Archive for the ‘Links/Articles/Video’ Category

How The War Industry Corrupts The U.S. Congress

Posted: 2018/06/08 by Punkonomics (@dearbalak) in Links/Articles/Video

How can we, the public, make our voices heard by a Congress corrupted by war profiteers, when the war industry can buy a bipartisan majority for war and militarism in the U.S. Senate with such a tiny fraction of its profits? .. Former President Jimmy Carter has called U.S.

Source: How The War Industry Corrupts The U.S. Congress

Nobel laureate James Buchanan is the intellectual linchpin of the Koch-funded attack on democratic institutions, argues Duke historian Nancy MacLean

Source: Meet the Economist Behind the One Percent’s Stealth Takeover of America

Meet the Economist Behind the One Percent’s Stealth Takeover of America


Nobel laureate James Buchanan is the intellectual linchpin of the Koch-funded attack on democratic institutions, argues Duke historian Nancy MacLean

Ask people to name the key minds that have shaped America’s burst of radical right-wing attacks on working conditions, consumer rights and public services, and they will typically mention figures like free market-champion Milton Friedman, libertarian guru Ayn Rand, and laissez-faire economists Friedrich Hayek and Ludwig von Mises.

James McGill Buchanan is a name you will rarely hear unless you’ve taken several classes in economics. And if the Tennessee-born Nobel laureate were alive today, it would suit him just fine that most well-informed journalists, liberal politicians, and even many economics students have little understanding of his work.

The reason? Duke historian Nancy MacLean contends that his philosophy is so stark that even young libertarian acolytes are only introduced to it after they have accepted the relatively sunny perspective of Ayn Rand. (Yes, you read that correctly). If Americans really knew what Buchanan thought and promoted, and how destructively his vision is manifesting under their noses, it would dawn on them how close the country is to a transformation most would not even want to imagine, much less accept.

That is a dangerous blind spot, MacLean argues in a meticulously researched book, Democracy in Chains, a finalist for the National Book Award in Nonfiction. While Americans grapple with Donald Trump’s chaotic presidency, we may be missing the key to changes that are taking place far beyond the level of mere politics. Once these changes are locked into place, there may be no going back.

An Unlocked Door in Virginia

MacLean’s book reads like an intellectual detective story. In 2010, she moved to North Carolina, where a Tea Party-dominated Republican Party got control of both houses of the state legislature and began pushing through a radical program to suppress voter rights, decimate public services, and slash taxes on the wealthy that shocked a state long a beacon of southern moderation. Up to this point, the figure of James Buchanan flickered in her peripheral vision, but as she began to study his work closely, the events in North Carolina and also Wisconsin, where Governor Scott Walker was leading assaults on collective bargaining rights, shifted her focus.

Could it be that this relatively obscure economist’s distinctive thought was being put forcefully into action in real time?

MacLean could not gain access to Buchanan’s papers to test her hypothesis until after his death in January 2013. That year, just as the government was being shut down by Ted Cruz & Co., she traveled to George Mason University in Virginia, where the economist’s papers lay willy-nilly across the offices of a building now abandoned by the Koch-funded faculty to a new, fancier center in Arlington.

MacLean was stunned. The archive of the man who had sought to stay under the radar had been left totally unsorted and unguarded. The historian plunged in, and she read through boxes and drawers full of papers that included personal correspondence between Buchanan and billionaire industrialist Charles Koch. That’s when she had an amazing realization: here was the intellectual linchpin of a stealth revolution currently in progress.

A Theory of Property Supremacy

Buchanan, a 1940 graduate of Middle Tennessee State University who later attended the University of Chicago for graduate study, started out as a conventional public finance economist. But he grew frustrated by the way in which economic theorists ignored the political process.

Buchanan began working on a description of power that started out as a critique of how institutions functioned in the relatively liberal 1950s and ‘60s, a time when economist John Maynard Keynes’s ideas about the need for government intervention in markets to protect people from flaws so clearly demonstrated in the Great Depression held sway. Buchanan, MacLean notes, was incensed at what he saw as a move toward socialism and deeply suspicious of any form of state action that channels resources to the public. Why should the increasingly powerful federal government be able to force the wealthy to pay for goods and programs that served ordinary citizens and the poor?

In thinking about how people make political decisions and choices, Buchanan concluded that you could only understand them as individuals seeking personal advantage. In interview cited by MacLean, the economist observed that in the 1950s Americans commonly assumed that elected officials wanted to act in the public interest. Buchanan vehemently disagreed — that was a belief he wanted, as he put it, to “tear down.” His ideas developed into a theory that came to be known as “public choice.”

Buchanan’s view of human nature was distinctly dismal. Adam Smith saw human beings as self-interested and hungry for personal power and material comfort, but he also acknowledged social instincts like compassion and fairness. Buchanan, in contrast, insisted that people were primarily driven by venal self-interest. Crediting people with altruism or a desire to serve others was “romantic” fantasy: politicians and government workers were out for themselves, and so, for that matter, were teachers, doctors, and civil rights activists.  They wanted to control others and wrest away their resources: “Each person seeks mastery over a world of slaves,” he wrote in his 1975 book, The Limits of Liberty.

Does that sound like your kindergarten teacher? It did to Buchanan.

The people who needed protection were property owners, and their rights could only be secured though constitutional limits to prevent the majority of voters from encroaching on them, an idea Buchanan lays out in works like Property as a Guarantor of Liberty (1993). MacLean observes that Buchanan saw society as a cutthroat realm of makers (entrepreneurs) constantly under siege by takers (everybody else) His own language was often more stark, warning the alleged “prey” of “parasites” and “predators” out to fleece them.

In 1965 the economist launched a center dedicated to his theories at the University of Virginia, which later relocated to George Mason University. MacLean describes how he trained thinkers to push back against the Brown v. Board of Education decision to desegregate America’s public schools and to challenge the constitutional perspectives and federal policy that enabled it. She notes that he took care to use economic and political precepts, rather than overtly racial arguments, to make his case, which nonetheless gave cover to racists who knew that spelling out their prejudices would alienate the country.

All the while, a ghost hovered in the background — that of John C. Calhoun of South Carolina, senator and seventh vice president of the United States.

Calhoun was an intellectual and political powerhouse in the South from the 1820s until his death in 1850, expending his formidable energy to defend slavery. Calhoun, called the “Marx of the Master Class” by historian Richard Hofstadter, saw himself and his fellow southern oligarchs as victims of the majority. Therefore, as MacLean explains, he sought to create “constitutional gadgets” to constrict the operations of government.

Economists Tyler Cowen and Alexander Tabarrok, both of George Mason University, have noted the two men’s affinities, heralding Calhoun “a precursor of modern public choice theory” who “anticipates” Buchanan’s thinking. MacLean observes that both focused on how democracy constrains property owners and aimed for ways to restrict the latitude of voters. She argues out that unlike even the most property-friendly founders Alexander Hamilton and James Madison, Buchanan wanted a private governing elite of corporate power that was wholly released from public accountability.

Suppressing voting, changing legislative processes so that a normal majority could no longer prevail, sowing public distrust of government institutions— all these were tactics toward the goal. But the Holy Grail was the Constitution: alter it and you could increase and secure the power of the wealthy in a way that no politician could ever challenge.

Gravy Train to Oligarchy

MacLean explains that Virginia’s white elite and the pro-corporate president of the University of Virginia, Colgate Darden, who had married into the DuPont family, found Buchanan’s ideas to be spot on. In nurturing a new intelligentsia to commit to his values, Buchanan stated that he needed a “gravy train,” and with backers like Charles Koch and conservative foundations like the Scaife Family Charitable Trusts, others hopped aboard. Money, Buchanan knew, can be a persuasive tool in academia. His circle of influence began to widen.

MacLean observes that the Virginia school, as Buchanan’s brand of economic and political thinking is known, is a kind of cousin to the better-known, market-oriented Chicago and Austrian schools — proponents of all three were members of the Mont Pelerin Society, an international neoliberal organization which included Milton Friedman and Friedrich Hayek. But the Virginia school’s focus and career missions were distinct. In an interview with the Institute for New Economic Thinking (INET), MacLean described Friedman and Buchanan as yin and yang:

“Friedman was this genial, personable character who loved to be in the limelight and made a sunny case for the free market and the freedom to choose and so forth. Buchanan was the dark side of this: he thought, ok, fine, they can make a case for the free market, but everybody knows that free markets have externalities and other problems. So he wanted to keep people from believing that government could be the alternative to those problems.”

The Virginia school also differs from other economic schools in a marked reliance on abstract theory rather than mathematics or empirical evidence. That a Nobel Prize was awarded in 1986 to an economist who so determinedly bucked the academic trends of his day was nothing short of stunning, MacLean observes. But, then, it was the peak of the Reagan era, an administration several Buchanan students joined.

Buchanan’s school focused on public choice theory, later adding constitutional economics and the new field of law and economics to its core research and advocacy. The economist saw that his vision would never come to fruition by focusing on whorules. It was much better to focus on the rules themselves, and that required a “constitutional revolution.”

MacLean describes how the economist developed a grand project to train operatives to staff institutions funded by like-minded tycoons, most significantly Charles Koch, who became interested in his work in the ‘70s and sought the economist’s input in promoting “Austrian economics” in the U.S. and in advising the Cato Institute, a libertarian think tank.

Koch, whose mission was to save capitalists like himself from democracy, found the ultimate theoretical tool in the work of the southern economist. The historian writes that Koch preferred Buchanan to Milton Friedman and his “Chicago boys” because, she says, quoting a libertarian insider, they wanted “to make government work more efficiently when the true libertarian should be tearing it out at the root.”

With Koch’s money and enthusiasm, Buchanan’s academic school evolved into something much bigger. By the 1990s, Koch realized that Buchanan’s ideas — transmitted through stealth and deliberate deception, as MacLean amply documents — could help take government down through incremental assaults that the media would hardly notice. The tycoon knew that the project was extremely radical, even a “revolution” in governance, but he talked like a conservative to make his plans sound more palatable.

MacLean details how partnered with Koch, Buchanan’s outpost at George Mason University was able to connect libertarian economists with right-wing political actors and supporters of corporations like Shell Oil, Exxon, Ford, IBM, Chase Manhattan Bank, and General Motors. Together they could push economic ideas to public through media, promote new curricula for economics education, and court politicians in nearby Washington, D.C.

At the 1997 fiftieth anniversary of the Mont Pelerin Society, MacLean recounts that Buchanan and his associate Henry Manne, a founding theorist of libertarian economic approaches to law, focused on such affronts to capitalists as environmentalism and public health and welfare, expressing eagerness to dismantle Social Security, Medicaid, and Medicare as well as kill public education because it tended to foster community values. Feminism had to go, too: the scholars considered it a socialist project.

The Oligarchic Revolution Unfolds

Buchanan’s ideas began to have huge impact, especially in America and in Britain. In his home country, the economist was deeply involved efforts to cut taxes on the wealthy in 1970s and 1980s and he advised proponents of Reagan Revolution in their quest to unleash markets and posit government as the “problem” rather than the “solution.” The Koch-funded Virginia school coached scholars, lawyers, politicians, and business people to apply stark right-wing perspectives on everything from deficits to taxes to school privatization. In Britain, Buchanan’s work helped to inspire the public sector reforms of Margaret Thatcher and her political progeny.

To put the success into perspective, MacLean points to the fact that Henry Manne, whom Buchanan was instrumental in hiring, created legal programs for law professors and federal judges which could boast that by 1990 two of every five sitting federal judges had participated. “40 percent of the U.S. federal judiciary,” writes MacLean, “had been treated to a Koch-backed curriculum.”

MacLean illustrates that in South America, Buchanan was able to first truly set his ideas in motion by helping a bare-knuckles dictatorship ensure the permanence of much of the radical transformation it inflicted on a country that had been a beacon of social progress. The historian emphasizes that Buchanan’s role in the disastrous Pinochet government of Chile has been underestimated partly because unlike Milton Friedman, who advertised his activities, Buchanan had the shrewdness to keep his involvement quiet. With his guidance, the military junta deployed public choice economics in the creation of a new constitution, which required balanced budgets and thereby prevented the government from spending to meet public needs. Supermajorities would be required for any changes of substance, leaving the public little recourse to challenge programs like the privatization of social security.

The dictator’s human rights abuses and pillage of the country’s resources did not seem to bother Buchanan, MacLean argues, so long as the wealthy got their way. “Despotism may be the only organizational alternative to the political structure that we observe,” the economist had written in The Limits of Liberty. If you have been wondering about the end result of the Virginia school philosophy, well, the economist helpfully spelled it out.

A World of Slaves

Most Americans haven’t seen what’s coming.

MacLean notes that when the Kochs’ control of the GOP kicked into high gear after the financial crisis of 2007-08, many were so stunned by the shock-and-awe” tactics of shutting down government, destroying labor unions, and rolling back services that meet citizens’ basic necessities that few realized that many leading the charge had been trained in economics at Virginia institutions, especially George Mason University. Wasn’t it just a new, particularly vicious wave of partisan politics?

It wasn’t. MacLean convincingly illustrates that it was something far more disturbing.

MacLean is not the only scholar to sound the alarm that the country is experiencing a hostile takeover that is well on its way to radically, and perhaps permanently, altering the society. Peter Temin, former head of the MIT economics department, INET grantee, and author of The Vanishing Middle Class, as well as economist Gordon Lafer of the University of Oregon and author of The One Percent Solution, have provided eye-opening analyses of where America is headed and why. MacLean adds another dimension to this dystopian big picture, acquainting us with what has been overlooked in the capitalist right wing’s playbook.

She observes, for example, that many liberals have missed the point of strategies like privatization. Efforts to “reform” public education and Social Security are not just about a preference for the private sector over the public sector, she argues. You can wrap your head around those, even if you don’t agree. Instead, MacLean contends, the goal of these strategies is to radically alter power relations, weakening pro-public forces and enhancing the lobbying power and commitment of the corporations that take over public services and resources, thus advancing the plans to dismantle democracy and make way for a return to oligarchy. The majority will be held captive so that the wealthy can finally be free to do as they please, no matter how destructive.

MacLean argues that despite the rhetoric of Virginia school acolytes, shrinking big government is not really the point. The oligarchs require a government with tremendous new powers so that they can bypass the will of the people. This, as MacLean points out, requires greatly expanding police powers “to control the resultant popular anger.”  The spreading use of pre-emption by GOP-controlled state legislatures to suppress local progressive victories such as living wage ordinances is another example of the right’s aggressive use of state power.

Could these right-wing capitalists allow private companies to fill prisons with helpless citizens—or, more profitable still, right-less undocumented immigrants? They could, and have. Might they engineer a retirement crisis by moving Americans to inadequate 401(k)s? Done. Take away the rights of consumers and workers to bring grievances to court by making them sign forced arbitration agreements? Check. Gut public education to the point where ordinary people have such bleak prospects that they have no energy to fight back? Getting it done.

Would they even refuse children clean water? Actually, yes.

MacLean notes that in Flint, Michigan, Americans got a taste of what the emerging oligarchy will look like — it tastes like poisoned water. There, the Koch-funded Mackinac Center pushed for legislation that would allow the governor to take control of communities facing emergency and put unelected managers in charge. In Flint, one such manager switched the city’s water supply to a polluted river, but the Mackinac Center’s lobbyists ensured that the law was fortified by protections against lawsuits that poisoned inhabitants might bring. Tens of thousands of children were exposed to lead, a substance known to cause serious health problems including brain damage.

Tyler Cowen has provided an economic justification for this kind of brutality, stating that where it is difficult to get clean water, private companies should take over and make people pay for it. “This includes giving them the right to cut off people who don’t—or can’t—pay their bills,” the economist explains.

To many this sounds grotesquely inhumane, but it is a way of thinking that has deep roots in America. In Why I, Too, Am Not a Conservative (2005), Buchanan considers the charge of heartlessness made against the kind of classic liberal that he took himself to be. MacLean interprets his discussion to mean that people who “failed to foresee and save money for their future needs” are to be treated, as Buchanan put it, “as subordinate members of the species, akin to…animals who are dependent.’”

Do you have your education, health care, and retirement personally funded against all possible exigencies? Then that means you.

Buchanan was not a dystopian novelist. He was a Nobel Laureate whose sinister logic exerts vast influence over America’s trajectory. It is no wonder that Cowen, on his popular blog Marginal Revolution, does not mention Buchanan on a list of underrated influential libertarian thinkers, though elsewhere on the blog, he expresses admiration for several of Buchanan’s contributions and acknowledges that the southern economist “thought more consistently in terms of ‘rules of the games’ than perhaps any other economist.”

The rules of the game are now clear.

Research like MacLean’s provides hope that toxic ideas like Buchanan’s may finally begin to face public scrutiny. Yet at this very moment, the Kochs’ State Policy Network and the American Legislative Exchange Council (ALEC), a group that connects corporate agents to conservative lawmakers to produce legislation, are involved in projects that the Trump-obsessed media hardly notices, like pumping money into state judicial races. Their aim is to stack the legal deck against Americans in ways that MacLean argues may have even bigger effects than Citizens United, the 2010 Supreme Court ruling which unleashed unlimited corporate spending on American politics. The goal is to create a judiciary that will interpret the Constitution in favor of corporations and the wealthy in ways that Buchanan would have heartily approved.

“The United States is now at one of those historic forks in the road whose outcome will prove as fateful as those of the 1860s, the 1930s, and the 1960s,” writes MacLean. “To value liberty for the wealthy minority above all else and enshrine it in the nation’s governing rules, as Calhoun and Buchanan both called for and the Koch network is achieving, play by play, is to consent to an oligarchy in all but the outer husk of representative form.”

Nobody can say we weren’t warned. 

The Birth of the New American Aristocracy – The Atlantic

Posted: 2018/06/06 by Punkonomics (@dearbalak) in Links/Articles/Video

The 9.9 Percent Is the New American Aristocracy

The class divide is already toxic, and is fast becoming unbridgeable. You’re probably part of the problem.

Source: The Birth of the New American Aristocracy – The Atlantic

MATTHEW STEWART JUNE 2018 ISSUE

The meritocratic class has mastered the old trick of consolidating wealth and passing privilege along at the expense of other people’s children.

How Economists Became So Timid 

The field used to be visionary. Now it’s just dull

By Eric Posner and Glen Weyl

Chronicle of Higher Education – May 06, 2018

https://www.chronicle.com/article/How-Economists-Became-So-Timid/243326

The late-18th and 19th-century field of “political economy,” from which arose the modern fields of economics, sociology, and political science (among others), contrasts sharply with its contemporary offspring. Political economists drew on all the streams of academic speculation — they were as much philosophers as social scientists, and they recognized none of the distinctions among the various contemporary social sciences. Moreover, they saw themselves as reformists, often radical reformists. The great figures in this tradition include Adam Smith, John Stuart Mill, and Karl Marx. They and their followers searched for solutions to the major economic, social, and political crises of their times. In the process, they gave birth to most modern social ideologies and much of the shape of our present world.

Self-styled American and European radicals, for example, helped end monarchy and expand the franchise. The free-labor ideology of European radicals and American Radical Republicans helped abolish serfdom and slavery and establish a new basis for industrial labor relations. The late 18th and 19th centuries also witnessed the liberal reformism of Jeremy Bentham, Smith, James and John Stuart Mill, and the Marquis de Condorcet; the socialist revolutionary ideologies of Pierre-Joseph Proudhon and Marx; the labor unionism of Beatrice and Sydney Webb; and, influential at the time but now mostly forgotten, the competitive common ownership ideology of Henry George and Léon Walras. This ideology shaped the Progressive movement in the United States, the “New Liberalism” of David Lloyd George in Britain, the radicalism of Georges Clemenceau in France, even the agenda of the Nationalist Chinese revolutionary leader Sun Yat-Sen. The Keynesian and welfare-state reforms of the early 20th century set the stage for the longest and most broadly shared period of growth in human history.

Today, economies around the rich world have stagnated, while inequality has sharply increased. Most citizens in wealthy countries have seen their incomes languish for a generation and have lost faith in the promise of widely shared social progress that has underpinned political stability since the Industrial Revolution. Disillusioned with the status quo, voters from the United States to Italy and beyond have joined reactionary populist movements of the right and left.

So where are the heirs of the political economists? Political economy has fragmented into a series of disparate fields, none of which has the breadth, creativity, or courage to support the reformist visions that were crucial to navigating past crises.

The demise of political economy began in the late 19th century. As academia became more professionalized and specialized, political economy gave way to its successor disciplines — economics, sociology, political science, and the like. By its midcentury nadir, economists hardly interacted with researchers in those other fields.

The transition from a field of creative social visionaries to one of specialized technocrats is epitomized by the story of Alfred Marshall and his star student, John Maynard Keynes. Each had a foot in both worlds and was ambivalent about the change. In many ways, Marshall was the archetype of the 19th-century political economist. Keynes eulogized him, writing that he exemplified the economist who was a “mathematician, historian, statesman, philosopher. … No part of man’s nature or his institutions must lie entirely outside his regard … as aloof and incorruptible as an artist, yet sometimes as near to earth as a politician.”

Ironically, Marshall’s 1890 Principles of Economics — for three generations the field’s definitive textbook — marked a decisive transition from this comprehensive vision of political economy. Marshall worked to professionalize and eventually narrow the field. Keynes, despite his flirtations with probability theory and philosophy and his bold vision for transforming economic policy, cemented the position of economists as technocrats — the furthest thing from the aloof, incorruptible artist. The macroeconomic management he advocated requires expert technicians; accordingly, the mid-20th century saw the profession churn out a class of specialized workers. History, politics, sociology, philosophy, and law all drained out of economics.

This is not to say that economics did not incubate any new ideologies after Keynes. University of Chicago economists such as Friedrich Hayek, Milton Friedman, and George Stigler were central to inspiring the “neoliberal” ideology that defined the political careers of Ronald Reagan and Margaret Thatcher. Like the political economists of old, their perspectives were far broader and bolder than those of their contemporaries. But unlike the political economists of old, they did not offer radical social reform or innovation. Instead they advocated a return to institutions that had prevailed in the 19th-century Anglo-Saxon world. All the other major novel ideologies of the period — mostly associated with the New Left: environmentalism, feminism, civil rights, anti-colonialism — developed with almost no input from economics, though they did connect to some currents in sociology, anthropology, and philosophy. And by the 1990s even neoliberalism had transitioned from an insurgency into a consensus governing philosophy administered by a new technocratic class, one that was not much different from the liberal technocracy of the postwar period.

The narrowing of economics took many forms. Academic work shifted away from policy design and toward a combination of formal mathematical theorems and rigorous empirical analysis. Even the areas of economics (public economics and mechanism design) most focused on questions of policy and design sought to address clearly specified problems rather than the complex mishmash of concerns relevant to most practical policy. Similar formalization characterized other fields, like political science and linguistics. The reasons were not always bad ones, and they mirrored broader patterns of professionalization. Economists sought to develop a science on the model of physics because they believed that scientific methods were most conducive to discovering the truth.

Yet even as economists retreated from visionary social theory, the power they wielded over detailed policy decisions grew. A notable feature of this policy guidance was that it shared the narrowness of economists’ research methods. Policy reforms advocated by mainstream economists were almost always what we call “liberal technocratic” — either center-left or center-right. Economists suggested a bit higher or lower minimum wage or interest rate, a bit more or less regulation, depending on their external political orientation and evidence from their research. But they almost never proposed the sort of sweeping, creative transformations that had characterized 19th-century political economy.

How to explain this timidity? As with many professions endowed with power (like the military), economics developed strict codes of internal discipline and conformity to ensure that this power was wielded consistent with community standards. While political economists from Smith to Marx drew on a vast range of philosophical influences, economics became one of the most regimented and conformist fields in the academy. Economists have maintained this narrow range of methodological and political commitment through their control of academic journals, hiring, and teaching — as well as through the informal enforcement of community norms. We see this in the treatment of the ideological extremes, the “Austrians” (on the right) and the Marxists (on the left), who have been ostracized from the profession.

The upshot is that economics has played virtually no role in all the major political movements of the past half-century, including civil rights, feminism, anticolonialism, the rights of sexual minorities, gun rights, antiabortion politics, and “family values” debates. It has been completely unprepared for Trumpism and other varieties of populism, having failed to predict those developments just as it failed to predict the financial crisis of 2008. And, until very recently, it has shrugged at one of the most politically charged and morally troubling issues of our time — the rise in inequality.

Even the recent attempts of the field to live up to its heritage have fallen flat. Thomas Piketty’s Capital in the Twenty-First Century, while widely perceived as a successor to Marx’s Capital, ends by half-heartedly proposing a modest global tax on capital. Where is the modern Smith, Marx, George, or Keynes? Other fields have not stepped up to fill the void left by political economy’s collapse. Sociologists and political scientists largely eschew specific policy proposals. And political philosophers, while offering bold visions of ideal societies, usually avoid dirtying their hands with the details of feasible policy design.

Calls for more interdisciplinary work, common as they are, often lead to muddle. What’s missing from the social sciences is a willingness at a large scale to revisit the roots of the intellectual traditions that have given rise to the current system of silos in which researchers make incremental advances along familiar paths, proposing modest reforms rather than reimagining our basic institutions. After decades in which fundamental questions were neglected but technical and empirical insights accumulated, political economists have a rich store of material to work with. In an era threatened by rising inequality and authoritarian populism, we hope that boldness rather than caution will be the new watchword of these fields.

Eric Posner is a professor of law at the University of Chicago. Glen Weyl is a principal researcher at Microsoft and visiting senior research scholar in economics and law at Yale University. They are co-authors of Radical Markets: Uprooting Capitalism and Democracy for a Just Society, just out from Princeton University Press.

The long read: There are 13,000 business schools on Earth. That’s 13,000 too many. And I should know – I’ve taught in them for 20 years

Source: Why we should bulldoze the business school | News | The Guardian

The Tech Industry’s War on Kids | Richard Freed

Posted: 2018/04/19 by Punkonomics (@dearbalak) in Links/Articles/Video

“The Tech Industry’s War on Kids,” reveals a dark secret: psychology—a discipline that we associate with healing—is now used as a weapon against children. Unbeknownst to but a few, tech…

Source: The Tech Industry’s War on Kids | Richard Freed


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