Economic orthodoxy: where vision goes to die

Econ4’s Gerald Friedman laments the blindness of orthodox economics:

When I conducted an assessment of Senator Bernie Sanders’ economic proposals and found that they could produce robust growth, the negative reaction among powerful liberal economists was swift and vehement. How much, I wondered, did this reflect personal disappointment being rationalized into a political economy of despair? Professional economists tend to embrace an economic theory that government can do little more than fuss around the edges. From that stance, what do they have to offer ordinary people for whom the economy is not working? Not a whole lot.

Read Friedman’s full piece here.

PS: The debate on the Sanders proposals between Friedman and his critics is recapped here and here.

How health care works (or not) in the United States

Econ4’s Gerald Friedman spells out the ABC’s of the health care economy in the U.S. [Viewer discretion advised: The information in this video may tick you off.]

Source: justenoughinfo.org.

Real-world microeconomics

Here’s an introductory textbook – written by Econ4’s Jerry Friedman – that not only covers the usual micro topics but goes beyond, putting the economic behavior of consumers and firms into its social context:

This unique textbook covers all the standard topics of an introductory microeconomics course, including the profit-maximizing firm, the utility-maximizing consumer, supply and demand, price and income elasticities, factors of production and their marginal products, and so on. But this book does much more: it offers both an alternative vision of microeconomics—placing individual decision-making in the context of social norms and institutions—and cogent criticism of neoclassical theory. Students using this book will get more than just an introduction to mainstream microeconomics—they will gain a deeper and more critical understanding of it.

   Read more about Microeconomics: Individual Choice in Communities here.

Read more about other economics textbooks from Dollars and Sense here.

Capitalism Unmasked

Capitalism Unmasked, a new eBook edited by Lynn Parramore, was produced in a partnership between AlterNet and Econ4 to expose the myths of unbridled capitalism and show the way to a better future. You can download the PDF here.

America’s sick health system

Selling health insurance isn’t like selling shoes, as Econ4’s Gerald Friedman explains in this Real News Network interview:

Source: http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=8638.

How Paris Hilton’s Dogs Ended up Better off than You

Jerry Friedman recounts the gripping story of the greatest heist ever in the first installment of “Capitalism Unmasked,” Econ4’s joint project with AlterNet:

Elites say that we need inequality to encourage the rich to invest and the creative to invent. That’s working out well — for 1% pooches.

 

Read all about it here.

Universal Health Care: Can We Afford Anything Less?

Gerald Friedman on why only a signle-payer system can solve America’s health-care mess. Read it here.

Interview with Gerald Friedman