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capitalism(6)

Marxism Remains a Dangerous Idea

I have been meaning to write a blog post about Marxism following an exchange in the comments to one of my posts about Trump’s dictatorial tendencies. Essentially the thrust of the comment was that Marxism is a bigger threat in the US today than fascism. I disagree with this assertion, but I do think that the extremes to which we have taken capitalism have opened the door for a resurgence of beliefs that it needs to be toppled entirely rather than shrunken dramatically, as I propose in The Wor...

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Posts tagged with

capitalism(6)

Marxism Remains a Dangerous Idea

I have been meaning to write a blog post about Marxism following an exchange in the comments to one of my posts about Trump’s dictatorial tendencies. Essentially the thrust of the comment was that Marxism is a bigger threat in the US today than fascism. I disagree with this assertion, but I do think that the extremes to which we have taken capitalism have opened the door for a resurgence of beliefs that it needs to be toppled entirely rather than shrunken dramatically, as I propose in The Wor...

Subscribers400+

Posts2K

Collects16

Subscribe

World After Capital: Limits of Capitalism (Self-Conservation)

NOTE: Today’s excerpt from World After Capital rounds out the section on limits of capitalism. We already saw the issue of missing prices, the problem of power laws and today talks about how the self-conservation of capitalism through the political system keeps attention trapped in the job loop.Self-ConservationToward the end of the Agrarian Age, when land was scarce, the political elites came from land ownership. Their influence really wasn’t substantially diminished until after World War II...

World After Capital: Limits of Capitalism (Power Laws)

NOTE: Last week’s excerpt from World After Capital described how prices cannot exist for many of our most important attention allocation decisions. Today I describe how production functions with network effects result in power law distributions that have bad social and economic implications.Power LawsEconomics is not normative when it comes to the distribution of income and wealth. Many different outcomes are possible and what is realized depends a lot on the underlying production functions. ...

World After Capital: Limits of Capitalism (Intro & Missing Prices)

NOTE: Today’s excerpt from World After Capital starts to explain why capitalism cannot solve the problem of allocating attention which is scarce at the individual and collective levels.Limits Of CapitalismCapitalism has been extraordinarily successful. So much so that even communist countries like China, that had long sought a different path, have embraced it. But capitalism cannot solve the scarcity of attention without significant changes in regulation and self-regulation. That’s due to thr...

How Much is Enough by Robert and Edward Skidelsky (Book Review)

Over vacation I read “How Much is Enough?” by Robert and Edward Skidelsky. I highly recommend the book as it goes after a central question that we should all be asking both individually and collectively. The book starts with an excellent chapter on Keynes’s now frequently cited essay on “Economic Possibilities for our Grandchildren.” Their basic diagnosis of where Keynes went wrong is that he assumed a separation of needs and wants, expecting our economy to grow rapidly enough to provide for ...

The Industrial System: Not the End of History

Francis Fukuyama’s book “The End of History and the Last Man” identifies liberal democracy in combination with capitalism as the winning way to organize society. Fukuyama wrote in 1992 at a time when the data seemed to support that conclusion. The book also presents a historical framework based largely on Hegel to argue why this has to be so and why it represents an end state. All of this now looks like a premature victory march. For reasons that will become clearer in future posts, I will re...

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Heading towards the knowledge age

World After Capital: Limits of Capitalism (Self-Conservation)

NOTE: Today’s excerpt from World After Capital rounds out the section on limits of capitalism. We already saw the issue of missing prices, the problem of power laws and today talks about how the self-conservation of capitalism through the political system keeps attention trapped in the job loop.Self-ConservationToward the end of the Agrarian Age, when land was scarce, the political elites came from land ownership. Their influence really wasn’t substantially diminished until after World War II...

World After Capital: Limits of Capitalism (Power Laws)

NOTE: Last week’s excerpt from World After Capital described how prices cannot exist for many of our most important attention allocation decisions. Today I describe how production functions with network effects result in power law distributions that have bad social and economic implications.Power LawsEconomics is not normative when it comes to the distribution of income and wealth. Many different outcomes are possible and what is realized depends a lot on the underlying production functions. ...

World After Capital: Limits of Capitalism (Intro & Missing Prices)

NOTE: Today’s excerpt from World After Capital starts to explain why capitalism cannot solve the problem of allocating attention which is scarce at the individual and collective levels.Limits Of CapitalismCapitalism has been extraordinarily successful. So much so that even communist countries like China, that had long sought a different path, have embraced it. But capitalism cannot solve the scarcity of attention without significant changes in regulation and self-regulation. That’s due to thr...

How Much is Enough by Robert and Edward Skidelsky (Book Review)

Over vacation I read “How Much is Enough?” by Robert and Edward Skidelsky. I highly recommend the book as it goes after a central question that we should all be asking both individually and collectively. The book starts with an excellent chapter on Keynes’s now frequently cited essay on “Economic Possibilities for our Grandchildren.” Their basic diagnosis of where Keynes went wrong is that he assumed a separation of needs and wants, expecting our economy to grow rapidly enough to provide for ...

The Industrial System: Not the End of History

Francis Fukuyama’s book “The End of History and the Last Man” identifies liberal democracy in combination with capitalism as the winning way to organize society. Fukuyama wrote in 1992 at a time when the data seemed to support that conclusion. The book also presents a historical framework based largely on Hegel to argue why this has to be so and why it represents an end state. All of this now looks like a premature victory march. For reasons that will become clearer in future posts, I will re...

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Heading towards the knowledge age

Capitalism - Continuations