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Stability without Growth: Keynes in an Age of Climate Breakdown
Stability without Growth: Keynes in an Age of Climate Breakdown What do Keynesian Democrats think about the movement for post-growth and de-growth economics? Dean Baker, a senior economist at the Center for Economic Policy Research in Washington, DC, has given us some insight into this question. In a recent blog post, republished by Counterpunch, he […]
Degrowth as a concrete utopia
Degrowth as a concrete utopia Economic growth can’t reduce inequalities; it merely postpones confronting exploitation. Español “My Visit to the Mountain Homestead.” Credit: Flickr/Eli Duke. CC BY 2.0. The emergence of interest in degrowth can be traced back to the 1st International Degrowth Conference organized in Paris in 2008. At this conference, degrowth was defined […]
Global GDP Still Propped Up By A Massive Amount Of Debt
Global GDP Still Propped Up By A Massive Amount Of Debt While the government agencies and economists continue to publish strong GDP figures, they seem to overlook how much debt it took to produce that growth. Or should I say, the “supposed growth.” The days of adding one dollar of debt to get one dollar […]
Why we get bad diagnoses for the world’s energy-economy problems
Why we get bad diagnoses for the world’s energy-economy problems The world economy seems to be seriously ill. The problem is not overly high oil prices, but that does not rule out energy as being a major underlying problem. Two of the symptoms of the economy’s malaise are slow wage growth and increasing wage disparity. Tariffs […]
The Fourth Turning & War of the Worlds
THE FOURTH TURNING & WAR OF THE WORLDS “In retrospect, the spark might seem as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party. The catalyst will unfold according to a basic Crisis dynamic that underlies all of these scenarios: An initial spark will trigger a […]
Here’s a Simple Solution to the Growth/De-Growth Debate
HERE’S A SIMPLE SOLUTION TO THE GROWTH/DE-GROWTH DEBATE A number of high-profile economists – people like Carlota Perez and Michael Liebreich – have recently come out swinging in favor of “green growth” theory, trying to assuage mounting public concerns about the fact that climate change and ecological breakdown are being driven by capitalist growth. What’s […]
Degrowth: A Call For Radical Abundance
DEGROWTH: A CALL FOR RADICAL ABUNDANCE When orthodox economists first encounter the idea of degrowth, they often jump to the conclusion that the objective is to reduce GDP. And because they see GDP as equivalent to social wealth, this makes them very upset. Nothing could be further from the truth. I reject the fetishization of […]
We Should Ditch GDP as a Measure of Economic Activity
WE SHOULD DITCH GDP AS A MEASURE OF ECONOMIC ACTIVITY This article exposes the false economic concepts behind GDP, which is only the visible tip of a large iceberg of economic deceit. Describing an increase in GDP as economic growth owes its meagre validity to imprecise definition. An economy does not grow, only the quantity […]
US Gross National Debt Jumps by $1.27 Trillion in Fiscal 2018, Hits $21.5 Trillion
US Gross National Debt Jumps by $1.27 Trillion in Fiscal 2018, Hits $21.5 Trillion But wait — these are the Boom Times! The US gross national debt jumped by $84 billion on September 28, the last business day of fiscal year 2018, the Treasury Department reported Monday afternoon. During the entire fiscal year 2018, the […]
Strong GDP Data and Individuals’ Wellbeing
STRONG GDP DATA AND INDIVIDUALS’ WELLBEING In the New York Times September 14 2018 in an article – We’re Measuring The Economy All Wrong, the writer of the article David Leonhardt complains that despite strong gross domestic product data (GDP) most people don’t feel it. The writer of the article argues that, The trouble is […]
There Goes The Credit Impulse: Why Chinese Consumption Is On The Verge Of Collapse
There Goes The Credit Impulse: Why Chinese Consumption Is On The Verge Of Collapse Recently we discussed how in addition to the widely manipulated Chinese GDP data, new concerns had emerged about official data involving Chinese industrial profits, because while China’s National Bureau of Statistics has traditionally reported positive year-on-year growth rates in percentage terms, […]
Turkey: A harbinger of a global debt crisis?
Turkey: A harbinger of a global debt crisis? The economic crisis brewing in Turkey seems to have surprised many. This was probably, at least partly, due to the ‘period of tranquility’ created by the central banks with theirs ‘unorthodox measures’. Many seem to have imagined that the “synchronized global growth” spurt were here to last. […]
If the Economy is So Good, Why are Wages Flat?
If the Economy is So Good, Why are Wages Flat? Photo by Nathaniel St. Clair We are supposedly seven years into a “recovery” from the global economic collapse that commenced in 2008. The latest evidence offered to promote this oft-peddled mantra is that U.S. gross domestic product showed a strong uptick for the second quarter […]
Weekly Commentary: $247 Trillion and (Rapidly) Counting
Weekly Commentary: $247 Trillion and (Rapidly) Counting I chronicled mortgage finance Bubble excess on a weekly basis. Relevant data were right there in plain sight, much of it courtesy of the Federal Reserve. Yet only after the Bubble burst did it all suddenly become obvious. Flashing warning signs were masked by manic delusions of endless […]
Canada’s Real Estate Sector Faces Difficult Transition
Canada’s Real Estate Sector Faces Difficult Transition The great Canadian real estate bull market has pushed home prices to dizzying heights over the past two decades. And with ever-rising prices it has sucked in more capital and resources creating an almost self enforcing feedback loop, where an entire economy has become dependent on rising house […]
