Three Economic Ideas Threatening to Defenders of the Status Quo — Peter Cooper

1. Profit as surplus labor or as a property-based claim

One idea threatening to the defenders of the status quo is the recognition that profit income reflects capitalist property relations rather than productive contribution.…

 2. Capitalist economies are demand constrained 

 The Keynesian or Kaleckian principle of effective demand may not seem quite such a hindrance to defenders of the status quo as knowledge of the nature of profit, but the motivation for its denial – at least in the long run – is easy enough to perceive.…

3. Money matters, including in the long run

Also threatening to defenders of the status quo is any analysis that subjects the monetary system to scrutiny, whether it be the endogeneity of money or the implications, applicable to modern monetary systems, of currency sovereignty. (Money as Taboo for Economists illustrates this sociological dynamic in operation.)...

heteconomist
Three Economic Ideas Threatening to Defenders of the Status Quo
Peter Cooper