The Vocabulary of Economic Deception
By Michael Hudson
December 23, 2018 "Information Clearing House"
- We discuss Michael Hudson's book, J is for Junk Economics: A Guide to Reality in an Age of Deception, with an emphasis on the degradation of economic vocabulary that hides the real state of the economy; language affects peoples' perception of reality; history of economic thought no longer taught; classical political economy focused on society's unearned income or rent; the rentier landlord financial class; fictitious capital; the real reforms of the progressive era; classical political economists expected capitalism to evolve into socialism; classical economic concepts of value, price and rent; productive versus extractive economic sectors; public financing of infrastructure a windfall for the private sector; effects of the tax deductibility of interest; monetary policy and the Federal Reserve; economics is political - politics has always been about who is going to get what; National Income Accounting; fiscal policy and Modern Monetary Theory; the three stages of debt leveraging.
Are You Tired Of The Lies And Non-Stop Propaganda? |
Due to attack by trolls it is necessary to register to comment on articles. We ask that you post comments if you have information that confirms or challenges the information or opinion offered in the article. Please provide links to information that supports your views. It is not acceptable to make personal attacks on either the author or other members of the ICH community, doing so will result in cancellation of your posting privileges'.