Archive for the ‘economics’ Category

A new take on the gold standard?

Originally posted on unsettling economics:

Keynes, in his Treatise on Money, in a footnote at the beginning of Chapter 35, referring to the love of money, as a footnote pointing to the work of the Hungarian psychoanalyst, Sandor Ferenczi, who was famous for his work on that subject. Ferenczi argued that the love of money was a continuation of infants’ fascination with their own feces.

Ferenczi, Sandor. 1914. “The Ontogenesis of Interest in Money.” In Sex in Psycho-Analysis (Contributions to Psycho-Analysis) (NY: Basic Books, 1950): pp. 319-31.

I turns out that Keynes and Ferenczi were up to something.

Devlin, Hannah. 2015. “Gold in faeces is worth millions and could save the environment.” The Guardian (25 March). http://www.theguardian.com/science/2015/mar/23/gold-in-faeces-worth-millions-save-environment.

“Sewage sludge contains traces of gold, silver and platinum at levels that would be seen as commercially viable by traditional prospectors. “The gold we found was at the level of a minimal mineral deposit,” said Kathleen Smith…

View original 5 more words

A new take on the gold standard?

Keynes, in his Treatise on Money, in a footnote at the beginning of Chapter 35, referring to the love of money, as a footnote pointing to the work of the Hungarian psychoanalyst, Sandor Ferenczi, who was famous for his work on that subject. Ferenczi argued that the love of money was a continuation of infants’ fascination with their own feces.

Ferenczi, Sandor. 1914. “The Ontogenesis of Interest in Money.” In Sex in Psycho-Analysis (Contributions to Psycho-Analysis) (NY: Basic Books, 1950): pp. 319-31.

I turns out that Keynes and Ferenczi were up to something.

Devlin, Hannah. 2015. “Gold in faeces is worth millions and could save the environment.” The Guardian (25 March). http://www.theguardian.com/science/2015/mar/23/gold-in-faeces-worth-millions-save-environment.

“Sewage sludge contains traces of gold, silver and platinum at levels that would be seen as commercially viable by traditional prospectors. “The gold we found was at the level of a minimal mineral deposit,” said Kathleen Smith, of the US Geological Survey.”

. “How Economics Bolstered Power by Obscuring it.”

Originally posted on unsettling economics:

Nick Buxton and Madeleine Bélanger Dumontier, eds. State of Power 2015: An Annual Anthology on Global Power and Resistance, eds. (Amsterdam: The Transnational Institute

This is a collection of articles, despite the inclusion of one of my own,  “How Economics Bolstered Power by Obscuring it.”

You can download the book at

file:///D:/TNI_State-of-Power-2015%20(1).pdf

View original

. “How Economics Bolstered Power by Obscuring it.”

Nick Buxton and Madeleine Bélanger Dumontier, eds. State of Power 2015: An Annual Anthology on Global Power and Resistance, eds. (Amsterdam: The Transnational Institute

This is a collection of articles, despite the inclusion of one of my own,  “How Economics Bolstered Power by Obscuring it.”

You can download the book at

file:///D:/TNI_State-of-Power-2015%20(1).pdf

New frontiers in Transparency

Originally posted on unsettling economics:

http://online.wsj.com/articles/buyout-firms-push-pension-funds-to-keep-information-under-wraps-1415142588

We know we live in the world of perverse transparency: governments,
which are effectively shielded from having to provide information have
the right to get intimate information about our lives.  I think this
is supposed to be called transparency.

In the case of pensions, they are woefully underfunded. The only hope
they have of staying afloat while meeting their obligations is to
treat their finance as a form of what is known in the football world
as a series of hail Mary passes in order to gamble on getting
extraordinarily high returns.

The largest pension fund is California’s Public Employees Retirement
System, which recently announced that it would be withdrawing its
investments from hedge funds, but left unsaid that it would continue
investing with private equity operations.

Here we encounter a sad irony. The Mitt Romney campaign increase
public awareness of the damage that private equity does to workers.

View original 98 more words

New frontiers in Transparency

http://online.wsj.com/articles/buyout-firms-push-pension-funds-to-keep-information-under-wraps-1415142588

We know we live in the world of perverse transparency: governments,
which are effectively shielded from having to provide information have
the right to get intimate information about our lives.  I think this
is supposed to be called transparency.

In the case of pensions, they are woefully underfunded. The only hope
they have of staying afloat while meeting their obligations is to
treat their finance as a form of what is known in the football world
as a series of hail Mary passes in order to gamble on getting
extraordinarily high returns.

The largest pension fund is California’s Public Employees Retirement
System, which recently announced that it would be withdrawing its
investments from hedge funds, but left unsaid that it would continue
investing with private equity operations.

Here we encounter a sad irony. The Mitt Romney campaign increase
public awareness of the damage that private equity does to workers.
Workers have good reason to want to know about the fees that their
pensions pay to the private equity operations.  The high fees are a
matter of concern. In addition, recent revelations show that private
equity operations sometimes continue to charge fees from companies
after they have severed their official connections with the company.

People, presumably covered by their pension plan, petitioned the state
of Iowa to learn about the fees private equity charges. Private equity
companies pressure the pension plans not to reveal this information
unless they are willing to be blackballed from investing in private
equity.

The Anarchy of Globalization: Local and Global, Intended and Unintended Consequences

Originally posted on unsettling economics:

I am going to give a keynote lecture for a conference on the local effects of globalization in Turkey

Here are a few early sentences to give a sense of my talk.

GLOBAL

View original

The Anarchy of Globalization: Local and Global, Intended and Unintended Consequences

I am going to give a keynote lecture for a conference on the local effects of globalization in Turkey

Here are a few early sentences to give a sense of my talk.

GLOBAL

Extended Interview Regarding my New Book

Tom O’Brien is a very knowledgeable and insightful interviewer.  The URL for earlier interviews on his program is

http://fromalpha2omega.podomatic.com/entry/2014-06-27T15_00_18-07_00

The URL for the interview is

http://fromalpha2omega.podomatic.com/enclosure/2014-06-27T15_00_18-07_00.mp3

By the way, the latest title of the book is Work, the Economy, and Economic Ideology: And Exploratory Political Economy of the Dangerous and Paradoxical Interactions of these Three Faulty Pillars of Society.  I would very much appreciate any criticism and suggestions about the material discussed in this interview. Thank you very much.

 

The Ideological Fraud of Adam Smith, Beginning with the Pin Factory

Originally posted on unsettling economics:

The first sign of Smith’s pin factory appeared in a course of lectures to his students in Glasgow in 1762 and 1763, more than a decade before the publication of his great book. The discussion of the pin factory began on March 28, 1763, while he was explaining to his Glasgow students the importance of the law and government:

They maintain the rich in the possession of their wealth against the violence and rapacity of the poor, and by that means preserve that useful inequality in the fortunes of mankind which naturally and necessarily arises from the various degrees of capacity, industry, and diligence in the different individuals. [Smith 1762 1766, p. 338]

In order to justify this inequality, Smith told his students that “an ordinary day labourer … has more of the conveniences and luxuries than an Indian [presumably Native American] prince at the head of 1,000 naked savages”…

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