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Like Friedman, Piketty is a man for the times. For 1970s anxieties about inflation substitute today's concerns about the emergence of the plutocratic rich and their impact on economy and society. Piketty is in no doubt, as he indicates in an interview in today's Observer New Review, that the current level of rising wealth inequality, set to grow still further, now imperils the very future of capitalism. He has proved it.
Normally I don't comment on posts that consist mainly of a link, but I'll make a suggestion here. Maybe we need a thread on neo-classical economics. There are several board members who teach economics and everybody who does has a canned schtick on it.
The "Observer" page discusses Piketty. This should get a lot of attention. Unfortunately Harvard Press did its usually and is trying to print an extra 80,000 copies of "Capital". Double that and they might get some breathing room before running out again; their backorders will total more than 80,000 before the new print run arrives. Until then, folks can read Krugman's review in the New York Review of Books.
Piketty is not working in a vacuum and this is not a new subject for him. There is a pretty rich body of research and publication that leads up to this book. Of course the political punditsphere doesn't know that this study has been going on for twenty years and thus it is the "new idea" of the month. It has a lot more staying power than that.
This is likely to be the most important work in fundamental economic theory in a half century. It is the first work to rigorously attempt to integrate income distribution and growth theory in a coherent way.
You heard it from me first: when we can read Picketty and especially where his unpublished current research is headed, there will be a connection between Larry Summer's resurrection of Alvin Hansen's growth theory and secular stagnation ( the Last Big Idea in macro, only six months old) and income distribution. Maybe increasing maldistribution of income and wealth from the 99.98% to the 0.02% of patrimonial capitalists has a depressing effect on aggregate demand and leads (with other factors) to secular stagnation. Who wudda thunk! We recreate the world of 1929 and maybe the economy behaves like its 1929.
Now if this is the road we want to go down on this forum, my question is do we consider this the start or do we have a better labelled thread for it?
And is this what Dot Com had in mind, or am I hijacking your thread?
Capitalism made this the greatest country the world has ever known. As we move away from it towards socialism we do worse. Some people cannot figure this out since their ideology won't permit it. Like the Mormon girls I spoke to yesterday, they know it true because it's true.
Capitalism has brought more people out of poverty and misery than any other system, bar none. Capitalism hasnt failed. Socialism is a failure in every time and place.
Thanks 
Keiser grew up in Westchester County, New York. After studying theatre at New York University, he took a variety of jobs including stand-up comedy and on radio. He then took a part-time job as a stock broker in the 1980s at Paine Webber and Oppenheimer and Co. Inc. (at their midtown office under David Tufts, across from Hurleys), at a time when it "required no talent whatsoever to make gobsmacking amounts of money"
I've studied it up close by owning a business for 27+ years. A video will change that? How many years have you run your business?Capitalism made this the greatest country the world has ever known. As we move away from it towards socialism we do worse. Some people cannot figure this out since their ideology won't permit it. Like the Mormon girls I spoke to yesterday, they know it true because it's true.
Capitalism has brought more people out of poverty and misery than any other system, bar none. Capitalism hasnt failed. Socialism is a failure in every time and place.
please watch the vids & read the links before posting.
It is a road I would like to travel. looks like we need a new thread. I nominate you.
Normally I don't comment on posts that consist mainly of a link, but I'll make a suggestion here. Maybe we need a thread on neo-classical economics. There are several board members who teach economics and everybody who does has a canned schtick on it.
The "Observer" page discusses Piketty. This should get a lot of attention. Unfortunately Harvard Press did its usually and is trying to print an extra 80,000 copies of "Capital". Double that and they might get some breathing room before running out again; their backorders will total more than 80,000 before the new print run arrives. Until then, folks can read Krugman's review in the New York Review of Books.
Piketty is not working in a vacuum and this is not a new subject for him. There is a pretty rich body of research and publication that leads up to this book. Of course the political punditsphere doesn't know that this study has been going on for twenty years and thus it is the "new idea" of the month. It has a lot more staying power than that.
This is likely to be the most important work in fundamental economic theory in a half century. It is the first work to rigorously attempt to integrate income distribution and growth theory in a coherent way.
You heard it from me first: when we can read Picketty and especially where his unpublished current research is headed, there will be a connection between Larry Summer's resurrection of Alvin Hansen's growth theory and secular stagnation ( the Last Big Idea in macro, only six months old) and income distribution. Maybe increasing maldistribution of income and wealth from the 99.98% to the 0.02% of patrimonial capitalists has a depressing effect on aggregate demand and leads (with other factors) to secular stagnation. Who wudda thunk! We recreate the world of 1929 and maybe the economy behaves like its 1929.
Now if this is the road we want to go down on this forum, my question is do we consider this the start or do we have a better labelled thread for it?
And is this what Dot Com had in mind, or am I hijacking your thread?
I actually saw that video on Putin News about a month ago. He worked part time as a stock broker when they were in full scam mode and you think that makes him an economics genius? I thought he had ODed drugs and didn't make it all the way back. Interesting that you think commies are experts on capitalism though.Excellent interview. Max used to work on Wall St as well:
Max Keiser - Wikipedia, the free encyclopedia
Keiser grew up in Westchester County, New York. After studying theatre at New York University, he took a variety of jobs including stand-up comedy and on radio. He then took a part-time job as a stock broker in the 1980s at Paine Webber and Oppenheimer and Co. Inc. (at their midtown office under David Tufts, across from Hurleys), at a time when it "required no talent whatsoever to make gobsmacking amounts of money"
The Writer/Director is interviewed at 12:48.
[ame="https://www.youtube.com/watch?v=5tBd-ZzXW7Q"]https://www.youtube.com/watch?v=5tBd-ZzXW7Q[/ame]
It is a road I would like to travel. looks like we need a new thread. I nominate you.
Normally I don't comment on posts that consist mainly of a link, but I'll make a suggestion here. Maybe we need a thread on neo-classical economics. There are several board members who teach economics and everybody who does has a canned schtick on it.
The "Observer" page discusses Piketty. This should get a lot of attention. Unfortunately Harvard Press did its usually and is trying to print an extra 80,000 copies of "Capital". Double that and they might get some breathing room before running out again; their backorders will total more than 80,000 before the new print run arrives. Until then, folks can read Krugman's review in the New York Review of Books.
Piketty is not working in a vacuum and this is not a new subject for him. There is a pretty rich body of research and publication that leads up to this book. Of course the political punditsphere doesn't know that this study has been going on for twenty years and thus it is the "new idea" of the month. It has a lot more staying power than that.
This is likely to be the most important work in fundamental economic theory in a half century. It is the first work to rigorously attempt to integrate income distribution and growth theory in a coherent way.
You heard it from me first: when we can read Picketty and especially where his unpublished current research is headed, there will be a connection between Larry Summer's resurrection of Alvin Hansen's growth theory and secular stagnation ( the Last Big Idea in macro, only six months old) and income distribution. Maybe increasing maldistribution of income and wealth from the 99.98% to the 0.02% of patrimonial capitalists has a depressing effect on aggregate demand and leads (with other factors) to secular stagnation. Who wudda thunk! We recreate the world of 1929 and maybe the economy behaves like its 1929.
Now if this is the road we want to go down on this forum, my question is do we consider this the start or do we have a better labelled thread for it?
And is this what Dot Com had in mind, or am I hijacking your thread?
Vote Repub so we can deregulate more & the banksters can get the OTHER 20% of the wealth. The Hank Paulsons of the world need your help in crushing the last vestiges of a middle-class in this once great nation
what kind of business & what volume? If it was < $5 MILLION/quarterly, stop wasting my time. This thread is about the REALLY RICH criminals..... errr.....people who own the pols in Washington. Take your school yard taunts elsewhere trollboiI've studied it up close by owning a business for 27+ years. A video will change that? How many years have you run your business?Capitalism made this the greatest country the world has ever known. As we move away from it towards socialism we do worse. Some people cannot figure this out since their ideology won't permit it. Like the Mormon girls I spoke to yesterday, they know it true because it's true.
Capitalism has brought more people out of poverty and misery than any other system, bar none. Capitalism hasnt failed. Socialism is a failure in every time and place.
please watch the vids & read the links before posting.
I actually saw that video on Putin News about a month ago. He worked part time as a stock broker when they were in full scam mode and you think that makes him an economics genius? I thought he had ODed drugs and didn't make it all the way back. Interesting that you think commies are experts on capitalism though.Excellent interview. Max used to work on Wall St as well:
Max Keiser - Wikipedia, the free encyclopedia
Keiser grew up in Westchester County, New York. After studying theatre at New York University, he took a variety of jobs including stand-up comedy and on radio. He then took a part-time job as a stock broker in the 1980s at Paine Webber and Oppenheimer and Co. Inc. (at their midtown office under David Tufts, across from Hurleys), at a time when it "required no talent whatsoever to make gobsmacking amounts of money"
The Writer/Director is interviewed at 12:48.
