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This is a problem first analyzed by Joan Robinson and Michal Kalecki in the 1930's. Under perfect competition, Golub would be correct, since under perfect competition, price would ultimately be driven down to equal marginal cost. However, Golub is 100% dead wrong under conditions of imperfect competition such as monopo...more
In fact, Elizabeth Warren has authored a bill mandating an interest rate of 0.75% per annum on student loans. It probably will never see the light of day, but hey- that's not her fault. The culpability for that lies entirely with the bankster lackeys proliferating like bed bugs in the U.S. Congress who, unlike Warren, ...more
The ignorance and stupidity of the Amerik-kkk-an sheeple who comment on this blog is truly astounding! Since they obviously are incapable of understanding economics, race, class, and the nature of labor markets under advanced finance capitalism, I have room only to say this: when the next Global Financial Crisi**** and...more
Actually, the deflationary gap is at least $2 trillion, which only confirms what I have maintained ever since the GFC (Global Financial Crisis)- the economy then, and now, needs WPA- the capitalists are having a very hard time selling their current output, let alone full- employment output, at profitable prices. And in...more
Well, what do you know!!! Those Fascist Porkers are at it again! With any luck, the Detroit Pig Dept. will go bankrupt, just like the rest of the city. Yes, let's have some real austerity- downsize the Detroit Pork Dept. by about 75% for openers- show them some "Tough Love"!!! Balance the city budget!!! Throw Detroit's...more
If you liked depressions, you'll LOVE the Gold Standard! And it always collapses at the first hint of trouble. Yes, there are useful idiots who advocate it, but no gov't. that wishes to survive would ever adopt it, which, I guess, means that the Eurozone, which essentially has a paper Gold Standard, has a collective de...more
No. I'm sure that Hawking knows the truth- it's more likely that mankind will meet his demise in the next 100 years, or even 50 years, than he'll last for another 1,000 years. It's already much too late to leave.
As long as capitalism insists upon operating its economy with a reserve army of the unemployed, the issue of maintaining that reserve army will not go away, no matter how much petty bourgeois hand wringing certain imbecile authors engage in. Even now, disability payments amount to less than 1% of GDP and disability plu...more
The Fascist RETHUG party has never liked the idea of food stamps. They think that if the poor would only starve to death, then poverty would be eradicated in the U.S. Those Nazi Racist porkers should have their nuts cut off!!!
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