https://harpers.org/archive/2014/09/phony-capitali… Phony Capitalism -J.Stiglitz

http://piketty.pse.ens.fr/files/capital21c/en/medi… Thomas Piketty is Right – R. Solow

https://www.greattransition.org/publication/limits… Finance for the Anthropocene- J. Fullerton

Assignment #2: (8 points)

Due in Class (hard copy): Thursday, Oct. 4

From the three assigned readings:

* Phony Capitalism -J.Stiglitz; pg. 21-23.

* Finance for the Anthropocene- J. Fullerton; pg. 33- 42.

* Thomas Piketty is Right – R. Solow): pg. 25-32.

these two Nobel-winning economists and a highly-respected finance expert describe their serious concerns about how capitalism and its applied sub-set (finance)- has evolved in ways that aren’t efficient for the overall economy, cause increased inequality, and are not sustainable. They point out how this is reinforced by economic and related political myths. These three analysts suggest these kind of obsolete delusions may be the central problem of our time.

In each reading there are examples of how an obsolete, outdated view of our current economic and finance reality still drives much economic analysis, textbooks, and the related public policy.

For example:

* J. Stiglitz: “Some say… there’s no way to achieve deficit reduction by raising taxes only on the rich, they dont have that much money! Well, that was once true, but no longer!”

* J.Fullerton: “Finance, ultimately an abstraction, is… to a large degree disconnected from the life sustaining system…upon which the real economy and all life on earth depend”.

“It would appear that land, labour, and capital are not interchangeable and substitutable inputs as the economic textbooks suggest.”

Assignment Question (8 pts.):

List and explain briefly as many examples as you can from each of these three readings which point out how some existing economic assumptions or beliefs (such as the two examples above) may be confusing public understanding of how the real economy works in the world we actually live in.

(write clearly.)

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