tag:blogger.com,1999:blog-2761684730989137546.post4943172919390494917..comments2024-03-29T07:30:30.121-04:00Comments on Mike Norman Economics: The London Economic — Re-thinking Economics Teachingmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2761684730989137546.post-9337195345621264312014-10-01T19:24:27.045-04:002014-10-01T19:24:27.045-04:00Thanks, James, I'll take a look. I did read Ma...Thanks, James, I'll take a look. I did read Marx and Engels correspondence on America some time ago. Very interesting.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82623122853824299072014-10-01T17:39:14.984-04:002014-10-01T17:39:14.984-04:00Re the Marx articles, thanks James.
Marx was a sm...Re the Marx articles, thanks James.<br /><br />Marx was a smart guy.<br /><br />Too bad he never studied biology. Leaves him just one brick short of a systems-theory perspective.<br /><br />The rest of our current public? :( It's pathetic that this country is keeping it's citizens so ignorant.<br /><br />Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77772316304000664762014-10-01T17:37:37.363-04:002014-10-01T17:37:37.363-04:00I don't know how we can resolve all the discre...I don't know how we can resolve all the discrepancies between economics and all the real sciences ... without simply throwing out current macro-economics and replacing it with postulates that fit experimental outcomes. That's what "science" does all the time.<br /><br />Orthodox economics, on the other hand, is fixated on preservation vs evolution of the prior model. That approach is dead in the water, like our ex Middle Class.Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-80074434517500188332014-10-01T00:16:52.140-04:002014-10-01T00:16:52.140-04:00Tom, While on the subject of Marx. I recently foun...Tom, While on the subject of Marx. I recently found this collection of articles by Marx, and Engels, written for newspapers like the New York tribune in the 1850s. I don't know if you've read these before, but they're quite interesting. For the ones that don't have a direct link you can C&P the title and put it in google search, they're usually there. The first one on the elections in England, gave quite a good description of economic ideologies, some sounding very neo-liberal.<br /><br />https://www.marxists.org/archive/marx/works/subject/newspapers/new-york-tribune.htm<br /><br />The follow on from that article, is about the Chartists, and is worth a read if only for the speech given by Ernest Jones, it was excellent.<br /><br />http://gerald-massey.org.uk/jones/b_marx.htmJameshttps://www.blogger.com/profile/07388885044895299757noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-6233383375217071182014-09-30T20:24:12.673-04:002014-09-30T20:24:12.673-04:00This comment has been removed by the author.Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-22904778843440436132014-09-30T20:24:09.870-04:002014-09-30T20:24:09.870-04:00This comment has been removed by the author.Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-90448099436846874482014-09-30T20:23:49.410-04:002014-09-30T20:23:49.410-04:00This comment has been removed by the author.Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-34939370348381009632014-09-30T20:14:12.116-04:002014-09-30T20:14:12.116-04:00According to the neoclassical model that assumes f...According to the neoclassical model that assumes free markets, perfect competition, symmetrical information and power, the rate of profit approximates the interest rate as cost of capital. Anything above that is the result of "friction," which amounts to economic rent such as imperfect competition, asymmetrical information, asymmetrical power. Neoclassical economics holds that these frictions are the result of government intrusion.<br /><br />This overlooks the institutional nature of society and the economy. It's impossible to have markets without an institutional structure — laws, courts, enforcement, etc. at minimum.<br /><br />Neoliberalism aims at only institutional effects that favor "the meritorious" and these effects allow then to collect rents and call then profits.<br /><br />It's a scam.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-8429473826776806002014-09-30T18:41:01.686-04:002014-09-30T18:41:01.686-04:00"rent as the basis of capitalism" ?
Tha..."rent as the basis of capitalism" ?<br /><br />That's nothing more than crossroads as the robbers target.<br /><br />Aren't humans supposed to be smarter than their self-parasites?<br /><br />Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-20369636519145155932014-09-30T15:29:59.081-04:002014-09-30T15:29:59.081-04:00Economic liberalism is really Burkean conservatism...Economic liberalism is really Burkean conservatism ("some are better than others" in the garb of meritocracy). After the replacement of feudalism with capitalism and the decline of the old order based on land rent addressed by Ricardo, it was the capitalists' answer to democracy, which under economic liberalism results in oligarchic democracy (Marx).<br /><br /> Neoclassical economics was a reaction to Marx and Henry George, both of whom exposed rent as the basis of capitalism, which combined capital and land into capital. This is the basis of neoliberalism as a political theory combining capitalism and democracy in which oligarchs rule instead of aristocrats. <br /><br />It is also the basis of neoconservatism's push for expansion of democracy globally as a foundation of US foreign policy. It's built on the model of the British Empire, the American Empire replaced, although bringing the British oligarchs along as junior partners.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-70063565862039403852014-09-30T15:09:23.076-04:002014-09-30T15:09:23.076-04:00It'll never help to rethink orthodox economics...It'll never help to rethink orthodox economics ... without rethinking Aristocracy as a pre-requisite. The two are inseparable.<br />Roger Ericksonhttps://www.blogger.com/profile/17515506247888521516noreply@blogger.com