Sunday, 7 May 2017 - 5:51pm

Published by Matthew Davidson on Sun, 07/05/2017 - 5:51pm in

This fortnight, I have been mostly reading:

  • An economy without growth is far from our biggest worry — Ross Gittins for Fairfax: Most economists I know never doubt that a growing economy is what keeps us happy and, should the economy stop growing, it would make us all inconsolable. They can't prove that, of course, but they're as convinced of it as anyone else selling something.
  • Minimum Alcohol Pricing: The Middle Class Sneer at the Unworthy Under-Privileged (Again) — Craig Murray: I cannot find words to express for you my depth of contempt for a measure which – by design – only affects the price of drinks drunk overwhelmingly by the lower socio-economic classes and – horror of horrors – the young! I drank a great deal more at university than I do now, and I consider the pleasures of that time a great boon to my life.
  • The Deep History Behind Trump’s Rise — George Monbiot: Trump, who has no coherent politics, is not a classic neoliberal. But he is the perfect representation of Hayek’s “independent”; the beneficiary of inherited wealth, unconstrained by common morality, whose gross predilections strike a new path that others may follow. The neoliberal think tankers are now swarming round this hollow man, this empty vessel waiting to be filled by those who know what they want.
  • How the village feast paved the way to empires and economics — Brian Hayden, Aeon: Feasts are often very expensive events, sometimes requiring up to 10 years of work and saving. Those who are paying for them expect to obtain some benefit from all their efforts and expenditures. And this is the important part about traditional feasts: those who are invited, and who often receive gifts, are considered obligated to reciprocate the invitation and gifts within a reasonable amount of time. By accepting invitations to feasts, individuals enter into relationships of alliance with the host. Each of them supports the other in political or social conflicts as well as in economic matters. Such support is critical because social and political conflicts are rife in tribal villages, with many accusations of infidelity, theft, sorcery, inheritance irregularities, unpaid bills, ritual transgressions and crop damage from other people’s domestic animals. In order to defend oneself from such accusations and threats of punishment, individuals need strong allies within the community. Feasts are a way to get them.
  • Keynes and Brexit — Robert Skidelsky: [Keynes] would certainly have wanted to keep Britain out of the eurozone. Because, above all, he would have wanted to retain the commitment to full employment. If this was not possible at the European level, and he would have doubted if there was enough theoretical and institutional support for this, then national policy must be free to secure it.
  • It’s the Private Debt, Stupid! — T. Sabri Öncü, Prime Economics Blog: At $152 trillion or 225% of the world gross domestic product, the global debt of the non-financial sector has reached an all-time high in 2015 and two-thirds of this debt, amounting to about $100 trillion, consists of liabilities of the private sector, as the IMF indicated. As I mentioned in my July 2016 EPW article (Öncü 2016), since the Deng–Volcker–Thatcher– Reagan Revolution of 1978–80, the economies polarised between creditors and debtors, the debt burden shifted from the public sector to the private sector through austerity programmes and much of this accumulated private sector debt in almost everywhere around the globe is currently unpayable. […] A global Jubilee is in order.
  • Mandatory De-education Classes — Scarfolk Council:
  • Reinventing work for the future — Frances Coppola: When income is uncertain, but outgoings are certain, constant worry about where the money will come from to pay the bills eats away at the mind, destroying creativity and turning the intellect to porridge. It undermines relationships and erodes happiness. Ultimately, it wrecks physical and mental health. And yet we seem intent upon increasing income insecurity in the name of "efficiency". […] By implementing a universal basic income, we can end the necessity of human drudgery and the wasteful mismatching of people to jobs. We can restore security to the millions who live with uncertainty.