theory of Inequality

For the last several years, I have been among a small group of economic professionals arguing that income and wealth inequality is America’s most pressing problem, and beyond that, the way the economy works, that the distribution of income and … Continue reading

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Inequality and Growth – Two Sides of the Same Coin

In a cogent and extremely relevant article posted on January 16, 2014 (here), Neil Buchanan asked: Where Have the Academic Experts Been Hiding? Here’s the part I want to talk about: The Role of Scholars in Economics in Downplaying Inequality What is surprising is … Continue reading

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Don’t Tax the “Job Creators”?

(Return to the Contents Topics page.) “Don’t tax the job creators” has become a GOP mantra, pressed hard in this election year. In a recent post, Occupy and the Quest for Common Sense, I dismissed as nonsense the you-can’t-tax-the-job-creators pitch, arguing that it … Continue reading

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Money As Debt

(Return to the Contents Topics page.) This spooky graphic adorns the cover of Ellen Brown’s 2007 book “The Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free” (Third Millennium Press), a very well-written and informative … Continue reading

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Why Businesses Cut Jobs – and What to Do About It

(Return to the Contents Topics page.) Preferences are learned as well as natural:  Business managers are taught to favor investment in machines and monetary instruments over investment in workers.  In fact, two ratios drive Management training in Business Schools:  The … Continue reading

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To Be Perfectly Clear – Part 3

(Return to the Contents Topics page.)         From 1980-2007 corporations were making higher profits and accumulating wealth more quickly, while at the same time through reduced corporate and personal income taxes of the very wealthy, returning much less of it to government to be … Continue reading

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To Be Perfectly Clear – Part 2

(Return to the Contents Topics page.) Now we’re going trace how the purring machine got out of control and become a destructive beast.  First we must ask:  What if wealthy people, who averaged about 30 times as much income and wealth as … Continue reading

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Econ 101

(Return to the Contents Topics page.) It’s the Marginal Efficiency of Capital, Stupid! – We’re almost out of Keynesians; read it and weep. Don’t Tax the Job Creators?  – Explaining why this mantra, a variation of the trickle-down Reaganomics pitch – … Continue reading

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To Be Perfectly Clear – Part 1

(Return to the Contents Topics page.)            Some friends tell me they turn off at the mention of the word “economics” and fear they are getting into something a bit too heavy.  Okay, I hear you:  It’s really not that … Continue reading

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Keynesian Economics and Marriner Eccles

(Return to the Contents Topics page.)           “The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.” – John Maynard Keynes … Continue reading

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The Reaganomics Tax Argument

(Return to the Contents Topics page.) In his Farewell Address to the Nation on January 12, 1989, entitled “Believe in Ourselves and the Future Will Be Ours,” [1] President Reagan said this with respect to his economic policies: “[F]rom the … Continue reading

Posted in Econ 101, Economics, Reaganomics | 1 Comment