A conservative economist in Denmark is to the left of the Democratic Party in America. Think about that
But extreme inequality, as it turns out, is not an economic law or necessity: it is a design failure. Twenty-first century economists recognize that there are many ways to design economies to be far more distributive of value among those who help to generate it. And that means going beyond redistributing income to pre-distributing wealth, such as the wealth that lies in controlling land, enterprise, and the power to create money.”
Economics matters enormously for the future, but its fundamental ideas are centuries out of date.
We’re not heading for, we are already there…
“A concentration of wealth leads to a concentration of power, which in turn protects the concentration of power. That our political system is incapable of tempering Piketty’s dynamic is not a bizarre coincidence but a direct result.”
Robert Solow on powerful families’ threat to democratic institutions.
The reasons for this may well be political. Mason Gaffney, an American land economist and scholar of Henry George, has argued that Bates Clark and his followers received substantial financial support from corporate and landed interests who were determined to prevent George’s theories gaining credibility out of concerns that their wealth would be wittled away via a land tax. In contrast, theories of land rent and taxation never found an academic home. In addition, George, primarily a campaigner and journalist, never managed to forge an allegiance with American socialists who were more focused on taxing the profits of the captains of industry and the financial sector.
For classical economists, it was a factor of production, and the source of “rent.”
If you want to learn Economics, read Micheal Hudsons Books.
The World’s Best Economist Paul Craig Roberts If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What y