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41 notes

Top earners’ share of the nation’s total income as related to periods of boom and bust

fuckyeahecon:

“Look back over the last hundred years and you’ll see the pattern. During periods when the very rich took home a much smaller proportion of total income — as in the Great Prosperity between 1947 and 1977 — the nation as a whole grew faster and median wages surged. We created a virtuous cycle in which an ever growing middle class had the ability to consume more goods and services, which created more and better jobs, thereby stoking demand. The rising tide did in fact lift all boats. During periods when the very rich took home a larger proportion — as between 1918 and 1933, and in the Great Regression from 1981 to the present day — growth slowed, median wages stagnated and we suffered giant downturns. It’s no mere coincidence that over the last century the top earners’ share of the nation’s total income peaked in 1928 and 2007 — the two years just preceding the biggest downturns.”

Jobs Will Follow a Strengthening of the Middle Class - NYTimes.com (via robot-heart-politics)

(via )

Filed under economics economy growth engines histories new york times median wages middle class history

96 notes


FREE MARKET IN ACTION II  .  .  .  
NO INTERMEDIARIES OR REGULATORS NEEDED HERE.

pasttensevancouver:

Don’t Be a Sucker, 1947.
When the price of chocolate bars rose from 5 cents to 8 cents, kids across BC mobilized in protest, including a boycott. This one was in Ladysmith on Vancouver Island, but similar actions took place in the Fraser Valley and New Westminster. 
Source: Vancouver Sun, 26 April 1947

FREE MARKET IN ACTION II  .  .  .  

NO INTERMEDIARIES OR REGULATORS NEEDED HERE.

pasttensevancouver:

Don’t Be a Sucker, 1947.

When the price of chocolate bars rose from 5 cents to 8 cents, kids across BC mobilized in protest, including a boycott. This one was in Ladysmith on Vancouver Island, but similar actions took place in the Fraser Valley and New Westminster. 

Source: Vancouver Sun, 26 April 1947

(via awakentotheuniverse)

Filed under Vancouver history free market economics protest demonstration activism

9 notes

Death of the history of economics?

“Those who cannot remember the past are condemned to repeat it”

                                                                         ~ George Santayana

Posted: 14 January 2011 by David Ruccio


Is the history of economic thought dead?

  

Yes, in the sense that all the mainstream doctoral programs in economics in the United States long ago eliminated courses—whether required or elective—in the history of economic thought. Most academic economists receive no training in the history of the discipline (or, for that matter, in economic history). Therefore, in their view, the history of economic thought is dead.

David Warsh did detect one “portent of change” at the recent American Economic Association meetings in Denver, in a session on “rethinking the core” of graduate education.

James Heckman, of the University of Chicago, endorsed the possibility of restoring to the graduate curriculum high-level elective courses in the history of economic thought. “People in the past were smart and they made mistakes and had insights,” he said afterwards. “We have sometimes forgotten the insights and we have sometimes repeated the same mistakes.”David Laidler, of the University of Western Ontario, among the foremost historians of thought of the present day, noted that since ideas periodically disappear and reappear according to the self-estimate of the times, it might be a disservice to give students the impression that all they needed to know was contained in the pages of a current text.

But then at the end of his post he drops a bombshell: the University of Amsterdam has announced it is closing its Program in the History and Methodology of Economics.

That decision certainly represents the triumph of the death of the history of economic thought.

Filed under economics economic history economic thought history George Santayana Santayana