Even ‘The Economist’ magazine has admitted Karl Marx was right about a good many things- globalization and international markets, the business cycle and the way economics shapes ideas, for example. But Marx’s most basic ideas also seem well founded- production is essential to survival and, in any system of production, human beings inevitably enter into […]
Market Failure, Inequality and Inefficiency
The ALP national platform says the following about markets and market failure: “Markets have fostered abundance and growth that would be inconceivable to previous generations. All markets are structured by legal frameworks, as well as underwritten by public investments in physical and human capital. Markets exist to serve communities and government can and should shape […]
Inequality- the USA, Australia and the ALP
In his article ‘America’s economy is a nightmare of our own making’ former secretary of Labor in the Clinton administration, Robert Reich, describes increased inequality in the USA. He concludes that the increase in inequality is the product of a heightened concentration of political power in the corporate and financial elite. It is this concentration […]