The ABCs of Political Economy The ABCs of Political Economy A Modern Approach Revised and Expanded Edition Robin Hahnel First published 2002; revised and expanded edition 2014 by Pluto Press 345 Archway Road, London N6 5AA www.plutobooks.com Copyright © Robin Hahnel 2002, 2014 The right of Robin Hahnel to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988 British Library Cataloging in Publication Data A catalogue record for this book is available from the British Library ISBN 978 7453 3498 Hardback ISBN 978 7453 3497 Paperback ISBN 978 7837 1206 PDF eBook ISBN 978 7837 1208 Kindle eBook ISBN 978 7837 1207 EPUB eBook Library of Congress Cataloging in Publication Data applied for This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources Logging, pulping and manufacturing processes are expected to conform to the environmental standards of the country of origin 10 Typeset in Minion by Swales & Willis, Exeter, Devon Text design by Melanie Patrick Simultaneously printed digitally by CPI Antony Rowe, Chippenham, UK and Edwards Bros in the United States of America Contents List of Illustrations Preface to the Revised and Expanded Edition Economics and Liberating Theory People and Society The Human Center Natural, Species, and Derived Needs and Potentials Human Consciousness Human Sociability Human Character Structures The Relation of Consciousness to Activity The Possibility of Detrimental Character Structures The Institutional Boundary Why Must There Be Social Institutions? Complementary Holism Four Spheres of Social Life Relations between Center, Boundary, and Spheres Social Stability and Social Change Agents of History Applications What Should We Demand from Our Economy? Economic Justice Increasing Inequality of Wealth and Income Different Conceptions of Economic Justice Efficiency The Pareto Principle The Efficiency Criterion Seven Deadly Sins of Inefficiency Endogenous Preferences Self-management Solidarity Variety Sustainability Weak versus Strong versus Environmental Sustainability A Workable Definition of Sustainable Development Growth Conclusion Efficiency and Economic Justice: A Simple Corn Model Model 3.1: A Domestic Corn Economy Situation 1: Inegalitarian Distribution of Scarce Seed Corn Autarky Labor Market Credit Market Situation 2: Egalitarian Distribution of Scarce Seed Corn Autarky Labor Market Credit Market Conclusions from the Domestic Corn Model Generalizing Conclusions Economic Justice in the Corn Model Economic Justice, Exploitation, and Alienation Occupy Wall Street Model 3.2: A Global Corn Economy Markets: Guided by an Invisible Hand or Foot? How Do Markets Work? What Is a Market? The “Law” of Supply The “Law” of Demand The “Law” of Uniform Price The Micro “Law” of Supply and Demand Elasticity of Supply and Demand The Dream of a Beneficent Invisible Hand The Nightmare of a Malevolent Invisible Foot Externalities: The Auto Industry Public Goods: Pollution Reduction Green Consumerism The Prevalence of External Effects Snowballing Inefficiency Market Disequilibria Conclusion: Market Failure Is Significant Markets Undermine the Ties That Bind Us Microeconomic Models Model 5.1: The Public Good Game Model 5.2: The Price of Power Game The Price of Patriarchy Conflict Theory of the Firm Model 5.3: Climate Control Treaties Model 5.4: The Sraffa Model of Income Distribution and Prices The Sraffa Model Technical Change in the Sraffa Model Technical Change and the Rate of Profit A Note of Caution Producers and Parasites Macroeconomics: Aggregate Demand as Leading Lady The Macro “Law” of Supply and Demand Aggregate Demand Consumption Demand Investment Demand Government Spending The Pie Principle The Simple Keynesian Closed Economy Macro Model Fiscal Policy The Fallacy of Say’s Law Income Expenditure Multipliers Other Causes of Unemployment and Inflation Myths about Inflation Myths about Deficits and the National Debt The Balanced Budget Ploy Wage-Led Growth Money, Banks, and Finance Money: A Problematic Convenience Banks: Bigamy Not a Proper Marriage Monetary Policy: Another Way to Skin the Cat The Relationship between the Financial and “Real” Economies The Financial Crisis of 2008: A Perfect Storm International Economics: Mutual Benefit or Imperialism? Why Trade Can Increase Global Efficiency Comparative, Not Absolute, Advantage Drives Trade Why Trade Can Decrease Global Efficiency Inaccurate Prices Can Misidentify Comparative Advantage Unstable International Markets Can Cause Macro Inefficiencies Adjustment Costs Are Not Always Insignificant Dynamic Inefficiency Why Trade Usually Aggravates Global Inequality Unfair Distribution of the Benefits of Trade between Countries Unfair Distribution of the Costs and Benefits of Trade within Countries Why International Investment Could Increase Global Efficiency Why International Investment Often Decreases Global Efficiency Why International Investment Usually Aggravates Global Inequality Open Economy Macroeconomics International Currency Markets Aggregate Supply and Demand in the Open Economy Model Income Expenditure Multipliers in the Open Economy Model Capital Flows in the Open Economy Model Monetary Unions and the Eurozone Macroeconomic Models Model 9.1: Finance Bank Runs International Financial Crises Conclusion Model 9.2: Finance in Real Corn Economies Banks in a Domestic Corn Model Autarky Imperfect Lending without Banks Lending with Banks When All Goes Well Lending with Banks When All Does Not Go Well International Finance in a Global Corn Economy Revisited Model 9.3: Macroeconomic Policy in a Closed Economy Model 9.4: Macroeconomic Policy in an Open Economy An IMF Conditionality Agreement with Brazil EC Austerity Policy and Greece Model 9.5: A Political Economy Growth Model The General Framework A Keynesian Theory of Investment A Marxian Theory of Wage Determination Solving the Model An Increase in Capitalists’ Propensity to Save An Increase in Capitalists’ Propensity to Invest An Increase in Workers’ Bargaining Power Wage-Led Growth 10 What Is to Be Undone? The Economics of Competition and Greed Myth 1: Free Enterprise Equals Economic Freedom Myth 2: Free Enterprise Promotes Political Freedom Myth 3: Free Enterprise Is Efficient Biased Price Signals Conflict Theory of the Firm Myth 4: Free Enterprise Reduces Discrimination Myth 5: Free Enterprise Is Fair Myth 6: Markets Equal Economic Freedom Myth 7: Markets Are Fair Myth 8: Markets Are Efficient What Went Wrong? Neoliberal Capitalism in Crisis 11 What Is to Be Done? The Economics of Equitable Cooperation Not All Capitalisms Are Created Equal Keynesian Reforms Taming Finance Reducing Economic Injustice Beyond Capitalism Worker and Consumer Empowerment Worker-Owned Cooperatives Market Socialism Democratic Planning Participatory Economics From Here to There The Future Economy Conclusion A Green New Deal Index Federal Reserve Bank: bail out of of Wall Street ref1; blocking mark to market accounting procedures ref2; and interest rates ref3, ref4; lending to private commercial banks ref5; and minimum legal reserve requirement ref6; and monetary expansion ref7; monetary stimulus ref8; and money supply ref9, ref10, ref11, ref12; open market operations ref13; owning debt ref14; purchases of assets from banks ref15; rescuing banks ref16; and wealth in US ref17 Federal Reserve Banking System ref1, ref2 Federal Savings and Loan Insurance Corporation (FSLIC) ref1 federal taxes, regressive ref1 federation of neighborhood consumer councils ref1 female wage gap ref1 feminism, and kinship/reproductive sphere ref1 Ferry, Luc ref1 FICA taxes ref1 finance ref1; in real corn economies ref2; taming ref3 Financial Control Board ref1 financial crashes, vulnerability to ref1 see also crashes financial crises: and damage to real economies ref1; and developing economies ref2; East Asian financial crisis ref3, ref4, ref5, ref6; and investor behavior ref7, ref8 financial crisis 2008 ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 see also Great Recession; recessions financial economies, and real economies ref1 financial industry, nationalization of ref1 Financial Institutions Reform, Recovery and Enforcement Act 1989 ref1 financialization ref1, ref2 financial liberation, international ref1 financial reform ref1, ref2 financial regulation ref1, ref2, ref3 financial system, remaining prone to crises ref1 first mover advantage ref1, ref2 fiscal austerity see austerity programs fiscal cliff ref1 fiscal policy ref1, ref2, ref3, ref4, ref5, ref6 fiscal policy multiplier ref1 fiscal stimulus ref1, ref2, ref3, ref4, ref5 Flood, Curt ref1 Forbes, Steve Jr ref1 foreign aid ref1 foreign currency reserves ref1 foreign investments see also direct foreign investment (DFI): and interest rates ref1; third world countries seeking ref2 France ref1 free and independent people ref1 freedom ref1; economic ref2 free enterprise: and economic freedom ref1; efficiency of ref2; fairness of ref3; and government responsibility ref4; and political democracy ref5; reducing discrimination ref6 free market capitalism ref1, ref2 free market finance, and crises ref1 free market terms of trade, and global inequality ref1 free rider problem ref1, ref2, ref3, ref4, ref5 free trade ref1 frictional unemployment ref1 Friedman, Milton ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11 fulfillment effects ref1 full employment GDP ref1 full employment macro policies ref1 full Keynesian program ref1, ref2, ref3 functioning money supply ref1 fungibility ref1 furlough ref1 future economy ref1, ref2 game theory payoff matrix ref1 game tree ref1, ref2 gay, lesbian, bisexual, and transgender (GLBT) movement ref1 Geithner, Timothy ref1, ref2, ref3, ref4, ref5 gender-based wage discrimination ref1 gender groups, inequality ref1 gender relations, patriarchal ref1 general elections 2000 ref1 General Theory of Employment, Interest, and Money, The ref1, ref2 genetics, and personal contribution ref1 German model, capitalism ref1 ghetto schools ref1 gifts of Athena ref1, ref2 Gingrich, Newt ref1 gini coefficient ref1, ref2 Glass-Steagall Banking Act 1933 ref1, ref2 global efficiency: and direct foreign investment ref1; global corn economy ref2, ref3, ref4; and income inequality ref5; and international financial system ref6; and international investment ref7, ref8; trade decreasing ref9; trade increasing ref10 global finance, hegemony of ref1 global financial bubbles ref1 global financial system, regulation ref1 global inequality: and emissions ref1; and free market terms of trade ref2; global corn economy ref3, ref4, ref5; and international investment ref6; reducing ref7; rising levels of ref8, ref9; and trade ref10, ref11 globalization: corporate sponsored ref1; neoliberal ref2, ref3; and third world agriculture ref4 goods, socially efficient level of output ref1 Government Accounting Office ref1, ref2 government budget, and money supply ref1 government demand ref1 government failure, and efficiency ref1 government(s): and discrimination ref1; increasing aggregate demand ref2; influence over banking/industrial policy ref1; spending ref2, ref3, ref4; underwriting of Wall Street ref5 government spending multiplier ref1, ref2 government transfer payments ref1n.2 Grameen Bank, Bangladesh ref1 Gramm-Rudman Act ref1 Great Britain ref1, ref2 Great Depression ref1, ref2, ref3, ref4, ref5, ref6 Great Global Asset Swindle ref1 Great Recession: counterproductive response to ref1; and debt ref2, ref3; fiscal stimulus ref4, ref5; and neoliberal capitalism ref6; and profits ref7; and unemployment ref8, ref9, ref10; US economy during ref11; and wages ref12, ref13 Greece: budget deficit ref1; debt ref2, ref3; demonstrations ref4; EU austerity policy ref5; living standards ref6; unemployment ref7, ref8 green consumerism ref1 Green Economics: Confronting the Ecological Crisis ref2, ref3 greenhouse gases ref1, ref2, ref3 green new deal ref1 Green Revolution, in agricultural technology ref1 Greenspan, Alan ref1 green taxes, regressive ref1 Greenwood, Daphne & Wolff, Edward ref1 gross domestic income (GDI) ref1, ref2 gross domestic product (GDP) see also aggregate supply: actual ref1, ref2; equilibrium GDP ref3, ref4, ref5, ref6; full employment GDP ref7; global/decrease in ref8; and growth ref9, ref10; potential GDP ref11, ref12, ref13, ref14, ref15, ref16 growth: in advanced economies ref1; and corporate profit rates ref2; and environmental problems ref3; export led ref4; global rates ref5; and inflation ref6n.8; less developed countries (LDCs) ref7; and macroeconomic theory ref8; neoclassical growth theories ref9; neoMarxist growth models ref10; profit-led ref11, ref12, ref13; rate of/and actual GDP ref14; Scandinavia ref15; strategies ref16; uneconomic ref17; wage-led ref18, ref19, ref20, ref21, ref22; and wages ref23; in wealth ref24 Hawkins, Howard ref1 healthcare ref1, ref2 Heckscher, Eli ref1 Heckscher-Ohlin theory ref1, ref2 hedge funds ref1 Heilbroner, Robert ref1, ref2 Henry, Shannon ref1 Herman, Ed ref1 high road growth strategy ref1, ref2 historical materialism ref1, ref2, ref3 homosexuality ref1 Hong Kong ref1 Hoover, Herbert ref1, ref2, ref3 household consumption, and aggregate demand ref1, ref2, ref3, ref4 household demand ref1 household savings, and business demand for investment goods ref1 households, wealth of ref1 housing bubbles ref1, ref2, ref3, ref4, ref5, ref6 housing market, US ref1 human activity, and social institutions ref1 human center ref1; defined ref2; and institutional boundary ref3, ref4, ref5 human characteristics ref1, ref2 human consciousness ref1, ref2 human development effects, economic choices ref1 human development, theory of ref1 Human Harvest, The ref1 humans: individualistic interpretation of ref1; needs of ref2; as self-conscious/self-creative/ social species ref3; as self-creative ref4, ref5, ref6 human sociability ref1 human society, as part of a natural ecosystem ref1 human traits, and markets ref1 Humphrey Hawkins Full Employment and Balanced Growth Act 1978 ref1, ref2 Hunt, E.K ref1 Iceland ref1 IMF: anti-IMF riots ref1; austerity programs ref2, ref3; bail out loans ref4, ref5, ref6, ref7; conditionality agreements ref8, ref9, ref10; and deregulation ref11; policies ref12; and privatization ref13; structural adjustment agreements ref14; unpopularity of ref15, ref16 imperfect experiments in equitable cooperation ref1 imperfect lending, without banks ref1 imports: and currency supply ref1; and national income ref2, ref3; in open economy model ref4 incentive compatible ref1 incentives, perverse ref1, ref2, ref3, ref4, ref5 income: and austerity programs ref1, ref2; and capacity utilization ref3, ref4; and deflationary policies ref5; distribution/ and power relations ref6; and expansionary policies ref7n.7; increasing inequality in ref8; national/and imports ref9, ref10; national/labor’s share of ref11; from productive property ref12; real/and inflation ref13 income expenditure multipliers ref1, ref2 income inequality: and global efficiency ref1; and liberalization of international finance ref2 indicative planning ref1, ref2 individual freedom, and self-management ref1, ref2 individualistic interpretation, of humans ref1 industrial policy ref1, ref2, ref3 industries, bottlenecks ref1, ref2 industry competitiveness, and anti-trust policy ref1 inefficiency: in auto industry ref1; consumption sector ref2; and market disequilibria ref3; production sector ref4; and sectoral imbalances ref5; snowballing ref6 inequality: under autarky ref1, ref2, ref3; in capitalist economies ref4, ref5; and coercive exchanges ref6; and competitive/ noncompetitive markets ref7; and credit markets ref8, ref9, ref10, ref11, ref12, ref13; and credit system ref14; economic ref15; economic/rising ref16; in economy ref17, ref18, ref19, ref20, ref21; ethical judgements about ref22; gender groups ref23; global see global inequality; in healthcare ref24; and inherited wealth ref25, ref26, ref27; and labor markets ref28, ref29, ref30; and luck ref31; and markets ref32; measuring ref33; and private enterprise ref34; in real world capitalism ref35; rising/inside less developed countries ref36; rising/ in US ref37; and sacrifice ref38, ref39; and trading of goods ref40; in unemployment/ Eurozone ref41; and unfair advantage ref42; in US/developed countries ref43, ref44; from voluntary, competitive exchanges ref45; and voluntary/mutually beneficial exchanges ref46; wealth ref47, ref48, ref49; wealth and income/within countries ref50 inflation: and buyers ref1; cost push ref2; demand pull ref3, ref4, ref5, ref6, ref7, ref8; and economic growth ref9n.8; effects of ref10; fear of ref11; and fiscal policy ref12, ref13; gaps ref14, ref15, ref16; and growth ref17n.8; and imports ref18; and macro law of supply and demand ref19; and monetary policies ref20, ref21, ref22; myths about ref23; profit push ref24; and real income ref25; and unemployment ref26; US ref27, ref28; wage push ref29; and the wealthy ref30 inherited wealth ref1, ref2, ref3, ref4, ref5, ref6 injustice, reducing economic ref1 Inquiry into the Nature and Causes of the Wealth of Nations see Wealth of Nations Institute for International Economics ref1 institutional boundary ref1, ref2, ref3, ref4 institutional change, and human consciousness ref1 institutional investors, buying Triple A mortgage-based securities ref1 institutions: community/and minorities ref1; economic/and people’s preferences ref2; economic/and solidarity ref3; economic/efficiency of ref4; market as an ref5; social ref6, ref7, ref8, ref9; social roles defined by ref10 insurance: to buyers of mortgage-backed securities ref1; deposit ref2, ref3; federal ref4, ref5 insurance industry, regulation ref1 Inter American Development Bank ref1 interest payments, on US debt ref1 interest rates: on bail out loans ref1; and bond vigilantes ref2; and changes in money supply ref3; determination of ref4; discount rate of ref5, ref6; equilibrium weekly rate of ref7, ref8; and Federal Reserve Bank ref9, ref10; and foreign investment ref11; and international investment ref12; international rate of interest (r) ref13, ref14; and investment demand ref15, ref16, ref17; lowering ref18; and private investment ref19 intergenerational equity ref1, ref2 international bond vigilantes ref1 international borrowing, and debt traps/poor countries ref1 international capital liberalization ref1 international climate treaty ref1 international communities, power relations ref1 international credit, and production/developing countries ref1 international credit boycotts ref1 international credit market ref1, ref2 international currency markets ref1 international economic treaties, environmental provisions in ref1 international finance: and efficiency losses ref1; liberalization of/and income inequality ref2 international financial crises ref1 see also financial crises; financial crisis 2008 international financial investment (IFI) ref1, ref2 international financial liberation ref1 international financial system, and global efficiency ref1 international investment: and currency markets ref1; and exploitation of LDCs ref2; in global corn economy ref3; and global efficiency ref4, ref5; and global inequality ref6; and interest rates ref7; liberalization of ref8 international lending, and asset bubbles/emerging economies ref1 international loans, defaulting on ref1 international markets, instability of/macro inefficiencies ref1 International Monetary Fund see IMF international rate of interest (r) ref1, ref2 international reserve currency, US dollars as ref1 international specialization, efficiency gains from ref1 international trade: efficiency gains from ref1; as exploitation ref2n.19, ref3 international transportation, social costs of ref1n.3 interpersonal externality, concern for others as ref1 investment see also international investment: business ref1; direct foreign investment (DFI) ref2, ref3, ref4, ref5, ref6, ref7; domestic/and deflationary policies ref8; foreign/and interest rates ref9; international financial ref10, ref11; Keynesian theory of ref12; and potential GDP ref13; private/and interest rates ref14 investment demand ref1, ref2, ref3, ref4 investment expenditure multiplier ref1 investment income expenditure multipliers ref1, ref2 investment multiplier ref1 investment projects, financing of ref1 investments, leverage of ref1 investor behavior, and financial crises ref1, ref2 investors, rational ref1 invisible foot/feet ref1, ref2, ref3 invisible hand(s) ref1, ref2, ref3, ref4, ref5, ref6 Ireland ref1, ref2 Japan: banks ref1; capitalism ref2; economic miracle ref3, ref4; industrial development of ref5; industrial policy ref6; owning US debt ref7 Johnson, Lyndon ref1 Jones, Van ref1 justice, economic see economic justice Kalecki, Michael ref1, ref2 Keynesian closed economy macro model ref1, ref2, ref3 Keynesian multipliers ref1n.5 Keynesian program, full ref1, ref2, ref3 Keynesian theory of investment ref1 Keynes, J.M.: and demand/production ref1; disequilibrating dynamic ref2; falling out of favour ref3; and free market finance ref4; and Great Depression ref5, ref6; and growth in Scandinavia ref7; and investment behavior ref8; and Say’s law ref9, ref10, ref11; and stagflation ref12 Kicking Away the Ladder ref1 kinship relations ref1 kinship sphere ref1, ref2, ref3, ref4 Kotlikoff, Laurence & Summers, Lawrence ref1 Krugman, Paul ref1, ref2, ref3, ref4 Kuttner, Robert ref1 Kyoto Protocol 1997 ref1, ref2 labor: cheap/and exploitation of LDCs ref1; demand for ref2; excess supply of ref3; needed to produce goods ref4; skill of/and increased trade ref5 labor costs, and new technology ref1 labor demand curve ref1 labor force, redundancy of rural third world ref1 labor intensive production process ref1, ref2, ref3, ref4, ref5, ref6, ref7 labor intensive technique (LIT) ref1, ref2, ref3, ref4, ref5, ref6 labor markets: domestic corn economy ref1, ref2, ref3, ref4; efficiency gains from ref5, ref6; and inequality ref7, ref8, ref9; and sacrifice ref10; and self-management moving to other-directed labor ref11; tight/loose ref12, ref13 labor theory of value ref1, ref2, ref3 laissez faire ref1 laissez faire capitalism ref1, ref2 land grabs, by elites ref1 land values, and evicted peasants/third world ref1 Latin America ref1 law of demand ref1 law of supply ref1 law of uniform price ref1 Lehman Brothers, collapse of ref1, ref2 lenders, and efficiency gains ref1, ref2 lending: with banks ref1; imperfect/without banks ref2; and social rates of return ref3 less developed countries (LDCs): and climate control treaties ref1; exploitation of ref2; and export/profit-led growth ref3; exports ref4; IMF conditionality agreements with ref5; investment/exploitation in ref6; and multinational companies (MNCs) ref7; productivity of ref8; rising inequality within ref9; and terms of trade ref10; unemployment/wage rates ref11 leverage ref1, ref2 liberalization, capital ref1, ref2 liberalization of international finance, and global wealth/income inequality ref1 liberalization of international investments ref1 liberal maxim, economic justice ref1, ref2, ref3, ref4 liberating theory ref1 Liberating Theory ref1 Liberty Bond Act ref1 living standards, North Atlantic real economies ref1 Living Wage: Building a Fair Economy, The ref1 Living Wage for Workers at American University: A Question of Fairness and Social Responsibility, A ref1 living wages ref1 loans: bail out ref1, ref2, ref3, ref4, ref5; defaulting on international ref6; to poor countries ref7; poor quality ref8 Locke, John ref1 Looking Backward ref1 low road growth strategy ref1, ref2 Luce, Stephanie ref1 luck: and distribution of productive property ref1; and inequality ref2; and wealth accumulation ref3 macroeconomic perspective, fiscal policy ref1 macroeconomic policy: in closed economy ref1; and employment ref2; equivalent ref3; in an open economy ref4 macroeconomic problems, and microeconomic models ref1 macroeconomics ref1; open economy ref2 macroeconomic stabilization policies ref1 macroeconomic theory, and wage rates/economic growth ref1 macroeconomy, as equal opportunity respondent ref1 macro inefficiencies, and unstable international markets ref1 macro law of supply and demand ref1, ref2, ref3, ref4, ref5 macro policies, full employment ref1 Maddison, Angus ref1 majority rule, and self-management ref1 Malthus, Thomas Robert ref1 marginal costs (MCs), of reducing emissions ref1 marginalists ref1 marginal private benefits, of car consumption ref1 marginal productivity ref1, ref2 marginal propensity to consume ref1 marginal propensity to import ref1 marginal revenue product, of input ref1 marginal social benefit (MSB) ref1, ref2 marginal social cost (MSC) ref1, ref2 Marin, Peter ref1 market demand, and social benefits of public goods ref1, ref2 market demand curve ref1, ref2 market disequilibria ref1 market economies, emerging/bankruptcy of ref1 market failure ref1, ref2 market forces ref1 market incentives, perverse ref1 see also peverse incentives market prices see also prices: for mortgage-based securities ref1; and social/individual activities ref2 market(s): anti-social bias ref1; bubbles ref2, ref3, ref4; coercion in ref5; competitive/non-competitive and inequality ref6; crashes ref7, ref8; currency ref9, ref10, ref11; defined ref12; efficiency of ref13; for emission rights ref14 see also trade in emission rights; fairness of ref15; how they work? ref16; and human traits ref17; and inequality ref18; as an institution ref19; international credit market ref20, ref21; international/instability of ref22; as socially destructive ref23; for stocks/currency ref24 market socialism ref1 market supply curve, for cars ref1 market supply/demand ref1, ref2 mark to market accounting procedures for evaluating assets ref1 Marxian theory of wage determination ref1 Marxism, and economic sphere ref1 Marx, Karl ref1, ref2, ref3, ref4, ref5, ref6, ref7 Medicare hospital insurance fund, owning debt ref1 Mellon, Andrew ref1 Mexico ref1 microeconomic models: Climate Control Treaties ref1; and macroeconomic problems ref2; old theory as ref3; Price Of Power Game ref4; Public Good Game ref5; Sraffa Model of Income Distribution and Prices ref6 microeconomic perspective, fiscal policy ref1 micro law of supply and demand ref1, ref2, ref3, ref4, ref5, ref6, ref7 military budget ref1 military retirement fund, owning debt ref1 military spending ref1n.9, ref2 Mill, John Stuart ref1 minimum legal reserve requirement ref1, ref2 minimum wage laws ref1, ref2 Ministry of International Trade and Industry (MITI), Japan ref1, ref2 minority groups ref1, ref2 Mishel, Lawrence & Bernstein, Jared ref1 mixed economy ref1, ref2 Mobutu Sese Seko ref1 mode of production ref1 modern surplus approach ref1, ref2 Mokyr, Joel ref1 monetary authorities, increasing investment demand ref1 monetary policy(ies) ref1; and aggregate demand ref2, ref3; avoiding inflation ref4; expansionary ref5; and inflation ref6, ref7, ref8; and unemployment ref9, ref10, ref11 monetary stimulus, Federal Reserve Bank ref1 monetary unions ref1 money ref1; and efficiency of real economy ref2 money supply: and aggregate demand ref1; changing of ref2; and equilibrium GDP ref3; and Federal Reserve Bank ref4, ref5, ref6, ref7; and government budget ref8; and investment demand ref9; and recessions ref10 Monitoring the World Economy 1820-1992 ref1 monopoly capital theory ref1 Morales, Evo ref1 moral hazard, and federal insurance ref1 more developed countries (MDCs): and climate control treaties ref1; exploiting less developed countries (LDCs) ref2; inequalities within/and trade ref3; and terms of trade ref4 mortgage-backed securities: insurance to buyers of ref1; market prices for ref2 mortgage industry ref1 mortgage loans: and financial crisis ref1; poor credit risks ref2; reselling of ref3 mortgages, sub-prime ref1 multinational companies (MNCs) see also corporations: and buying up of third world business assets ref1, ref2; and direct foreign investment ref3; and exploitation of LDCs ref4; and foreign currencies ref5 multiparty deals, mutually beneficial ref1, ref2 multiplier chain of events ref1, ref2 multiplier effect ref1, ref2 mutually beneficial multiparty deals ref1, ref2 Nader, Ralph ref1 NAFTA treaty ref1, ref2 Nash equilibrium ref1, ref2, ref3 National Commission on Fiscal Responsibility and Reform ref1 national debt: myths about ref1; Reagan era ref2 national federation of consumer councils ref1 nationalization, of financial industry ref1 natural capital, precautionary principle ref1 natural environment ref1 natural needs/potentials ref1 natural rate of unemployment ref1, ref2 natural resources, owners of earning rents ref1 need(s): for freedom ref1; of humans ref2; natural/species/derived ref3; payment according to ref4 neighborhood consumers’ council ref1 neighborhood effects ref1 neoclassical economists ref1, ref2 neoclassical growth theories ref1 neoclassical theory ref1 neoliberal capitalism ref1, ref2, ref3, ref4 neoliberal economy, low wage ref1 neoliberal globalization ref1, ref2 neoliberalism ref1, ref2 neoliberals, and privatization ref1 neo-Marxist growth models ref1 net domestic product (NDP) ref1, ref2, ref3 New Deal ref1 new deal, green ref1 new economy ref1 new technology: and capitalists ref1; and competition for profits ref2; cost reducing ref3; and economic efficiency ref4; and employee empowerment ref5; failing to implement ref6, ref7; inefficient choices regarding ref8; and labor costs ref9; and rate of profit ref10, ref11; and social interest ref12; socially productive/counterproductive ref13, ref14, ref15; and wage rates ref16, ref17, ref18; and wages/profits/prices ref19 Nixon, Richard ref1 non-Annex-1 countries ref1 non-labor primary inputs, replacement of ref1n.10 North Atlantic real economies, stagnation of ref1 northern countries, gaining from trade ref1 Northwest Economic Research Center ref1 Norway ref1, ref2 Obama administration: bail out of of Wall Street ref1; debt/GDP ratio ref2; and environment ref3; and financial crisis ref4; and fiscal stimulation/deficit reduction ref5, ref6; healthcare ref7; reducing benefits ref8; taxpayer bailout of banks ref9; Troubled Asset Relief Program (TARP) ref10, ref11 Obamacare ref1 Occupy Wall Street ref1, ref2, ref3, ref4, ref5, ref6, ref7 Ohio Public Interest Campaign ref1 Ohlin, Bertil ref1 Okishio, Nobuo ref1, ref2 Okun’s law ref1 Ollman, Bertell ref1 On Liberty ref1 “open” bond market, treasury bonds ref1 open economy: macroeconomics ref1, ref2; model ref3 open market operations, Federal Reserve Bank ref1 opportunity costs: differing between countries ref1; and mutually beneficial trade ref2; of production ref3, ref4 Organization for Economic Cooperation and Development (OECD) ref1 outcomes: under autarky ref1; and credit/labor markets ref2; Pareto optimal ref3; and social relationships ref4; under three international economic regimes ref5; unjust/exploitative ref6, ref7 output: and capacity utilization ref1; and unemployment ref2 owners of land/machines, as parasites ref1 owners of natural resources, earning rents ref1 pain/gain ref1n.4 panic, and depositors ref1 Panic Rules ref1 Panic Rules! Everything You Need to Know About the Global Economy ref1, ref2 panics, bank ref1 parasites, and producers ref1 Pareto improvement ref1 Pareto optimality, and efficiency ref1 Pareto principle, and efficiency criterion ref1, ref2 Park, Walter & Brat, David ref1 participation, weakening of ref1 participatory economics ref1 participatory economies ref1, ref2 participatory planning ref1, ref2, ref3 Partnoy, Frank ref1n.4 Patient Protection and Affordable Care Act 2010 ref1 patriarchal husbands ref1 patriarchal power ref1, ref2 patriarchy, gender relations ref1 Paulson, Henry “Hank,” Jr ref1, ref2, ref3 payment see also wages: according to effort ref1; according to need ref2; and personal contribution ref3; and personal sacrifice ref4 payoff matrix ref1 peasants, plight of ref1 people, and society ref1 performance, evaluating ref1 Perot, Ross ref1 personal contribution: and genetics ref1; and payment ref2 personal sacrifice, and payment ref1 perverse incentives ref1, ref2, ref3, ref4, ref5 pie principle ref1, ref2, ref3, ref4, ref5, ref6 Pigou, A.C ref1 Plan, Général du ref1 planet, as a sink ref1 planning: central ref1; democratic ref2; indicative ref3, ref4; participatory ref5, ref6, ref7; by semi-autonomous municipal assemblies ref8 policy(ies) see also macroeconomic policy: anti-trust ref1; and class war ref2; deflationary ref3, ref4, ref5; equivalent macroeconomic ref6; evaluating ref7; expansionary ref8, ref9, ref10, ref11n.7; fiscal ref12, ref13, ref14, ref15, ref16, ref17; full employment macro policies ref18; IMF ref19; industrial ref20, ref21, ref22; and inflation and unemployment ref23; monetary see monetary policy(ies); opposition to expansionary ref24; stabilization ref25, ref26; stabilization/Sweden ref27 political democracy: and authoritarian economies ref1; and economic democracy ref2, ref3, ref4, ref5; and free enterprise ref6; lack of ref7; in US ref8, ref9 political economists: from Global South ref1; and international investment ref2; third world/and unequal trade ref3 political economy growth model ref1 political freedom: and economic freedom ref1, ref2; and private enterprise ref3 political power: US financial industry ref1; and wealth ref2 political sphere ref1 Pollin, Robert ref1 pollution reduction, public goods ref1 pollution tax ref1, ref2, ref3 Ponzi schemes ref1 poor people: and credit markets ref1; disenfranchisment of ref2 Portugal ref1 potential GDP ref1, ref2, ref3, ref4, ref5, ref6 power: of buyers/sellers ref1; corporate ref2, ref3, ref4; economic ref5, ref6, ref7; patriarchal ref8, ref9 power relations: amongst classes ref1, ref2; international communities ref3; and prices ref4; and unemployment ref5; workers/employers/resourse owners ref6 precautionary principle: and intergenerational equity ref1; natural capital ref2 preference development/fulfillment, and economic choices ref1 preferences: of consumers ref1; endogenous/and efficiency ref2; people’s/and economic institutions ref3 presidential campaigns, financing of ref1 price equations, for the economy ref1 price of power, efficiency loss ref1 Price Of Power Game ref1, ref2; conflict theory of the firm ref3; price of patriarchy ref4; transformed ref5 price(s): and capitalism ref1; changes as signals ref2; currency prices ref3, ref4; determination of ref5; equilibrium price ref6, ref7, ref8; inaccurate/misidentifying comparative advantage ref9; and new technology ref10; and power relations ref11; relative/in capitalist economy ref12; spikes/crashes/LDCs ref13 price signals ref1, ref2, ref3 primary inputs, replacement of non-labor ref1n.10 printing press option ref1 private benefits ref1, ref2 private consumption ref1, ref2 private costs ref1, ref2 private enterprise: and distribution of wealth ref1; and economic freedom ref2; efficiency ref3; and inequality ref4; and political freedom ref5; poor results of ref6 private goods, preferences for ref1 private investment, and interest rates ref1 private public partnerships, taxpayer subsidies as ref1 privatization ref1, ref2, ref3 producer cooperatives ref1 producers, and parasites ref1 producer sovereignty ref1 production see also capital intensive production process; factors of production; labor intensive production process: and aggregate demand ref1; and austerity programs ref2; and capacity utilization ref3; capital intensive/labor intensive ref4; capital intensive production process ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13; and deflationary policies ref14; in developing countries/and international credit ref15; and expansionary policies ref16n.7; opportunity costs of ref17, ref18; in recession ref19; social cost of ref20, ref21; social effects of ref22; social/private costs of ref23, ref24, ref25; by workers’ councils ref26 production externality ref1 Production of Commodities by Means of Commodities ref1 production sector, inefficiency ref1 production technologies, and throughput ref1 productive property ownership, and economic justice ref1 productive resources: misallocation of ref1; and public goods ref2 productivity: in Eurozone ref1; labor/and real wages ref2; of less developed countries (LDCs) ref3; marginal ref4, ref5; per hour/rising ref6; and stagnating wages ref7 profit-increasing/reducing effects, of discrimination ref1 profit-led growth strategy ref1, ref2, ref3 profit push inflation ref1 profits ref1; of banks ref2; and capacity utilization ref3; competition for/and new technologies ref4; corporate profit rates ref5, ref6; determination of ref7; and economic discrimination ref8, ref9; and Great Recession ref10; and new technology ref11, ref12; and wage rates/capitalist economies ref13 progressive taxation ref1, ref2 propertied, dictatorship of ref1 property is theft ref1 property rights system ref1 proportional taxation ref1 psychological factors, and demand conditions ref1 public credit systems ref1 public deposit insurance ref1 public education ref1 public enterprises, privatization of ref1 Public Good Game ref1 public goods: benefit from ref1, ref2; and external effects ref3; market demand and marginal social benefit of ref1, ref2; pollution reduction ref3; and productive resources ref4; social benefits of ref5, ref6; socially efficient level of ref7; underproduction of ref8 public ownership ref1 Putnam, Robert ref1 quantitative easing ref1, ref2 Quebec, student protests ref1 racial minorities, and community institutions ref1 radical maxim, economic justice ref1, ref2, ref3, ref4 rating agencies, and Wall Street banks ref1 rational depositors ref1 rational expectation macroeconomics ref1n.4 rational investors ref1 raw materials, and exploitation of LDCs ref1 Reagan administration ref1, ref2, ref3, ref4, ref5 real economy(ies): and credit system ref1, ref2; and financial economies ref3; and market disequilibria ref4 recessions see also Great Recession: and aggregate demand ref1; and austerity programs ref2, ref3 see also austerity programs; curing themselves ref4; and employers ref5; European government’s response to ref6; and falling production/employment ref7; and money supply ref8; and national debt ref9 redistributive consequences, of inflation ref1 reforms: financial ref1, ref2; healthcare ref3; and industrial policy ref4; international financial ref5 regressive taxation ref1, ref2, ref3 regulation: of banking industry ref1, ref2; of credit default swaps ref3; financial ref4, ref5, ref6; global financial system ref7; government/of banks ref8; insurance industry ref9; international capital flows ref10; of mortgage/banking/financial/insurance industries ref11 relationships: employer–employee ref1; social ref2, ref3, ref4 religious minorities, and community institutions ref1 rent, determination of ref1 rent seeking behavior ref1, ref2 rents, owners of natural resources earning ref1 reproductive sphere ref1, ref2 reserve requirement, minimum legal ref1 Resolution Trust Corporation ref1 resources, misallocation of ref1 respect: for others ref1; search for ref2 retained earnings ref1 reverse auction, of toxic assets ref1 Ricardo, David ref1, ref2, ref3, ref4 rights: emission ref1, ref2, ref3, ref4, ref5, ref6, ref7; employer/employee ref8 risk, hiding of/securitization departments ref1, ref2 Robinson, Joan ref1 Rockefeller grandson problem ref1 rollover, of debt ref1 ruling class, and class war ref1 sacrifice: and inequality ref1, ref2; and labor/credit markets ref3; personal/and payment ref4 safety net: dismantling ref1; reducing/and fear ref2; safe ref3; Scandinavia ref4, ref5 satisfaction, of buyers/sellers ref1 Savings and Loan Crisis 1980s ref1, ref2, ref3 Sawicky et al ref1 Say’s Law, fallacy of ref1 Scandinavia ref1, ref2, ref3 schools, ghetto ref1 Scorecard on Globalization 1980–2000: Twenty Years of Diminished Progress ref1 sectoral imbalances, and disequilibria/inefficiency ref1 securitization departments, Wall Street banks ref1, ref2 securitized debt instruments ref1 self-conscious agents, people as ref1, ref2 self-creative, humans as ref1, ref2, ref3 self-management ref1; economic ref2, ref3; and the economy ref4; falling levels of ref5; and individual freedom ref6, ref7; preferences for ref8; and property rights system ref9; shifting to alienated labor ref10, ref11, ref12; of work ref13, ref14 self-serving class interest ref1 sellers: and inflation ref1; power of ref2; rent seeking at expense of ref3; satisfaction of ref4 semi-autonomous municipal assemblies, planning by ref1 sequestration ref1 Sharpe, M.E ref1 short-run imbalances between sectors, and industrial policy ref1 simple Keynesian macro model ref1 Simpson, Alan ref1 Singapore ref1 single-payer healthcare ref1 Smith, Adam ref1, ref2, ref3, ref4, ref5, ref6, ref7 sociability, human ref1 social activity, spheres of ref1 social benefits ref1, ref2, ref3, ref4 social change ref1, ref2 social consumption ref1 social costs: Adam Smith ref1; of agricultural production in US ref2; of gallon of gas ref3; of international transportation ref4n.3; of making cars ref5; and participation in activities ref6; of production ref7, ref8 social democracy ref1, ref2 social democratic capitalism ref1 social effects, of production/consumption ref1 social fabric, thinning of ref1 social inefficency, of new technology ref1 social instability ref1, ref2 social institutions ref1, ref2, ref3, ref4 social interest: and capitalists ref1; and new technology ref2 socialism, market ref1 social life, four spheres of ref1, ref2 socially efficient level of output, of goods ref1 socially productive/counterproductive, new technology ref1, ref2 social relationships ref1, ref2, ref3 social roles ref1, ref2 social safety net see safety net Social Security, privatization of ref1 Social Security trust funds, owning debt ref1 social species, humans as ref1 social stability, and social change ref1 social welfare programs, opposition to ref1 society(ies): and people ref1; stabilizing/destabilizing forces ref2, ref3 socio-technology matrix ref1n.12 solidarity ref1, ref2, ref3 South Africa ref1 southern exports/imports, and terms of trade ref1 South Korea ref1, ref2, ref3, ref4 Soviet Union ref1 Spain ref1, ref2, ref3, ref4 specialization ref1, ref2, ref3 species nature, and denial of self-management opportunities ref1 species needs/potentials ref1, ref2 species rights, self-management as ref1 spending: government ref1, ref2, ref3; military ref4n.9, ref5 Sraffa Model of Income Distribution and Prices ref1, ref2, ref3 Sraffa, Piero ref1 stabilization policies ref1, ref2 stagflation ref1 state governments, and loss of federal grants ref1 state of nature ref1, ref2 state taxation, sales/local property taxes ref1 static efficiency ref1, ref2 status quo, elites preserving ref1 steady state economy ref1 Steindl, Josef ref1, ref2 Stiglitz, Joseph ref1, ref2 stock bonds ref1 stock market boom ref1, ref2 stocks, markets for ref1 strength, physical/and unfair advantage ref1 strong sustainability ref1 structural adjustment agreements, IMF ref1 structural unemployment ref1, ref2 student protests ref1 sub-prime mortgages, and financial crisis ref1 subsidized loans, to poor countries/as carrot ref1 Summers, Laurence ref1, ref2, ref3, ref4, ref5 superpowers ref1 supply: aggregate supply see aggregate supply; barter exchange economy ref1; currencies ref2, ref3; elasticity of ref4; excess/of labor ref5; excess supply ref6, ref7, ref8, ref9, ref10, ref11, ref12; law of supply/demand ref13; macro law of supply and demand ref14, ref15, ref16, ref17, ref18; micro law of supply and demand ref19, ref20, ref21, ref22, ref23, ref24, ref25; money/and Federal Reserve Bank ref26, ref27, ref28, ref29; and unemployment ref30 surplus: division of/Sraffa model ref1; production of ref2; trade ref3 surplus approach ref1, ref2, ref3, ref4 sustainability ref1 sustainable development, defining ref1, ref2 Sweden ref1, ref2 Taiwan ref1, ref2, ref3 tapering ref1 TARP I/TARP II ref1, ref2 taxation: and aggregate demand ref1; of bads/goods ref2; benefiting the rich ref3, ref4; and budget deficits ref5; and debt interest payments ref6; federal ref7; and fiscal policy ref8, ref9; and Japan’s industrial progress ref10; loopholes/preferences ref11; lowering business ref12; pollution ref13, ref14, ref15; proportional/progressive ref16, ref17; and public goods ref18; reform/and economic justice ref19; regressive taxation ref20, ref21, ref22; revenues/and austerity programs ref23; state ref24; tax breaks/foreign investors ref25; tax incidence ref26; on wealth ref27 taxpayer bail out of banks ref1 taxpayers, and savings and loans crisis ref1 taxpayer subsidies, as private public partnerships ref1 technical change, in Sraffa Model ref1 technology: in capitalism ref1, ref2, ref3; and capitalist economies ref4; failing to implement new ref5, ref6; implementation of new/and competition ref7, ref8 terms of trade ref1, ref2 Thatcher government, UK ref1 Thatcher, Margaret ref1 third world agriculture, and globalization ref1 third world countries, environmental standards ref1 see also less developed countries (LDCs) thrift institutions, insolvency of ref1 throughput ref1, ref2 Thurow, Lester ref1 total costs (TCs), of reducing emissions ref1 toxic assets ref1, ref2, ref3 trade: and absolute/competitive advantage ref1; benefiting northern countries ref2; decreasing global efficiency ref3; deficit ref4, ref5, ref6; distributive effects of ref7, ref8; in emission rights ref9, ref10, ref11, ref12, ref13, ref14, ref15; false trading ref16; feasible terms of ref17, ref18; free trade ref19; and global inequality ref20, ref21; imbalances/Eurozone ref22; increased/and increased demand for capital ref23; increased/and wage inequality ref24; increasing global efficiency ref25; and inequality ref26; international ref27n.19, ref1, ref2; liberalization/critics of ref3; mutually beneficial ref4; and net demand for currency ref5; and skilled/unskilled labor ref6; surplus/deficits ref7, ref8; terms of ref9, ref10; unequal ref11; unfair distribution of costs/benefits within countries ref12 trade theory ref1, ref2, ref3 trade treaties, and efficiency losses ref1 trade unions, and wage costs ref1 training, and personal contribution ref1 Trans-Pacific Partnership Agreement (TPP) ref1 transaction costs ref1, ref2, ref3 treasury auctions ref1 treasury bonds ref1, ref2, ref3, ref4, ref5 Treasury Department ref1 Triple A rated mortgage-based securities ref1, ref2 Troika, the ref1 Troubled Asset Relief Program (TARP) ref1, ref2 trust, weakening of ref1 Twentieth Century Fund ref1 Uncut movement ref1 uneconomic growth ref1 unemployment: advanced economies ref1; and austerity programs ref2, ref3; benefitting employers ref4; cyclical/structural/frictional ref5; and deflationary policies ref6; effects of ref7; Europe ref8; Eurozone ref9, ref10, ref11; and excess supply ref12; and falling wages ref13; and fiscal policy ref14; and fiscal stimulus ref15; frictional/US ref16; during Great Depression ref17; and Great Recession ref18, ref19, ref20; Greece ref21, ref22; and high road growth strategies ref23; and inflation ref24; less developed countries (LDCs) ref25; and living wages ref26; and minimum wage laws ref27; and minority groups ref28; and monetary policies ref29, ref30, ref31; natural rate of ref32, ref33; North Atlantic real economies ref34; opposition to policies to reduce ref35; and output ref36; and policy intervention ref37; and power relations ref38; and rise in the minimum wage ref39; structural ref40, ref41; and supply ref42; United States ref43; and the wealthy ref44; women ref45 unemployment gap: calculating ref1, ref2; and fiscal policy ref3, ref4, ref5, ref6, ref7 unfair advantage: and inequality ref1; and physical strength ref2; and wealth accumulation ref3 uniform price, law of ref1 union shops, and capitalism ref1 United for a Fair Economy ref1 United Nations World Commission on Environment and Development see Brundtland Commission United States: declining influence in Latin America ref1; frictional unemployment ref2; gini coefficient for ref3; healthcare system ref4; housing market ref5; inequality in ref6, ref7, ref8; inflation ref9, ref10; interest payments on debt ref11; kinship sphere ref12; opposition to stabilization policies ref13; political democracy in ref14; rising inequality ref15; social fabric of ref16; as superpower ref17; unemployment ref18; wealth in ref19 upper-income groups, increasing income of ref1 see also elites US Civil Rights Act ref1 US Department of the Treasury, and deregulation ref1 US dollars, as international reserve currency ref1 US Treasury purchases, of toxic assets ref1 utopian socialist traditions ref1 value judgements, and efficiency criterion ref1, ref2 value, labor theory of ref1, ref2, ref3 values, of currencies ref1, ref2 variety, economic ref1, ref2 vicious cycle of specialization ref1 virtuous long run development strategy ref1 Volker, Paul ref1, ref2 Volker-rule ref1 voucher system, education ref1, ref2 wage costs, and trade unions ref1 wage determination, Marxian theory of ref1 wage differentials, and increased trade ref1 wage discrimination, gender-based ref1 wage inequality, and increased trade ref1 wage-led growth ref1, ref2, ref3, ref4, ref5 wage-price spiral ref1 wage push inflation ref1 wage rates: and aggregate demand ref1; under autarky ref2; and capacity utilization ref3; in capitalist economies ref4, ref5, ref6; and characteristics of employees ref7; determination of ref8; and direct foreign investment ref9; and employers/employees ref10; female wage gap ref11; and labor productivity ref12; less developed countries (LDCs) ref13; and macroeconomic theory ref14; and new technology ref15, ref16, ref17; and profits/capitalist economies ref18; and unemployment ref19 wages: and capital accumulation ref1; and corporate power ref2; depression of/and actual GDP ref3; determination of ref4; equilibrium wage ref5, ref6, ref7; falling ref8, ref9; and Great Recession ref10, ref11; and growth ref12; living ref13; minimum wage ref14, ref15; and new technology ref16; real world capitalism/inequity in ref17; and rising productivity ref18; stagnant ref19, ref20; and tight labor markets ref21; and unemployment ref22; wage slavery ref23 Wall Street banks: and breakdown of credit system ref1; buying mortgage loans ref2; and financial crisis ref3; government underwriting of ref4; and rating agencies ref5; securitization departments ref6, ref7; and toxic assets ref8 War on Poverty ref1, ref2 weak sustainability ref1 wealth: accumulation ref1; distribution/and private enterprise ref2; of households ref3; inequality ref4, ref5, ref6; inherited ref7, ref8, ref9, ref10, ref11, ref12; and political power ref13; tax on ref14; in US ref15 Wealth of Nations, The ref1, ref2 webs of connection, and human sociality ref1 welfare economics ref1, ref2 welfare, effects of cutting ref1 welfare reforms, rolling back of ref1 welfare systems, and employment ref1 “What Markets Can and Cannot Do” ref1 Wider Opportunities for Women ref1 Wolff, Edward ref1 women, and unemployment ref1 work: alienation of ref1; balanced for desirability/empowerment ref2; in capitalism ref3; self-management of ref4, ref5 worker cooperatives ref1, ref2 worker councils ref1 worker empowerment ref1 workers’ councils, production by ref1 workers, third world/and DFI ref1 work force: and lack of self-management ref1; and tight labor markets ref2 working conditions, and tight labor markets ref1 World Bank ref1 World Trade Organization ref1 Wright, Jim ref1 Yugoslavia ref1 Zaire ref1 zero sum games ref1 ... revised and expanded edition of The ABCs of Political Economy: A Modern Approach is dedicated to the memory of Pete Seeger who died at the age of 94 on January 27, 2014 when I was finalizing the. .. assuming that classes are more important agents of social change, and racial, gender, or political groups are less important “agents of history” than they actually are in a particular situation Of course... clearly The Sraffa model is now compared and contrasted to the neoclassical theory of income and price determination as well as the Marxian labor theory of value, closing with a modern argument