The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
"Hi, Marc... You seem to think everyone's worried about robots. But what everyone's worried about is you, Marc. Not just you, but people like you. Robots aren't at the levers of financial and political influence today, but folks like you sure are. People are scared of so much wealth and control being in so few hands... Unless we collectively choose to pay for a safety net, technology alone isn't going to make it happen." [more inside]
Brazil has spared no expense for the upcoming World Cup. The month-long competition will feature 64 matches in 12 cities across the country. Refurbishing old stadiums and building new ones has cost Brazil $3.6bn. Several of the new stadiums will seldom be used after the World Cup, and Brasilia's World Cup stadium is estimated to have cost taxpayers $900m. [more inside]
VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
Congress takes a casual look at the peer-to-peer economy - “Finding new ways to monetise used or existing assets has the obvious and immediate effects of raising their value and the wealth of their owners, while simultaneously reducing the value of comparable stuff owned by incumbent companies — for whom monetisation already wasn’t a problem, and who find themselves burdened by the newly competitive environment. The innovations also provide a surplus to those consumers who previously would have paid more to an incumbent. And all without any new stuff actually having to be made.” [more inside]
The return of "patrimonial capitalism": review of Thomas Piketty's Capital in the 21st century (pdf) - "Thomas Piketty's 'Capital in the 21st century' may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital." [more inside]
Brad DeLong, recently installed at Equitablog, lays out a future (wonkish) where the returns to capital keep increasing relative to labor: "What do we people do to add value? Eight things... [more inside]
Dwarf Fortress: A Marxist Analysis
What one does in Dwarf Fortress is create a colony of an existing dwarven fortress – you’re always sent out as a team from a much larger existing stronghold elsewhere, and your foreign relations with other dwarves are limited to that particular fortress, on the whole. Even though your settlement is independent and self-governing, and the relations with the mother fortress mostly those of trade, the purpose of the game in all its open-endedness can be nothing other than to create oneself in the image of the previous fortress. In other words, fundamentally in Dwarf Fortress you reproduce the existing structure of dwarven society on a merely quantitatively expanded scale.[more inside]
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
From the mid 40s to the mid 50s Coronet Instructional Films were always ready to provide social guidance for teenagers on subjects as diverse as dating, popularity, preparing for being drafted, and shyness, as well as to children on following the law, the value of quietness in school, and appreciating our parents. They also provided education on topics such as the connection between attitudes and health, what kind of people live in America, how to keep a job, supervising women workers, the nature of capitalism, and the plantation System in Southern life. Inside is an annotated collection of all 86 of the complete Coronet films in the Prelinger Archives as well as a few more. Its not like you had work to do or anything right? [more inside]
What's also obvious is that this phase of Occupy, with talk of credit unions and occupying the SEC, while eminently worthy, is also kind of boring, especially when compared to the thrill of Occupy's park phase. Some, though, are ready to move on. "It's easy to go back to the park occupation and fetishize it, in a way," says Occupy Chicago's Brian Bean. "I prefer not to run a mini-society – I want to run society." - The Battle For The Soul Of Occupy Wall Street - Rolling Stone - Mark Binelli.
A close reading of the text of Volume One of Marx's Capital in 13 two-hour video lectures by David Harvey. (Two online so far) David Harvey is a Distinguished Professor of Anthropology at the City University of New York. He has been teaching Karl Marx's Capital, Volume I for nearly 40 years. Marx biographer Francis Wheen speaks on NPR as to why the book remains required reading.
Hernando de Soto is the founder of the Institute y Libertad Democracia, one of the world's premier think-tanks on economic development, based in Peru. His argument is that development in the third-world has failed because of institutional barriers which prevent ordinary citizens from legally registering their own property. His viewpoint is not unchallenged though, as Robert J. Samuelson challenges that he overlooks significant cultural differences between the West and "the Rest". These differences reward different values than the West's capitalism, and cause development to take a very different course than Western economists predict it should.