Takers and Makers: Who are the Real Value Creators? Where value meets profit meets economic rent, by Mariana Mazzucato. And deal with power…

The way the word ‘value’ is used in modern economics has made it easier for value-extracting activities to masquerade as value-creating activities. And in the process rents (unearned income) get confused with profits (earned income); inequality rises, and investment in the real economy falls. What’s more, if we cannot differentiate value creation from value extraction, it becomes nearly impossible to …

Economic Justice: 10 ways that doing the right thing would save us money

NPR MarketWatch June 17, 2019 10 ways that doing the right thing would save us money By SARAH ANDERSONThe Deficit Hawks versus the Big Spenders. That’s how the media typically portrays budget battles in Washington. We seldom hear about how government action to tackle our country’s most urgent social and environmental problems can actually save money. In a new report, the Institute …

Top 1% up $21 trillion, bottom 50% has less than nothing now, and is down $900 billion since 1989

By Matt Bruenig, People’s Policy Project June 15, 2019 | EDUCATE! Every quarter, the Federal Reserve puts out the Financial Accounts (aka “Z1” or “Flow of Funds”), which provide economy-wide aggregates for nearly every kind of asset and liability there is. Every three years, they put out the Survey of Consumer Finances (SCF), which is a household survey that records many of the same kinds of assets and …

Stiglitz: After neoliberalism

For the past 40 years, the United States and other advanced economies have been pursuing a free-market agenda of low taxes, deregulation, and cuts to social programs. There can no longer be any doubt that this approach has failed spectacularly; the only question is what will—and should—come next By Joseph Stiglitz May 30, 2019 on Project Syndicate After Neoliberalism There is no magic bullet …

Changing Economics at Harvard: Using Big Data to Solve Economic and Social Problems

Vox excerpt May 2019 Another Harvard economist has a different idea of how to introduce students to economics… Raj Chetty, a prominent faculty member whom Harvard recently poached back from Stanford, this spring unveiled “Economics 1152: Using Big Data to Solve Economic and Social Problems.” Taught with the help of lecturer Greg Bruich, the class garnered 375 students, including 363 undergrads, in …

 It’s time to protect pensions from the rapid decline of the fossil fuel industry in addition to their liability and lack of ethics

In June, 2018 Senate Bill 200 was passed in order to address the massive unfunded liabilities of Colorado’s state pension program, the Public Employees’ Retirement Association (PERA). The state’s public pension system has at least $32 billion in unfunded obligations which are being addressed through cuts to retirement benefits for public sector workers along with increases in contributions from taxpayers …

Take It From an Economist, Medicare for All Is the Most Sensible Way to Fix Health Care

By Gerald Friedman, USA TODAY Take It From an Economist, Medicare for All Is the Most Sensible Way to Fix Health Care, April 08, 2019  I’ve spent decades studying US health care. Time to get real: Medicare for All is the only reasonable path to controlling costs and covering everyone. Commercial insurance companies are nothing more than middle men. They add no value to our …

Stiglitz urges joint EU-China trade sanctions against the US on climate change

By Frédéric Simon | EURACTIV.com Mar 28, 2019 Joseph Stiglitz argues that Europe and China should consider climate-related trade sanctions against the US, saying there is a legal precedent at the World Trade Organisation providing them with the legal grounds to do so. [EPA/GIAN EHRENZELLER] Languages: Deutsch  Nobel Prize laureate Joseph Stiglitz has called on Europe and China to join forces against the United States …