The Baffler
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James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
Wednesday, May 2, 2018
James K. Galbraith — We Work
The Baffler
We Work
James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
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8 comments:
Read Ellen Brown about the Fed raising interest rates. Fox in the Hen House: Why Interest Rates Are Rising
Hopeless article by Galbraith. Doesn’t contain a single idea I haven’t seen a dozen times before. His claim that JG is Minsky’s idea is particularly stupid. The US implemented a JG type scheme in the 1930s: the WPA. And 2,600 years ago, Pericles in Ancient Athens implemented the idea.
Would a drug test be required for the JG?
Would a drug test be required for the JG?
Depends on the politics.
Ralp:Doesn’t contain a single idea I haven’t seen a dozen times before.
Well, there are plenty of books and articles containing ideas I've seen a dozen times before. My plan is to keep reading them until I understand the ideas to my satisfaction.
Pro-JG arguments make sense, they are irrefutable. Anti-JG ones (e. g. Baker's) don't make sense, are often circular or fallacious or very confused arguments or rely on made-up "history".
His claim that JG is Minsky’s idea is particularly stupid.
Of course it is an ancient idea. But in the modern post WWII context, in policy debates, in economic theory, it is correct. Minsky was the #1 JG man by far. Minksy and his heirs like MMT understand the economic function of fixed wage guaranteed employment, integrated it into economic theory better than ever before. Of course they were standing on the shoulders of giants. Everybody is.
Anyways, it is great news that Galbraith is now on board, a 100% MMTer. Knew he was a skeptic, didn't know he had had a change of heart til now.
It's going to start happening faster than most people think. It already has.
Here's Galbraith's 1978 critique Why We Have No Full Employment Policy in Should the Federal Government Implement a Program Which Guarantees Employment Opportunities for All US Citizens in the Labor Force?, it starts on page 19.
They put a drug test in with it and I have a feeling there still going to be a lot of unemployed....
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