Economics of the 1%: How Mainstream Economics Serves the by John F. Weeks

By John F. Weeks

How a lot do economists rather be aware of? commonly, they declare to have profound wisdom yet actually comprehend little and vague nearly every little thing. most folks are confident that economics might be left to the ‘experts’, after they themselves are completely able to figuring out it. This booklet explains that mainstream economics serves the pursuits of the wealthy via its logical inconsistency and unabashedly reactionary conclusions. John F. Weeks exposes the myths of mainstream economics and explains in ordinary language why present regulations fail to serve nearly all of humans within the usa, Europe and somewhere else. Their failure to serve the pursuits of the numerous effects from their committed carrier to the few.

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34 Economics of the 1% Wages and Poverty in the Land of Opportunity If you live in the US and the American dream is passing you by, you are not alone. Median household income (sometimes called income of the “typical” household) is the level that equally divides the employed by their incomes (the 50:50 divide, as in “Half the class made above 70 on the exam and half made lower”). The average is total income divided by the population (as in “The average grade was 73” – aka the “mean”). From 1981 to 2000 the average rose by 51%, while the median increased only 19%.

By contrast, no sane person would oppose motor vehicle inspections because they limit the freedom to drive. That is their purpose, to keep unsafe cars and drivers off the road. ” Opposing public regulation on the argument that markets operate efficiently ignores their social nature. It is the equivalent to arguing that doctors and medicines are unnecessary because the body is a perfect regulator of itself. Opposing regulation in principle endorses in practice the freedom to cheat and defraud – freedoms that no stable market society allows.

The explicit implication of these definitions as well as the common-sense view is that in competition someone wins and most lose. Econfakers reject this definition and all it implies. Where they dwell competition is quite different. First and foremost, it is an outcome, not a process. Second, and equally fundamental, it is not a rivalry in which a few win and most lose. It is continuous harmony of economic coexistence, a romantic dance to market forces. It is a game of musical chairs with enough chairs for all.

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