The Profit Doctrine

Ian Hudson, Robert Chernomas

Description

The economics profession has a lot to answer for. After the late 1970s, the ideas of influential economists have justified policies that have made the world more prone to economic crisis, remarkably less equal, more polluted and less secure than it might be. How could ideas and policies that proved to be such an abject failure come to dominate the economic landscape?

 

By critically examining the work of the most famous economists of the neoliberal period including Alan Greenspan, Milton Friedman, and Robert Lucas, the authors Robert Chernomas and Ian Hudson demonstrate that many of those who rose to prominence did so primarily because of their defence of, and contribution to, rising corporate profits and not their ability to predict or explain economic events.



An important and controversial book, The Profit Doctrine exposes the uses and abuses of mainstream economic canons, identify those responsible and reaffirm the primacy of political economy.
List of Boxes, Figures and Tables

List of Abbreviations

Acknowledgements

1. Prophets and Profits

2. The Contest of Economic Ideas: Survival of the Richest

3. The Consequences of Economic Ideas

4. Milton Friedman: The Godfather of the Age of Instability and Inequality

5. The Deregulationists: Public Choice and Private Gain

6. The Great Vacation: Rational Expectations and Real Business Cycles

7. Bursting Bubbles: Finance, Crisis and The Efficient Market Hypothesis

8. Economists Go to Washington: Ideas in Action

9. Conclusion: Dissenters and Victors

Bibliography

Index

Sujets

• Public Finance
• ECONOMICS
• General officer
• Neoliberalism
• Political economy
• Privatization
• Business
• General
• Finance
• Privatisation

Informations

• Publié par: Pluto Press
• Date de parution: 20 décembre 2016
• Nombre de lectures: 0
• EAN13: 9781783719938
• Langue: English
• Poids de l'ouvrage: 2 Mo

Extrait

The Profit Doctrine

The Profit Doctrine

Economists of the Neoliberal Era

Robert Chernomas and Ian Hudson

Fîrst publîsed 2017 by Pluto Press 345 Arcway Road, London N6 5AA

www.plutobooks.com

Copyrîgt © Robert Cernomas and Ian Hudson 2017

Te rîgt o Robert Cernomas and Ian Hudson to be îdentîîed as te autors o tîs work as been asserted by tem în accordance wît te Copyrîgt, Desîgns and Patents Act 1988.

Brîtîs Lîbrary Cataloguîng în Publîcatîon Data A catalogue record or tîs book îs avaîlable rom te Brîtîs Lîbrary

ISBN ISBN ISBN ISBN ISBN

978 0 7453 3586 5 978 0 7453 3585 8 978 1 7837 1993 8 978 1 7837 1995 2 978 1 7837 1994 5

Hardback Paperback PDF eBook Kîndle eBook EPUB eBook

Tîs book îs prînted on paper suîtable or recyclîng and made rom ully managed and sustaîned orest sources. Loggîng, pulpîng and manuacturîng processes are expected to conorm to te envîronmental standards o te country o orîgîn.

Typeset by Stanord DTP Servîces, Nortampton, England

Sîmultaneously prînted în te Unîted Kîngdom and Unîted States o Amerîca

To Anwar Saîk and te late Davîd M. Gordon or cultîvatîng my apprecîatîon or teory în îstorîcal context. RC

To Lîsa Jonston. For everytîng. IH

Contents

Lîst of Boxes, Fîgures and Tabes Lîst of Abbrevîatîons Acknowedgements

1 Propets and Proîts 2 Te Contest o Economîc Ideas: Survîval o te Rîcest 3 Te Consequences o Economîc Ideas 4 Mîlton Frîedman: Te Godater o te Age o Instabîlîty and Inequalîty 5 Te Deregulatîonîsts: Publîc Coîce and Prîvate Gaîn 6 Te Great Vacatîon: Ratîonal Expectatîons and Real Busîness Cycles 7 Burstîng Bubbles: Fînance, Crîsîs and te Eîcîent Market Hypotesîs 8 Economîsts Go to Wasîngton: Ideas în Actîon 9 Conclusîon: Dîssenters and Vîctors

Bîbîograpy Index

vîîî îx xî

1 12 35

55 78

106

125 147 167

191 215

Lîst o Boxes, Fîgures and Tables

Boxes

1.1 Economîsts on economîcs 2.1 An excerpt rom “Te Socîal Responsîbîlîty o Busîness îs to Increase îts Proîts,” by Mîlton Frîedman 3.1 Te ragîng Cajun 3.2 Were-wol unger 4.1 Myopîc paddlîng 4.2 An excerpt rom Paul Krugman’s “Fear o Eatîng”

Figures

3.1 US proît rate, percent 3.2 US sare o încome by quîntîle 3.3 US ratîo o CEO to worker compensatîon: 1965–2010

Tables

3.1 Energy use per capîta 3.2 CO emîssîons per capîta 2 3.3 Economîc growt: percent cange în real GDP per capîta, PPP 3.4 Poverty rates beore and ater taxes and transers: total populatîon 3.5 Gînî coeîcîents beore and ater taxes and transers: total populatîon

viii

4

27 41 43 62 73

36 39 40

49 49

51

53

5

3

Lîst o Abbrevîatîons

AEH—Adaptîve Expectatîons Hypotesîs ACA—Aordable Care Act ACC—Amerîcan Cemîstry Councîl ALEC—Amerîcan Legîslatîve Excange Program AEA—Amerîcan Economîcs Assocîatîon AER—Amerîcan Economîc Revîew AEI—Amerîcan Enterprîse Instîtute CED—Commîttee or Economîc Development CFMA—Commodîtîes Futures Modernîzatîon Act CFTC—Commodîtîes Futures Tradîng Commîssîon CPSC—Consumer Products Saety Commîssîon CR— Consumer Report CCC—Copenagen Consensus Center DFA—Dîmensîonal Fund Advîsors EMH—Eîcîent Market Hypotesîs EPA—Envîronmental Protectîon Agency Fannîe Mae—Federal Natîonal Mortgage Assocîatîon (FNMA) Freddîe Mac—Federal Home Loan Mortgage Corporatîon (FHLMC) te Fed—Te Federal Reserve FTC—Federal Trade Commîssîon FDA—Food and Drug Admînîstratîon GPS—Global Posîtîonîng System GLBA—Gramm-Leac-Bîlely Act IMF—Internatîonal Monetary Fund LTC—long-term capîtal management MRI—magnetîc resonance îmagîng NAIRU—non acceleratîng înlatîon rate o unemployment NEC—Natîonal Economîc Councîl NTP—Natîonal Toxîcology Program NFA—New Fînancîal Arcîtecture OSHA—Occupatîonal Saety and Healt Admînîstratîon

ix