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I guess "broadly" allows a lot of wiggle room but there are a lot of establishment econs doing good stuff eg
Aaron Sojourner
@aaronsojourner.org
Establishment Economists explaining the Central Bank setting interest rates at 20%, causing massive unemployment, collapse in the housing market, widespread small business failures, and suicides among small business owners and unemployed;
"Well last months M1 and M2 Money Supply numbers combined with high employment were at levels econmists and Central Bankers consider potentially inflationary so they had to do it."
Whenever they appear outraged at a statement, means you're headed in the right direction.
I enjoy your posts immensely and am in awe of your writing abilities and thought processes. But I wanted you to know that I enjoy your artwork and photoshopping skills almost as much! Thanks for sharing both!
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“We should end preferential tax treatment of capital gains, the money you get from owning something, which is taxed at a fraction of wages, the money you get from *doing* something.”
Like most of what Dr Doctorow says, this is sort of hyperbole
There are lots of "establishment" PhD economists who are otherwise, eg the Princeton (who establishment can you get, Tenure at Princeton) who showed that min wage laws don't hurt workers ?
https://pluralistic.net/2024/09/09/low-wage-100/#executive-excess
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The financialization is the banking sector doing to the domestic economy what the U.S./IMF has done to the world; a giant Ponzi scheme, neoliberalism helped legitimize. Deep history is rhyming with a climate+debt collapse
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Meanwhile (the economist continued), just look at where those giant paydays are coming from: stock grants, not salaries.
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Take the question of whether controlling CEO pay is useful as a matter separate from the impact it has on workers' wages. In our society, money is power, and the more money any individual is allowed to amass, the more power they amass. This power is then mobilized to acquire more money, and thus more power. Before you know it, the ultrawealthy are perverting every democratic institution we have.
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