[Marxism] Economics of poverty, or the poverty of economics | occasional links

Louis Proyect lnp3 at panix.com
Tue Oct 15 12:35:57 MDT 2019

Here we are, then, in the aftermath of the Second Great Depression—in 
the uneven recovery from capitalism’s most severe set of crises since 
the great depression of the 1930s and, at the same time, a blossoming of 
interest in and discussion of socialism—and the best mainstream 
economists have to offer is a combination of big data, field 
experiments, and random trials. How is that an adequate response to 
grotesque and still-rising levels of economic inequality (as shown, 
e.g., by the World Inequality Lab), precarious employment for hundreds 
of millions of new and older workers (which has been demonstrated by the 
International Labour Organization), half a billion people projected to 
still be struggling to survive below the extreme-poverty line by 2030 
(according to the World Bank), and the wage share falling in many 
countries (which even the International Monetary Fund acknowledges) as 
most of the world’s population are forced to have the freedom to sell 
their ability to work to a relatively small group of employers for 
stagnant or falling wages? Or, for that matter, to the reawakening of 
the rich socialist tradition, both as a critique of capitalism and as a 
way of imagining and enacting alternative economic and social institutions.


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