ABSTRACT
Current macroeconomics ignores the roles that rent, debt and the financial sector play in shaping our economy. We discuss the Classical view on rents and policy responses to the rentier sector in the 19th century. The finance, insurance & real estate sector is today’s incarnation of the rentier sector. This paper shows how financial flows can be conceptually and statistically studied separately from (but interacting with) the real sector. We discuss finance’s interaction with government and with the international economy.Michael Hudson
Incorporating the Rentier Sectors into a Financial Model
Dirk Bezemer and Michael Hudson
Published in the World Economic Association’s World Economic Review Vol #1
(h/t beowulf in the comments)
2 comments:
Tom, wrap your brain around this Elmer Chase article, where he unpacks the elements needed to be measured and controlled Lerner-Colander-Vickrey. Important article, THE question for controlling inflation is how these elements can be put into Pigouvian tax, cap and trade, or cap and auction system.
http://books.google.com/books?hl=en&lr=&id=2R3D2EZkylYC&oi=fnd&pg=PA158&ots#
Missing pages (162, 163) can be found here.
http://books.google.com.br/books?id=RcqHnUef13cC&pg=PA162&lpg=PA162&ots
Thanks, beowulf.
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