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Friday, June 24, 2011

New Reality Economics

Hey Barry:

Hope you like the picture above of our troops as my new header; it reminds me of what really matters.

Moving to an economic note, if we're looking at economic theory as it applies to today - at least that's what I'm doing - then there are one or two ideas to consider. This is part of considering what will take the place of the NeoCon dogma which has died recently. [Oddly enough, NeoCon dogma died from success - we gave it all it wanted and then it up and died. R.I.P.]

One of those ideas is called Post Keynesian Theory, or PKT. In other words, it attempts to suggest what happens to economics after the economy moves on beyond pure Keynesian doctrine. After all, the 1930's were a long time ago.

The basic Keynes idea from the 1930's is that the central government has to intervene on a macro level with stimulus and borrowing when the unemployment rate is too high. That's good as far as it goes, but in today's economy that action alone does not solve the problems we have. Markets are way too clogged with monopolies to react favorably to macro stimulus actions alone.

PKT takes Keynes' doctrine further into government intervention in the economy. Specifically, PKT suggests both an incomes policy and an industrial policy. And, I would add that a better PKT would also add a nationalist trade policy that protects our jobs.

An incomes policy is simply a tax policy that prevents personal incomes from rising so high that the possessors have the ability to damage the country from their actions.

An industrial policy is a national policy which chooses which industries will help the country in the future and then supports those industries with protective tariffs, subsidies and contracts until they become strong enough to stand on their own.

A protective trade policy is a policy which seeks to keep jobs at home. It has been forcefully explained by Ian Fletcher in his book Free Trade Doesn't Work: What Should Replace it and Why.

Now Mr. Fletcher has proposed a second alternative candidate for the moribund NeoCon dogma - Nationalist Economics. His discussion is available here: http://www.huffingtonpost.com/ian-fletcher/the-coming-upheaval-in-re_b_883608.html

Well, Barry, that's where economic thinking is heading: toward Post Keynesian Theory and Nationalist Economics. If you accept it, your job is to bring the legislature around to the new reality.

We're hoping you accept it Barry, because the penalty for ignoring reality will be very high for the country.

And, Lordy, them Reps is a stubborn bunch. My guess is that they'll cling to their bankrupt dogma until the country pays the price.

We're rooting for you here.

All of us in the day-to-day world know the real situation even if the Reps don't.

Your pal,

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