Tom Lehrer -- We'll All Go Together When We Go. Detroit Man Beaten by Police Speaks Out. Boom Bust Boom Trailer. New York Subway's Danny Small. SEC's Andrew Bowden at Stanford – A Regulator for Sale?
Monty Python star Terry Jones co-wrote and co-directed this completely serious economics documentary, whose experts include Nobel Prize winners Daniel Kahneman, Robert J. Shiller and Paul Krugman.
When more and more can be done by fewer and fewer people, the profits go to an ever-smaller circle of executives and owner-investors. It may be that a redistribution of income and wealth from the rich to the rest of us becomes the only means of making the future economy work.
A profound crisis of identity burdens the Democratic Party. What does the party really believe? Whose interests will the nominee truly fight for? Democrats lost their old soul long ago. The 2016 election could become the decisive moment that either transforms the party with an aggressively liberal economic agenda or clings to the past and the “corporate-friendly” straddle devised a generation ago by Bill Clinton’s New Democrats.
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Over the last few decades, productivity has grown substantially, but the hourly compensation of the typical worker has grown much less. Any effort to reestablish a link between pay and productivity growth will need to promote policies that enable workers to once again join unions and bargain collectively.
On Friday, on the eve of the annual meeting of The American Economic Association in Boston, attended by many of the top economists in the United States, the agents of the heterodoxy had come to declare war on the profession. The small group threw their messages onto the side of the Sheraton Boston in glowing, six-foot tall letters: “BEFORE ECONOMICS CAN PROGRESS, IT MUST ABANDON ITS SUICIDAL FORMALISM.”
Nobel laureate in economics Joseph Stiglitz talks about what forces are driving economic inequality and a policy framework for reversing the trend.
Economic statistics? Evolution? Climate change? If you don’t like the facts, make them up. Or have your benefactors finance “think tanks” filled with hired guns who will tell the public what you and your patrons want them to say. If all else fails, fire experts who tell the truth, and replace them with people who will pronounce falsehoods.
The central bankers and the Ferguson residents would do well to switch places. Ferguson is actually a much better place from which to understand the consequences of the past six years of economic policies.
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