Thomas Edison and Henry Ford explain Modern Monetary Theory in 1921

Edison and Ford were Deficit Owls

by Serban V.C. Enache

In December 1921, Henry Ford and Thomas Edison visited the Muscle Shoals nitrate and water power projects near Florence, Alabama. Thomas Edison gave an interview with the The New York Times, “Ford Sees Wealth In Muscle Shoals.” With fair use, and in the interest of posterity and public purpose, I reproduce Edison’s views on finance and the economy – which are 100 percent consistent with Modern Monetary Theory. Continue reading “Thomas Edison and Henry Ford explain Modern Monetary Theory in 1921”

Say “Welcome To Recession,” Great Britain

by Mike Goodman

We’re Not In Recession!

Not officially. But we soon will be. The government are congratulating themselves on reaching a so-called budget surplus for the last quarter (October to December) of 2017, which was the third quarter of the fiscal year just ended. They have done this, regardless of the state of the economy, as a deliberate policy target since that was first set by George Osborne. Continue reading “Say “Welcome To Recession,” Great Britain”

Neoliberalism 3: Mônt Pèlerin to Mont Pelerin

by Mike Goodman

The setting

Mônt Pèlerin is an idyllic Swiss resort set in the mountains above Lake Geneva, roughly half way between Lausanne to the east and Montreux to the west and set back just a little from the north shore of the lake itself. We can imagine that in early April the skiing was about over. The weather would still have had a chill in the air so the business of the summer season would yet be in abeyance. Hence a perfect setting for a conference, away from the bustle of a big city such as Paris and without the distractions of a busy resort. Continue reading “Neoliberalism 3: Mônt Pèlerin to Mont Pelerin”

The Trickle Up Economics of Privatized Land Rents

Assessing the impact of privatized land rent on economic growth

by Serban V.C. Enache

A new study from Prosper Australia Research Institute investigates the relationship of the land rent as share of GDP with the rate of economic growth. Since WW2, there has been a negative correlation between Australia’s total land price and the rate of economic growth. Continue reading “The Trickle Up Economics of Privatized Land Rents”