Capitalism

In a new paper for the Institute For New Economic Thinking’s Working Group on the Political Economy of Distribution, economist Lance Taylor and his colleagues examine income inequality using new tools and models that give us a more nuanced — and frightening — picture than we’ve had before. Their simulation models show how so-called “reasonable” modifications like modest tax increases on the wealthy and boosting low wages are not going to be enough to stem the disproportionate tide of income rushing toward the rich. Taylor’s research challenges the approaches of American policy makers, the assumptions of traditional economists, and some of the conclusions drawn by Thomas Piketty and Larry Summers. Bottom line: We’re not yet talking about the kinds of major changes needed to keep us from becoming a Downton Abbey society. …

I first thought of writing this post over a year ago as a follow up to my piece “Against the Educational Uncertainty Principle.” I was struck by the way that recent interventions to address the various dimensions of higher educational crisis have made matters worse. MOOCs, Massive Open Online Courses, are a particular case in point. As I wrote then:

“I worry about magical solutions: MOOCs, substituting television for face to face inquiry, even though using the web to strengthen educational practices makes sense to me. …

I was shocked to learn that Bernard Maris had been murdered at a meeting of the editors of Charlie Hebdo in Paris on January 7, 2015. He died at his desk, killed by the fanaticism that he regularly denounced.

Bernard Maris was an economist and a member of the governing board of the Bank of France, professor at the Institute of European studies of the University of Paris-VIII, a former University of Iowa professor, and journalist for the publication Charlie Hebdo, where he wrote a weekly column, under the pseudonym of “Uncle Bernard” — a column in which he explained the mysteries of finance. In a profile of victims published Wednesday evening, the Los Angeles Times reported Bernard Maris was a “noted Keynesian…