The Paradox of Unthrift Waiting for another – doubtless very different – Keynes

The cornerstone of John Maynard Keynes’ General Theory of Employment, Interest and Money is the rejection of one of the pillars of classical economics, and indeed of virtue itself classically understood. That pillar is saving. In that classical world, saving is a fundamentally important action, crucial to economic survival and growth. From it flows the … Continue readingThe Paradox of Unthrift Waiting for another – doubtless very different – Keynes

Consumers of the World, Unite! A Dissection of Contemporary Mass-Man

There is something different, something new and unprecedented, about the generations of the 20th and 21st centuries as compared with all  those that went before them. This was already noted in 1930 by the great Spanish journalist and philosopher José Ortega y Gasset, when he unveiled[1] the phenomenon of el hombre-masa, the mass-man, otherwise known … Continue readingConsumers of the World, Unite! A Dissection of Contemporary Mass-Man

Immigration, Migration, and Imbalances

The current fracas with regard to immigration through the southern border of the United States will die down in time, and another issue will replace it in the headlines, in breaking news announcements, in round-table discussions. There will not be a resolution any time soon. But what is important is to understand the underlying issues … Continue reading “Immigration, Migration, and Imbalances”

Trumponomics and the Great Rebalancing

Donald Trump’s election victory on November 8th is now a fact. Reactions to it have not been lacking, of course. On the economic front, they have ranged from the cautiously optimistic to predictions of utter doom. For their part, the financial markets went from downturn to upturn in short order (as chronicled here by Jerry … Continue reading “Trumponomics and the Great Rebalancing”

On the Road to Elysium When fiction approaches fact

The 2013 movie Elysium depicts a dystopian future of unremitting, jarring poverty juxtaposed with serene, detached wealth. Literally detached: wealth resides in a lavishly equipped, lebensraum-furnished space station, high above an impoverished, exhausted Earth. The planet is only useful as a source of provision and maintenance for the space station; its fruits have been extracted … Continue readingOn the Road to Elysium When fiction approaches fact

Carrying the Water The Role of the Left in the Neoliberal Order

I am struck with disbelief with the apparently unlimited extent of their smug arrogance. It is these very men (and yes, they are mostly men!) who are singularly responsible for the mess we are in. Blair and Clinton in particular presided over the massive accumulation of debt, reckless deregulation and disproportionate and unbalanced boom in … Continue readingCarrying the Water The Role of the Left in the Neoliberal Order