Gunnar Myrdal

44 results back to index


pages: 483 words: 134,377

The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor by William Easterly

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

air freight, Andrei Shleifer, battle of ideas, Bretton Woods, British Empire, business process, business process outsourcing, Carmen Reinhart, clean water, colonial rule, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, Deng Xiaoping, desegregation, discovery of the americas, Edward Glaeser, en.wikipedia.org, European colonialism, Francisco Pizarro, fundamental attribution error, germ theory of disease, greed is good, Gunnar Myrdal, income per capita, invisible hand, James Watt: steam engine, Jane Jacobs, John Snow's cholera map, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, M-Pesa, microcredit, Monroe Doctrine, oil shock, place-making, Ponzi scheme, risk/return, road to serfdom, Silicon Valley, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas L Friedman, urban planning, urban renewal, Washington Consensus, World Values Survey, young professional

World Bank, “Strengthening World Bank Engagement on Governance and Anticorruption,” March 21, 2007, p. 33. http://siteresources.worldbank.org/EXTPUBLICSECTORANDGOVERNANCE/Resources/GACStrategyPaper.pdf, accessed September 6, 2013. CHAPTER 2: TWO NOBEL LAUREATES AND THE DEBATE THEY NEVER HAD 1. Gunnar Myrdal, Development and Under-Development: A Note on the Mechanism of National and International Inequality (Cairo: National Bank of Egypt, 1956), p. 65. 2. Gunnar Myrdal, An International Economy: Problems and Prospects (New York: Harper, 1956), 145. 3. Gunnar Myrdal, Asian Drama: An Inquiry into the Poverty of Nations, 3 vols. (New York: Twentieth Century Fund, 1968), quoted in P. T. Bauer, Dissent on Development: Studies and Debates in Development Economics (Cambridge, MA: Harvard University Press, 1976), 187. 4. Ibid., 189. 5.

Pierson, Ludwig von Mises, Georg Halm, and Enrico Barone (London: Routledge and Kegan Paul, 2011), Kindle edition, locations 152–57. 52. Hayek, Constitution of Liberty, 1980. 53. Hayek, Road to Serfdom, 180. 54. Gunnar Myrdal, Development and Under-Development: A Note on the Mechanism of National and International Inequality (Cairo: National Bank of Egypt, 1956), 63 and 65. 55. Quoted in Bauer, Dissent on Development, 187. 56. Ibid., 206. 57. Ibid., 207. 58. Ibid., 189. 59. Hayek, Road to Serfdom, 2216. 60. Hayek, Constitution of Liberty, 13831. 61. Hayek, Road to Serfdom, Kindle location 4350. 62. Ibid., 4070. 63. Gunnar Myrdal, “The Equality Issue in World Development,” 1974 Nobel Prize Lecture in Economic Sciences, March 17, 1975. Available at http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1974/myrdal-lecture.html, accessed September 22, 2013. 64.

He wrote amidst the epic confrontation in the twentieth century between Western liberal values on one side, and Fascism and Communism on the other side. This clash drove him to articulate a vision of how individual rights were both an end in themselves and a means by which free individuals in a free society solved many of their own problems. Hayek depicted the solutions, including both private goods and government services, as emerging from competitive economic and political entrepreneurs. Hayek’s fellow Nobel Laureate Gunnar Myrdal had very different views on how societies emerge from poverty into prosperity. The division between them was perhaps most fundamentally expressed by Myrdal’s opposite views on individual rights in development. Throughout his career, Myrdal did not feature an extensive role for individual rights in his writings about how development did or should happen. In his view, poor people were neither interested in rights nor capable of much individual initiative even if they had such rights.


pages: 388 words: 119,492

Ghettoside: A True Story of Murder in America by Jill Leovy

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Affordable Care Act / Obamacare, always be closing, Cass Sunstein, correlation does not imply causation, Gunnar Myrdal, illegal immigration, mass incarceration

Category one cases include those involving serious injuries and those with strong leads. 15 hundreds of arsons a year in Los Angeles Les Wilkerson, Los Angeles city fire investigator, interview by the author, Aug. 31, 2009. Wilkerson said about half were gang-related Molotov cocktail cases—“message-sending” arsons, he called them, aimed at intimidating people, and very difficult to solve. “No one wants to talk,” he said. 16 When the Swedish social scientist Gunnar Myrdal He further concluded that “leniency toward Negro defendants in crimes involving other Negroes is actually a form of discrimination.” Gunnar Myrdal, An American Dilemma: The Negro Problem and Modern Democracy (New York: Harper and Row, 1944; 1962 reprint), pp. 542, 551. 17 “the principal injury suffered by African-Americans” Kennedy, Race, Crime and the Law, p. 19. CHAPTER 6 1 and for years, the cops declined to do so In 2001, an LAPD press release reported that twenty-three percent of officers lived in the city.

An out-of-bounds ball on a basketball court sparked a fight; afterward the loser’s friends pressured him: “You need to drop that fool,” they said. “Take care of business!” He obeyed, and days later killed the victor. Black residents in the area had long complained not just of mistreatment by police, but also that the cops did little to catch the killers and violent assailants in their midst. It was a historic grievance. When the Swedish social scientist Gunnar Myrdal studied the black South in the 1940s, he found that, despite rampant complaints about law enforcement, black Southerners everywhere also said they wanted more policing—to protect them from other black people. South Bureau officers heard some version of the lament several times a day: “It ain’t like I’m out here doin’ something. I’m just cruisin’!” a young woman named Tamala Brown sputtered, facing down a pair of Seventy-seventh officers who caught her driving without a seatbelt in 2005.

Gardner, Deep South: A Social Anthropological Study of Caste and Class (Chicago: University of Chicago Press, 1941; reprint University of South Carolina Press, 2009), p. 241. 22 They enlisted blacks as spies Mention of spies and informants crops up in many accounts of the Jim Crow south—for example, Powdermaker’s description of a “mulatto man who acts as a ‘go-between’ for the white and colored people and who is something of a spy, with an unsavory reputation” (Powdermaker, After Freedom, p. 184), and also Gunnar Myrdal’s mention of the use of black “informers, spotters, and stool pigeons” by police (Myrdal, An American Dilemma, p. 541). But one of the most vivid examples was offered to this writer by Ray Knox, a retired L.A. County Youth Authority counselor born in 1951, who is black and was a frequent childhood visitor to his family’s native McComb, Mississippi. “If someone was lynched, or shot, killed, or whatever … and if you knew what happened, you couldn’t talk about it among other black people,” Knox said.


pages: 590 words: 153,208

Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Albert Einstein, Bernie Madoff, British Empire, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game

These problems also demonstrate why large tax cuts are needed both to reduce illegal and concealed activity and to help strengthen families. The problem is international as well. In Sweden, where progressive taxes and social programs are more advanced than under the American system, the divorce rate is 60 percent higher, and illegitimacy exceeds ours by a factor of three, with one-third of Swedish children born out of wedlock,23 and as famed socialist Gunnar Myrdal said, “High taxes are making us into a nation of hustlers.”24 The income distribution tables also propagate a statistical illusion with regard to the American rich. While the patterns of annual income changed rather little in the 1970s, there was a radical shift in the distribution of wealth. In order to understand this development, it is crucial to have a clear-eyed view of the facts and effects of inflation, free of the pieties of the Left and the Right, and eschewing the familiar rhetoric of the “cruelest tax,” in which all the victims seem to be widows and orphans.

In Italy an estimated one-third of all workers operate in a lavoro nero, a black market for labor that consists of some four million citizens often performing manufacturing work in basements and abandoned lofts.26 Britain, Sweden, and the United States could also move decisively down the curve by cutting their income-tax rates. Particularly in Britain and Sweden there is ample evidence that tax avoidance reached epidemic levels in the late 1970s. In Sweden worker absenteeism rose to an annual average of sixteen days (compared to 3.5 days in the United States)27 and workforce withdrawal became such a problem that the government proposed to tax hobbies and other leisure activities. Famed economist Gunnar Myrdal, a lifetime socialist, was led to denounce income taxes. Myrdal wrote,My main conclusion is that income taxes are bad taxes from several points of view.... For the majority of people... a high and progressively increasing marginal tax rate must decrease the willingness to work more than necessary.... Through the lowering of the income tax, the irrational diversion of investments from production to durable consumer goods would not be so severe....

The fact that the consumption tax [he was urging the adoption of value-added sales taxes] is a tax on living standards instead of income, and therefore puts a premium on saving and capital accumulation, should be liked by almost everyone especially in these times.... Of all the deficiencies in our income tax system, for me the most serious is that the laws directly invite us to commit tax evasion and tax cheating. The honesty of Swedes has been a source of pride to me and my generation. Now I have a feeling that we are becoming a nation of hustlers because of bad laws!28 Gunnar Myrdal, meet Arthur Laffer. In the late 1970s Governor Carlos Romero Barcelo of Puerto Rico was so fortunate as to meet Laffer; and Jude Wanniski, who had also conferred with Barcelo, was bold enough to end his book with a prediction that retrenchment of Puerto Rico’s upper-bracket tax rates would bring higher growth and revenues. Barcelo took the advice, cutting territorial income-tax rates and removing two 5 percent surtaxes in 1978.


America Right or Wrong: An Anatomy of American Nationalism by Anatol Lieven

British Empire, centre right, cognitive dissonance, colonial rule, cuban missile crisis, desegregation, European colonialism, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, illegal immigration, income inequality, laissez-faire capitalism, mass immigration, Mikhail Gorbachev, millennium bug, mittelstand, Monroe Doctrine, moral hazard, moral panic, new economy, Norman Mailer, oil shock, Ralph Waldo Emerson, Robert Bork, Ronald Reagan, Thomas L Friedman, World Values Survey, Y2K

The intense, specifically Southern racism of President Woodrow Wilson, for example, deeply compromised his liberal internationalism in the eyes of the Japanese and many other non-White peoples of the 41 AMERICA RIGHT OR WRONG world, in his own time and since.86 As the American theologian, moralist and political thinker Reinhold Niebuhr (1892-1971) wrote in 1943, "Our racial pride is incompatible with our responsibilities in the world community. If we do not succeed in chastening it, we shall fail in our task." Gunnar Myrdal's great work of 1944, An American Dilemma, was also motivated in part by anxiety at the way in which racism at home was weakening the American struggle against totalitarianism.87 During the early years of the Cold War, recognition of the way in which domestic treatment of Blacks undermined U.S. power and influence in the struggle with communism was a major factor in the decision of U.S. national elites to eliminate the public face of this racism in the 1950s and 1960s.88 Much earlier, President Abraham Lincoln had warned that slavery weakened America's world democratic mission by exposing the nation to the charge of hypocrisy.89 When comparing the contemporary United States to other great civilizations of the past, it is vitally important to make a distinction between racism and cultural prejudice.

The transition was closely related to the emergence of new forms of evangelical Protestant popular religion, which radically downgraded the position of the old elite-dominated churches and which had strong anti-intellectual and antimodern biases. This democracy categorically excluded Indians, Blacks and women.42 As Jackson's own mixture of Southern and Frontier origins indicates, the American Frontier and the American South might be treated almost as one cultural complex in terms of their cultural impact on American nationalism. Gunnar Myrdal in 1944 described the South as a "stubbornly lagging American frontier society."43 What we have been taught by Hollywood to think of as the classic Frontier, in the West, was settled largely by Southerners with Southern cultural traits. The mingling of the Southern and Western traditions is at its most obvious in Texas, the home state of George W. Bush and the source of much of his political culture and attitudes.

Drury, Leo Strauss and the American Right (New York: St. Martin's Press, 1997), pp. 149-153. 10. Kenneth Minogue, Nationalism (New York: Basic Books, 1997). 11. Richard Hofstadter, The Age of Reform (New York: Vintage Books, 1955), p. 15. 12. Figures in "Global Attitudes 2002:44-Nation Major Survey," The Pew Research Center for the People and the Press, Washington, DC, released November 5, 2003. See www.people-press.org. 13. Gunnar Myrdal, An American Dilemma: The Negro Problem and Modern Democracy (New York: Harper and Bros., 1944), p. xlviii. 223 N O T E S TO P A G E S 8-11 14. Cf. David H. Bennett, The Party of Fear: From Nativist Movements to the New Right in American History (New York: Random House, 1988), pp. 7-8; for a succinct recent statement of the nativist position on the Creed from a leading conservative intellectual, see Samuel Huntington, "The Hispanic Challenge," Foreign Policy (March/April 2004), and "Dead Souls: The Denationalization of the American Elite," National Interest, no. 75 (Spring 2004). 15.

Nation-Building: Beyond Afghanistan and Iraq by Francis Fukuyama

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Berlin Wall, business climate, colonial rule, conceptual framework, en.wikipedia.org, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Gunnar Myrdal, informal economy, land reform, microcredit, open economy, unemployed young men

-U.N. aid community deployed on the Korean peninsula were in line with contemporary international thinking on how economic development should proceed. A consensus emerged in the 1950s that national economic planning should be the focal point of development and that the state was the best institution in poor nations to push development forward. In the 1950s and 1960s, influential thinkers in international economics like Gunnar Myrdal, W. Arthur Lewis, Alexander Gerschenkron, and John Kenneth Galbraith emphasized this point of view. Echoing the earlier opinions of Fairbank and others, such thinking held that governments had to perform certain economic and social tasks best done through state planning, as critical sectors of civil society were often too weak to perform the tasks alone.10 Planning was therefore widely accepted in the United States and internationally as an integral part of effective nation-building in the postwar period.

Nathan Associates, “An Economic Programme for Korean Reconstruction” (Washington, D.C.: U.N. Korean Reconstruction Agency, 1954). 8. “The Voluntary Agency—What Is It?” May 22, 1957, reel 21, Records Relating to the Internal Affairs of Korea, 1955–59, RG 59, National Archives, College Park, Md. 9. Burton I. Kaufman, Trade and Aid: Eisenhower’s Foreign Economic Policy, 1953– 1961 (Baltimore: Johns Hopkins University Press, 1982). 10. Gunnar Myrdal, Development and Underdevelopment: A Note on the Mechanism of National and International Economic Inequality (Cairo: National Bank of Egypt, 1956), 62; W. Arthur Lewis, The Theory of Economic Growth (Homewood, Ill.: Richard D. Irwin, 1955); Alexander Gerschenkron, Economic Backwardness in Historical Perspective (Cambridge, Mass.: Harvard University Press, 1962); John Kenneth Galbraith, Economic Development (New York: Houghton Mifflin, 1962). 11.


pages: 187 words: 55,801

The New Division of Labor: How Computers Are Creating the Next Job Market by Frank Levy, Richard J. Murnane

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Atul Gawande, call centre, computer age, Computer Numeric Control, correlation does not imply causation, David Ricardo: comparative advantage, deskilling, Frank Levy and Richard Murnane: The New Division of Labor, Gunnar Myrdal, hypertext link, index card, information asymmetry, job automation, knowledge economy, knowledge worker, low skilled workers, low-wage service sector, pattern recognition, profit motive, Robert Shiller, Robert Shiller, Ronald Reagan, speech recognition, talking drums, telemarketer, The Wealth of Nations by Adam Smith, working poor

Most of all, we thank our wives, Katherine Swartz and Mary Jo Murnane, for sharing their lives with us and for always being there for us. This page intentionally left blank This page intentionally left blank ON MARCH 22, 1964, THE AD HOC COMMITTEE ON THE TRIPLE Revolution sent a fourteen-page memorandum to President Lyndon Johnson. The signers included chemist Linus Pauling (recipient of two Nobel Prizes), economist Gunnar Myrdal (a future Nobel Prize-winner), and Gerard Piel, publisher of Scientific American. In the memo, the committee warned the president of long-run threats to the nation beginning with the likelihood that computers would soon create mass unemployment. A new era of production has begun. Its principles of organization are as different from those of the industrial era as those of the industrial era were different from the agricultural.


pages: 124 words: 30,520

Rebooting Democracy: A Citizen's Guide to Reinventing Politics by Manuel Arriaga

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

banking crisis, business climate, David Graeber, financial innovation, first-past-the-post, Gunnar Myrdal, Occupy movement, principal–agent problem, Slavoj Žižek

Whenever consumption falters, our leaders are quick to shore it up by creating debt, so that demand is revived and the show can go on. That debt, however, will eventually need to be repaid. When that happens, less income will be available for consumption, and we’ll find ourselves back at square one. If we step off the treadmill for a moment, we see that this cycle of increasing consumption and accumulating debt is impossible to sustain. It takes little more than “hard, simple thinking” (as Nobel-prize-winning economist Gunnar Myrdal put it) to conclude that, on a planet with finite resources, ever-increasing consumption threatens us with environmental collapse. Not much more effort is involved in understanding the issues caused by a gigantic mountain of debt. In May 2013, the Wall Street Journal reported that the total world debt load stood at 313% of the global GDP. In other words, we collectively owe each other more than three times the yearly economic output of the whole planet.


pages: 467 words: 116,902

The New Jim Crow: Mass Incarceration in the Age of Colorblindness by Michelle Alexander

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, cognitive bias, Columbine, Corrections Corporation of America, deindustrialization, desegregation, ending welfare as we know it, friendly fire, Gunnar Myrdal, illegal immigration, land reform, large denomination, low skilled workers, mandatory minimum, mass incarceration, means of production, new economy, New Urbanism, pink-collar, profit motive, Ronald Reagan, Rosa Parks, trickle-down economics, upwardly mobile, War on Poverty, women in the workforce, zero-sum game

The blatant contradiction between the country’s opposition to the crimes of the Third Reich against European Jews and the continued existence of a racial caste system in the United States was proving embarrassing, severely damaging the nation’s credibility as leader of the “free world.” There was also increased concern that, without greater equality for African Americans, blacks would become susceptible to communist influence, given Russia’s commitment to both racial and economic equality. In Gunnar Myrdal’s highly influential book The American Dilemma, published in 1944, Myrdal made a passionate plea for integration based on the theory that the inherent contradiction between the “American Creed” of freedom and equality and the treatment of African Americans was not only immoral and profoundly unjust, but was also against the economic and foreign-policy interests of the United States.30 The Supreme Court seemed to agree.

., 61. 24 Tom Watson, “The Negro Question in the South,” cited in Stokely Carmichael and Charles V. Hamilton, Black Power: The Politics of Liberation in America (New York: Random House, 1967). 25 Woodward, Strange Career of Jim Crow, 64. 26 William Julius Wilson, The Declining Significance of Race: Blacks and Changing American Institutions (University of Chicago Press, 1978), 54. 27 Woodward, Strange Career of Jim Crow, 80. 28 Ibid., 81. 29 Ibid., 7. 30 Gunnar Myrdal, An American Dilemma: The Negro Problem and Modern Democracy (New York: Harper & Brothers, 1944). 31 Manning Marable, Race, Reform and Rebellion: The Second Reconstruction in Black America, 1945-1990 (Jackson: University Press of Mississippi, 1991), 44; see also Michael Klarman, “Brown, Racial Change, and the Civil Rights Movement,” Virginia Law Review 80 (1994), 7, 9. 32 Marable, Race, Reform and Rebellion, 69. 33 Stephen F.


pages: 497 words: 143,175

Pivotal Decade: How the United States Traded Factories for Finance in the Seventies by Judith Stein

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

1960s counterculture, affirmative action, airline deregulation, anti-communist, Ayatollah Khomeini, barriers to entry, Berlin Wall, blue-collar work, Bretton Woods, capital controls, centre right, collective bargaining, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, desegregation, energy security, Fall of the Berlin Wall, falling living standards, feminist movement, financial deregulation, floating exchange rates, full employment, Gunnar Myrdal, income inequality, income per capita, intermodal, invisible hand, knowledge worker, laissez-faire capitalism, liberal capitalism, Long Term Capital Management, manufacturing employment, market bubble, Martin Wolf, new economy, oil shale / tar sands, oil shock, open economy, Paul Samuelson, payday loans, post-industrial society, post-oil, price mechanism, price stability, Ralph Nader, RAND corporation, reserve currency, Robert Gordon, Ronald Reagan, Simon Kuznets, strikebreaker, trade liberalization, union organizing, urban planning, urban renewal, War on Poverty, Washington Consensus, working poor, Yom Kippur War

Although most African Americans had become Democrats during the New Deal, the civil rights legislation in 1964 and 1965 both increased the number of black voters and wedded them more firmly to the party. By the end of the decade, Democrats outnumbered Republicans two to one. Postwar prosperity altered the analysis of modern society. John Kenneth Galbraith’s Affluent Society (1957) and New Industrial State (1968), Daniel Bell’s End of Ideology (1959), Robert Theobald’s Challenge of Abundance (1961), and Gunnar Myrdal’s Challenge to Affluence (1963) all rested upon the assumption that the historic conflicts between capital and labor had been resolved. Affluence fostered new thinking about leisure, human relations, consumerism, and a host of extra-economic concerns. Keynes was a pioneer here too. In 1932, he thought that “the day is not far off when the economic problem will take the back seat where it belongs, and … the arena of the heart and head will be occupied where it belongs, or reoccupied by our real problems—the problems of life and of human relations, of creation and behavior and religion.”51 No longer did leaders accept the ancient nostrum that the poor will always be with us.

Indeed, only Germany’s inflation rate was lower than that of the United States among industrialized nations. But everyone agreed that unemployment would hover around 7.7 percent during 1976. So the economic debates continued. When economies do poorly, the reigning economic paradigms are questioned. Keynesianism was in trouble, but the alternative was not evident. The Nobel Prize committee perfectly captured the impasse. On October 9, 1974, it announced that Gunnar Myrdal, the social democratic Swedish economist, and Friedrich von Hayek, the Austrian-born British free marketer, would share the prize for economics.65 Following that script, left and right formulated alternatives for the United States. CRITIQUE OF KEYNES — THE LEFT Initially, the critique of Keynes from the left was more powerful because it was powered by mass movements. Labor and socialist parties, winning elections throughout Europe, implemented new and more labor-friendly economic policies.66 The United States experienced more strikes in 1974 than in any year since World War II.


pages: 464 words: 116,945

Seventeen Contradictions and the End of Capitalism by David Harvey

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

accounting loophole / creative accounting, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business climate, California gold rush, call centre, central bank independence, clean water, cloud computing, collapse of Lehman Brothers, colonial rule, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Deng Xiaoping, deskilling, drone strike, end world poverty, falling living standards, fiat currency, first square of the chessboard, first square of the chessboard / second half of the chessboard, Food sovereignty, Frank Gehry, future of work, global reserve currency, Guggenheim Bilbao, Gunnar Myrdal, income inequality, informal economy, invention of the steam engine, invisible hand, Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Just-in-time delivery, knowledge worker, low skilled workers, Mahatma Gandhi, market clearing, Martin Wolf, means of production, microcredit, new economy, New Urbanism, Occupy movement, peak oil, phenotype, Plutocrats, plutocrats, Ponzi scheme, quantitative easing, rent-seeking, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, short selling, Silicon Valley, special economic zone, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, Tyler Cowen: Great Stagnation, wages for housework, Wall-E, women in the workforce, working poor, working-age population

If the state did not already exist, then capital would have to create something like it to facilitate and manage its own collective conditions of production and consumption. Dominant classes and hegemonic class alliances can form and lend a specific character to political as well as to economic activity within the region. Regional economies form a loosely connected mosaic of uneven geographical development within which some regions tend to become richer while poor regions get poorer. This happens because of what Gunnar Myrdal calls circular and cumulative causation.1 Advanced regions draw new activity to themselves because of the vibrancy of their markets, the greater strength of their physical and social infrastructures and the ease with which they can procure their necessary means of production and labour supplies. Resources exist (in the form of an increasing tax base) to invest further in physical and social infrastructures (such as public education) and these attract even more capital and labour to come to the region.

David Harvey, ‘The Art of Rent’, in Spaces of Capital, Edinburgh, Edinburgh University Press, 2002. 7. Alfred Chandler, The Visible Hand: The Managerial Revolution in American Business, Cambridge, MA, Harvard University Press, 1993. 8. Giovanni Arrighi, Adam Smith in Beijing, London, Verso, 2010. 9. Karl Marx, Capital, Volume 3, Harmondsworth, Penguin, 1981, p. 490. Contradiction 11: Uneven Geographical Developments and the Production of Space 1. Gunnar Myrdal, Economic Theory and Underdeveloped Regions, London, Duckworth, 1957. 2. David Harvey, Spaces of Capital, Edinburgh, Edinburgh University Press, 2002. 3. Henri Lefebvre, The Production of Space, Oxford, Basil Blackwell, 1989. Contradiction 12: Disparities of Income and Wealth 1. Michael Norton and Dan Ariely, ‘Building a Better America – One Wealth Quintile at a Time’, Perspectives on Psychological Science, Vol. 6, 2011, p. 9. 2.


pages: 519 words: 136,708

Vertical: The City From Satellites to Bunkers by Stephen Graham

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

1960s counterculture, Berlin Wall, Buckminster Fuller, Buy land – they’re not making it any more, Chelsea Manning, Commodity Super-Cycle, creative destruction, deindustrialization, digital map, drone strike, Edward Glaeser, Edward Snowden, energy security, Frank Gehry, ghettoisation, Google Earth, Gunnar Myrdal, high net worth, housing crisis, Howard Zinn, illegal immigration, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, late capitalism, mass immigration, means of production, megacity, megastructure, moral panic, mutually assured destruction, new economy, New Urbanism, nuclear winter, oil shale / tar sands, planetary scale, Plutocrats, plutocrats, post-industrial society, Project Plowshare, rent control, Richard Florida, Right to Buy, Ronald Reagan, Skype, South China Sea, the built environment, The Death and Life of Great American Cities, trickle-down economics, urban decay, urban planning, urban renewal, urban sprawl, white flight, WikiLeaks, William Langewiesche

In 2015 in Newham, east London, meanwhile, the local council discovered one small house in the district inhabited by twenty-six recent migrants from Romania, seven of whom were living in its tiny basement. Long-standing traditions of demonising the inhabitants of basements – or using the idea of basements pejoratively as social metaphor or allegory – find their counterparts in the way many discussions of the social, political or cultural ‘underworlds’ and ‘undergrounds’ of cities also gravitate to various forms of ‘basements’ terminology. In 1965, for example, Swedish sociologist Gunnar Myrdal coined the controversial term ‘underclass’ by directly invoking the allegory of the basement and the ‘basement class’ as the lowest of the low within a broader society. In a notorious book filled with clashing vertical metaphors and allegories, Myrdal argued that there was ‘an ugly smell rising from the basement of the stately mansion.’ This was caused, he argued, by the concentration in certain areas of ‘unemployed, and gradually unemployable persons’ who threatened to become ‘a useless and miserable sub-stratum’ of American society – the ‘underclass’.11 Other discourses have long equated the physical depth of basement space with underground and underworld cultures in cities, discourses that threaten and titillate in equal measure.

Basement/Cellar: Urban Undergrounds 1Will Hutton, ‘Britain Is Scared to Face the Real Issue – It’s All About Inequality’, Observer, 19 January 2014. 2Cited in John McCarthy and Ross Kilgour, ‘Planning for Subterranean Residential Development in the UK’, Planning Practice and Research, 26:1, 2011, pp. 71–94. 3These details are drawn from Oliver Wainwright, ‘“Billionaires’ Basements”: The Luxury Bunkers Making Holes in London Streets’, Guardian, 9 November 2012. 4Quoted in Wainwright, ‘Billionaires’ Basements’. 5Cited in Peter Ackroyd, London Under: The Secret History Beneath the Streets, London: Random House, 2011, p. 7. 6Jabob Riis, How the Other Half Lives, New York: Dover, 1971(1901). 7Thomas Heise, Urban Underworlds: A Geography of Twentieth-Century American Literature and Culture, New York: Rutgers University Press, 2011, p. 61. 8Riis, How the Other Half Lives, p. 17. 9Heise, Urban Underworlds, p. 63. 10Friedrich Engels, The Housing Question, New York: International Publishers, 1935, pp. 74–7. 11Gunnar Myrdal, Challenge to Affluence, New York: Random House, 1963, pp. 40–41 and 53. 12The ‘old mole’ phrase derives originally from Marx. Cited in Christoph Lindner, and Andrew Hussey, eds, Paris-Amsterdam Underground: Essays on Cultural Resistance, Subversion, and Diversion, Amsterdam: Amsterdam University Press, 2014, p. 8. American novelist and ‘beatnik’ poet Jack Kerouac, a luminary in the 1950s and the 1960s counterculture, similarly titled one of his books The Subterraneans (1958). 13Djuna Barnes, Nightwood, New York: New Directions, 1961, p. 240, cited in Heise, Urban Underworlds, p. 99.


pages: 516 words: 159,734

War Without Mercy: PACIFIC WAR by John Dower

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

anti-communist, Bartolomé de las Casas, British Empire, colonial rule, European colonialism, ghettoisation, Gunnar Myrdal, labour mobility, land reform, Monroe Doctrine, Plutocrats, plutocrats, Scientific racism, South China Sea, Torches of Freedom, transcontinental railway

A confidential poll conducted by black interviewers found that 18 percent of blacks queried admitted “pro-Japanese inclinations,” while a mid-war book on the theme “inside Black America” concluded from a survey of editorials and letters to the editor in the black press that blacks as a whole neither supported nor condemned Japan, but rather viewed the war in Asia from a “neutralized” stance. Gunnar Myrdal, whose massive pioneer study of black Americans was published in 1944, emphasized their “thoroughly American” outlook and their loyalty in the current war. As a whole, he concluded, they were as prodemocratic and antifascist as most white groups. At the same time, Myrdal also observed that a modest number took “vicarious satisfaction in imagining a Japanese (or German) invasion of the Southern states”; and he warned that if black grievances remained unredressed after the war, it was difficult to predict how they would react “if later a new war were to be fought more definitely along color lines.”38 Beginning in the 1930s, the Japanese did attempt to influence black opinion in the United States, but their efforts to this end were desultory and largely ineffective.

Henry L. Stimson Diaries, (Yale University Libraries microfilm), reel 7: 740 (entry for May 12, 1942). For Marshall, see Glen C. H. Perry, “Dear Bart”: Washington Views of World War II (1982: Greenwood Press), 184. Virginius Dabney, “Nearer and Nearer the Precipice,” Atlantic Monthly, January 1943, 94–100. 38. Roi Ottley, ‘New World A-Coming’: Inside Black America (1943: Houghton Mifflin), 341–42. Gunnar Myrdal, An American Dilemma: The Negro Problem and Modern Democracy (1944: Harper & Row), 815, 1016, the opinion poll is in ibid., 1400. 39. On the Japanese ties to black militants, see Erdmann Benyon, “The Voodoo Cult among Negro Migrants in Detroit,” American Journal of Sociology 43.6 (May 1938): esp 904; C. Eric Lincoln, The Black Muslims in America (1961: Beacon Press), 16, 26, 187–88, Ottley, chap. 22 (entitled “Made in Japan”).

Making Globalization Work by Joseph E. Stiglitz

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, Berlin Wall, business process, capital controls, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Gini coefficient, global reserve currency, Gunnar Myrdal, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inventory management, invisible hand, John Markoff, Kenneth Arrow, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative finance, race to the bottom, reserve currency, rising living standards, risk tolerance, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, trickle-down economics, union organizing, Washington Consensus, zero-sum game

The task of less developed countries today is in some ways easier than that which faced Europe and the United States as they industrialized in the nineteenth century: they simply have to catch up, rather than forge into unknown territory. Nevertheless, the task has proven insurmountable almost everywhere outside of Asia—the most successful example of economic development the world has ever seen. Their success has been so strong—and they have been successful for so long—that it is easy to take it for granted. But Asia's growth would have surprised many experts of the 1950s and 1960s, such as the Nobel Prize–winning economist Gunnar Myrdal, who assessed Asia's prospects as truly bleak.' Conventional wisdom then was that countries such as Korea should stick to what they were best at: growing rice. The East Asian miracle shows that rapid development—and growth with equity, in which the poor and the rich both benefit—is possible, even though no particular preconditions were in place. Failures elsewhere show that development is not inevitable.

My own work added to the list of situations in which market failures lead to inefficiency— where information was imperfect and/or asymmetric (that is, where some individuals know something that others do not). Arrow and Debreu's analysis also assumed that technology was unchanging, or at least unaffected by actions of market participants; yet changes in technology are at the center of development. Gunnar Myrdal, Asian Drama: An Inquiry into the Poverty of Nations (New York: Pantheon, 1968). Its performance in the past fifteen years has been a little bit better—a measly annual increase in per capita income of 0.2 percent. See World Bank, China 2020: Development Challenges in the New Century (Washington, DC: World Bank, 1997), p. 3; available at http://www-wds.world bank. org/servIet/WDS ContentServer/WDSP/IB/1997/09/01 /000009265_398 0625172933/Rendered/PDF/multi0page.pdf.


pages: 494 words: 132,975

Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

airport security, banking crisis, Bretton Woods, British Empire, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, liquidationism / Banker’s doctrine / the Treasury view, means of production, Mont Pelerin Society, mortgage debt, New Journalism, Northern Rock, Paul Samuelson, Philip Mirowski, price mechanism, pushing on a string, road to serfdom, Robert Bork, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, War on Poverty, Yom Kippur War

As Samuelson recalled, “In the 1974 senior common rooms of Harvard and MIT, the majority of the inhabitants there seemed not to even know the name of this new laureate.”29 The reasoning behind the Nobel committee’s decision to recognize Hayek’s contribution to “pioneering work in the theory of money and economic fluctuations” was not quite the endorsement it seemed. Hayek had to share the honor with Gunnar Myrdal,30 a Swedish Keynesian economist and social democratic politician. According to Friedman,31 by yoking Myrdal to Hayek the Nobel committee hoped to avoid the charge of sympathizing with the Left. In the event, the double bill provoked substantial controversy, with Hayek declaring that Nobel Prizes for economics were absurd and worth neither giving nor receiving, and Myrdal condemning the Nobel committee for honoring Hayek.

Speaker of the House of Representatives (1995–99). 23 Interview of Newt Gingrich, Spring 2001, Commanding Heights, PBS, http://www.pbs.org/wgbh/commandingheights/shared/pdf/int_newtgingrich.pdf. 24 Friedman and Friedman, Two Lucky People, p. 388. 25 Ibid., p. 386. 26 Ibid., pp. 386–387. 27 Milton Friedman, in “Commanding Heights, PBS, http://www/pbs.org/wgbh/commandingheights/shared/minitextlo/tr_show01.html#1. 28 Herbert Stein, Presidential Economics (Simon & Schuster, New York, 1985), p. 255. 29 Paul Samuelson, “A Few Remembrances of Friedrich von Hayek (1899–1992).” 30 Gunnar Myrdal (1898–1987), Swedish economist and government minister whose pioneering work on the living conditions of African-Americans is credited with the campaign to educate all Americans that culminated in the Brown v. Board of Education Supreme Court decision. Friedman, who met him a number of times at Columbia, thought him “awfully charming and intelligent.” Friedman and Friedman, Two Lucky People, p. 78. 31 Ibid. 32 Interview of Ralph Harris, July 17, 2000, Commanding Heights, PBS, http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/int_ralphharris.html. 33 George H.

The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good by William Easterly

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

airport security, anti-communist, Asian financial crisis, bank run, banking crisis, Bob Geldof, Bretton Woods, British Empire, call centre, clean water, colonial exploitation, colonial rule, Edward Glaeser, end world poverty, European colonialism, failed state, farmers can use mobile phones to check market prices, George Akerlof, Gunnar Myrdal, Hernando de Soto, income inequality, income per capita, Indoor air pollution, invisible hand, Kenneth Rogoff, laissez-faire capitalism, land reform, land tenure, Live Aid, microcredit, moral hazard, Naomi Klein, publication bias, purchasing power parity, randomized controlled trial, Ronald Reagan, Scramble for Africa, structural adjustment programs, The Fortune at the Bottom of the Pyramid, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, War on Poverty, Xiaogang Anhui farmers

Cold warriors sent spies, soldiers, and guns to poor countries to try to save them from communism and implement capitalism. A whole new field of economics was invented called “development economics.” A Polish-born economist named Paul Rosenstein-Rodan in the 1940s called for a “Big Push” to move the third world into the first. Scholars in politics and sociology and many other fields studied “development” of the poor countries. Economist, sociologist, and later Nobel laureate Gunnar Myrdal said in 1956 that the answer to poverty was a plan: “It is now commonly agreed that an underdeveloped country should have…an overall integrated national plan…under the encouraging and congratulating applause of the advanced countries.” Myrdal used dramatic language in favor of such plans, language that echoes today’s (italics in original): “The alternative to making the heroic attempt is continued acquiescence in economic and cultural stagnation or regression which is politically impossible in the world of today.” 38 Amen to that, except that the heroic plan failed to end economic stagnation or even to realize its potential to address simpler needs.

Barber, British Economic Thought and India, 1600–1858:A Study in the History of Development Economics, Oxford: Clarendon Press, 1975, p. 138. 34.Niall Ferguson, Empire: The Rise and Demise of the British World Order and the Lessons from Global Power, New York: Basic Books, 2003, p. 236. 35.“To the peoples sitting in darkness,” in Charles Neider, ed., The Complete Essays of Mark Twain, Garden City, N.Y.: Doubleday, 1963. 36.Rist, p. 60. 37.M. J. Bonn, Crumbling of Empire: The Disintegration of World Economy, London: Allen & Unwin, 1938, quoted in Knorr, British Colonial Theories. 38.Gunnar Myrdal, “Development and Underdevelopment,” Cairo, 1956, pp. 63 and 65, quoted in P. T. Bauer, Dissent on Development, Cambridge: Harvard University Press, 1971; rev. ed., 1976, p. 70. 39.See Peter Bauer, Economic Analysis and Policy in Underdeveloped Countries, Durham, N.C.: Duke University Press, 1957; and Bauer, Dissent on Development, Cambridge: Harvard University Press, 1971. 40.Speech by Gordon Brown at a DFID/UNDP seminar, “Words into Action in 2005,” January 26, 2005, Lancaster House, London. 41.Multiplying their respective 2003 growth rates by their 2002 Purchasing Power Parity (PPP) GDP in current U.S. dollars.


pages: 851 words: 247,711

The Atlantic and Its Enemies: A History of the Cold War by Norman Stone

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, anti-communist, Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, British Empire, central bank independence, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, European colonialism, facts on the ground, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, Gunnar Myrdal, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, labour mobility, land reform, long peace, mass immigration, means of production, Mikhail Gorbachev, new economy, Norman Mailer, North Sea oil, oil shock, Paul Samuelson, Ponzi scheme, popular capitalism, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Silicon Valley, special drawing rights, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, trade liberalization, trickle-down economics, V2 rocket, War on Poverty, Washington Consensus, Yom Kippur War, éminence grise

Chou En-lai now devoted his energies to the Western powers, persuading Mao that they could be far more useful than Mao had realized. Meanwhile, the Communist base was strengthened financially through sales of opium, grown on 30,000 acres in Yenan and marketed in part through a Nationalist general to the north. This at least allowed Mao to ease up on the exploitation of the peasants. Later on, another considerable expert, Gunnar Myrdal, was to observe a village in that area, and to offer wide-eyed praise at the ‘traditions’ being observed. Mao had the grace to burst out laughing. He meanwhile built up his party (it now had over 700,000 members) and many were well-educated volunteers from the Nationalist areas as they arrived (40,000 of them) in Yenan. In 1945 an effort was made to bridge the gap towards well-intentioned neutrals, schoolteachers for instance, because Mao would need ‘cadres’ to run things.

Betty Friedan’s The Feminine Mystique (1963) spoke for the bored housewife. Michael Harrington discovered that there were many poor Americans: The Other America (1962). David Riesman looked at the American rat race in The Lonely Crowd (1961) and shook his head at the two-dimensional misery of it all. René Dumont considered international aid, and thought that there should be much more of it; Gunnar Myrdal saw American race relations in the same light. Germaine Greer wrote The Female Eunuch (1970) saying that for women life was a bitter picture from the cradle to the tomb. The answer was: spend money. Here, the presiding genius was Maynard Keynes. He had been contemptuous of the orthodox balance-the-budget financiers who had run things in the 1930s (and who were still running them in the 1950s): they reduced the National Debt and tried to run a budget surplus.

Its centre was that a modernizing dictatorship, or at any rate a period of rule without real elections, might be necessary for the ‘take-off ’, whether political or economic, to be arrived at. The question would have been accepted by any Communist in the 1930s: the peasants, Marx’s quadrupeds, would only accept progessive change if they were forced to. Modernization from the Left was a standard line, and was accepted very widely indeed. Since the Second World War a school of development economics had emerged, with the Swede Gunnar Myrdal in the lead, and its adepts were all around, whether in Africa or Latin America, arguing in effect that the peasantry and the small bourgeoisie should pay for heavy industrialization, courtesy of the State. But in 1976, by the time Mao Tsetung had died, that scheme of things looked much less promising. China, after all, had gone through convulsions, disasters, tens of millions of people dead of starvation, and the USSR was also hardly an advertisement.


pages: 236 words: 67,953

Brave New World of Work by Ulrich Beck

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Asian financial crisis, basic income, Berlin Wall, collective bargaining, conceptual framework, Fall of the Berlin Wall, feminist movement, full employment, future of work, Gunnar Myrdal, hiring and firing, illegal immigration, income inequality, informal economy, job automation, knowledge worker, labour market flexibility, labour mobility, low skilled workers, McJob, means of production, mini-job, postnationalism / post nation state, profit maximization, purchasing power parity, rising living standards, Silicon Valley, working poor, working-age population, zero-sum game

American liberalism, Michael Walzer has argued, distinguishes itself by the most decisive emphasis on the rights of the individual, which means that the state is conceived as strictly neutral, without any cultural or religious project or indeed any collective goal beyond personal freedom and the physical protection, welfare and security of its citizens.82 At the same time, Americans recognize and experience something like a ‘national community’ (much more chosen or elective than the German Gemeinschaft), which is what Gunnar Myrdal has called the ‘American faith’ and others, alluding to Rousseau, call a ‘civil religion’. According to the ideal, this living faith in democracy and political freedom supersedes all the differences and oppositions of skin colour, religious denomination, income level, gender and political persuasion. It is true that there has been much talk of an Americanization of Germany since the Second World War, but it can hardly be said to have taken place at this cultural core level.


pages: 270 words: 73,485

Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the Next One by Meghnad Desai

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, bank run, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, BRICs, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, correlation coefficient, correlation does not imply causation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, German hyperinflation, Gunnar Myrdal, Home mortgage interest deduction, imperial preference, income inequality, inflation targeting, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, Long Term Capital Management, market bubble, market clearing, means of production, Mexican peso crisis / tequila crisis, mortgage debt, Myron Scholes, negative equity, Northern Rock, oil shale / tar sands, oil shock, open economy, Paul Samuelson, price stability, purchasing power parity, pushing on a string, quantitative easing, reserve currency, rising living standards, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, seigniorage, Silicon Valley, Simon Kuznets, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, women in the workforce

But The Treatise on Money lacked a clear model that could be used to understand the economy when in equilibrium and disequilibrium. Despite its ambition, the work failed to gain the attention Keynes had hoped for it. Keynes’s contemporary, Friedrich Hayek (1899–1992), was a brilliant free market economist. Trained in Vienna, he was steeped in the orthodoxy of Walrasian economics but also aware of Wicksell’s work. Along with Gunnar Myrdal (1898–1987), a socialist, who succeeded Gustav Cassel as professor at the University of Stockholm, he proposed an alternative approach. Later, Hayek and Myrdal, whose politics were poles apart, were to share the Nobel Prize in Economics in 1974 for “their pioneering work in the theory of money and economic fluctuations.” Hayek and Myrdal took Wicksell’s idea of the gap between the natural rate and the market rate as their starting point.


pages: 444 words: 138,781

Evicted: Poverty and Profit in the American City by Matthew Desmond

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Cass Sunstein, crack epidemic, Credit Default Swap, deindustrialization, desegregation, dumpster diving, ending welfare as we know it, fixed income, ghettoisation, glass ceiling, Gunnar Myrdal, housing crisis, informal economy, Jane Jacobs, jobless men, late fees, mass incarceration, New Urbanism, payday loans, price discrimination, profit motive, rent control, statistical model, superstar cities, The Chicago School, The Death and Life of Great American Cities, thinkpad, upwardly mobile, working poor, young professional

“But if it is a question of taking a road past his property, he sees at once that this small public matter has a bearing on his greatest private interests.”2 It is only after we begin to see a street as our street, a public park as our park, a school as our school, that we can become engaged citizens, dedicating our time and resources for worthwhile causes: joining the Neighborhood Watch, volunteering to beautify a playground, or running for school board. Working on behalf of the common good is the engine of democracy, vital to our communities, cities, states—and, ultimately, the nation. It is “an outflow of the idealism and moralism of the American people,” wrote Gunnar Myrdal.3 Some have called this impulse “love of country” or “patriotism” or the “American spirit.” But whatever its name, its foundation is the home. What else is a nation but a patchwork of cities and towns; cities and towns a patchwork of neighborhoods; and neighborhoods a patchwork of homes? America is supposed to be a place where you can better yourself, your family, and your community. But this is only possible if you have a stable home.

I did not personally witness this interaction. Arleen told me about it. EPILOGUE: HOME AND HOPE 1. Lewis Mumford, The City in History: Its Origins, Its Transformations, and Its Prospects (New York: MJF Books, 1961), 13; with special thanks to Rowan Flad and Shamus Khan for etymology insights. 2. Alexis de Tocqueville, Democracy in America (New York: Perennial Classics, 2000), 511. 3. Gunnar Myrdal, An American Dilemma, vol. 2, The Negro Social Structure (New York: McGraw-Hill Publishers, 1964 [1944]), 810. 4. Plato, The Republic (New York: Penguin Classics, 1987), 312. I have changed “men” to “people.” 5. Mary Schwartz and Ellen Wilson, Who Can Afford to Live in a Home? A Look at Data from the 2006 American Community Survey (Washington, DC: US Census Bureau, 2007). 6. Chester Hartman and David Robinson, “Evictions: The Hidden Housing Problem,” Housing Policy Debate 14 (2003): 461–501. 7.


pages: 369 words: 94,588

The Enigma of Capital: And the Crises of Capitalism by David Harvey

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

accounting loophole / creative accounting, anti-communist, Asian financial crisis, bank run, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, equal pay for equal work, European colonialism, failed state, financial innovation, Frank Gehry, full employment, global reserve currency, Google Earth, Guggenheim Bilbao, Gunnar Myrdal, illegal immigration, indoor plumbing, interest rate swap, invention of the steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Just-in-time delivery, land reform, liquidity trap, Long Term Capital Management, market bubble, means of production, megacity, microcredit, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Northern Rock, oil shale / tar sands, peak oil, Pearl River Delta, place-making, Ponzi scheme, precariat, reserve currency, Ronald Reagan, sharing economy, Silicon Valley, special drawing rights, special economic zone, statistical arbitrage, structural adjustment programs, the built environment, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, too big to fail, trickle-down economics, urban renewal, urban sprawl, white flight, women in the workforce

Broadly common interests arise with respect to quality of labour supply, access to means of production, supportive research and development activities (often based in local universities like Carnegie Mellon, which specialises in metallurgy and technology in what was once the premier steel-making centre of Pittsburgh, as well as in the usual requirements of adequate transport and communications, efficient and low-cost infrastructural arrangements (water and sewage, for example), and in a civic administration that attends to social needs (such as education of the workforce, health and environmental qualities). All of these elements tend to hang together within a geographical region in a mutually supportive way. If they do not cohere, then economic development within the region tends to languish. Regions that develop superior qualities become grand attractors for further capitalist activity. In this way, what the Swedish economist Gunnar Myrdal dubbed ‘circular and cumulative causation’ operates to make rich and successful regions ever more prosperous, while poorer regions stagnate or decline. Regional configurations in divisions of labour and of production systems are, in short, made by the conjoining of economic and political forces rather than dictated by so-called natural advantages. Their making inevitably involves a regional co-evolution of technological and organisational forms, social relations, relations to nature, production systems, ways of life and mental conceptions of the world (local cultural attitudes are often key).


pages: 484 words: 104,873

Rise of the Robots: Technology and the Threat of a Jobless Future by Martin Ford

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, Affordable Care Act / Obamacare, AI winter, algorithmic trading, Amazon Mechanical Turk, artificial general intelligence, assortative mating, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Bernie Madoff, Bill Joy: nanobots, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chris Urmson, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, computer age, creative destruction, debt deflation, deskilling, diversified portfolio, Erik Brynjolfsson, factory automation, financial innovation, Flash crash, Fractional reserve banking, Freestyle chess, full employment, Goldman Sachs: Vampire Squid, Gunnar Myrdal, High speed trading, income inequality, indoor plumbing, industrial robot, informal economy, iterative process, Jaron Lanier, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kenneth Arrow, Khan Academy, knowledge worker, labor-force participation, labour mobility, liquidity trap, low skilled workers, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, McJob, moral hazard, Narrative Science, Network effects, new economy, Nicholas Carr, Norbert Wiener, obamacare, optical character recognition, passive income, Paul Samuelson, performance metric, Peter Thiel, Plutocrats, plutocrats, post scarcity, precision agriculture, price mechanism, Ray Kurzweil, rent control, rent-seeking, reshoring, RFID, Richard Feynman, Richard Feynman, Rodney Brooks, secular stagnation, self-driving car, Silicon Valley, Silicon Valley startup, single-payer health, software is eating the world, sovereign wealth fund, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, Steven Pinker, strong AI, Stuxnet, technological singularity, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Coming Technological Singularity, The Future of Employment, Thomas L Friedman, too big to fail, Tyler Cowen: Great Stagnation, union organizing, Vernor Vinge, very high income, Watson beat the top human players on Jeopardy!, women in the workforce

And there is still the voice crying through the vista of time saying, “Behold, I make all things new; former things are passed away.”2 The phrase “triple revolution” referred to a report written by a group of prominent academics, journalists, and technologists that called itself the Ad Hoc Committee on the Triple Revolution. The group included Nobel laureate chemist Linus Pauling as well as economist Gunnar Myrdal, who would be awarded the Nobel Prize in economics, along with Friedrich Hayek, in 1974. Two of the revolutionary forces identified in the report—nuclear weapons and the civil rights movement—are indelibly woven into the historical narrative of the 1960s. The third revolution, which comprised the bulk of the document’s text, has largely been forgotten. The report predicted that “cybernation” (or automation) would soon result in an economy where “potentially unlimited output can be achieved by systems of machines which will require little cooperation from human beings.”3 The result would be massive unemployment, soaring inequality, and, ultimately, falling demand for goods and services as consumers increasingly lacked the purchasing power necessary to continue driving economic growth.


pages: 355 words: 63

The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics by William R. Easterly

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Andrei Shleifer, business climate, Carmen Reinhart, central bank independence, clean water, colonial rule, correlation does not imply causation, creative destruction, endogenous growth, financial repression, Gini coefficient, Gunnar Myrdal, Hernando de Soto, income inequality, income per capita, inflation targeting, interchangeable parts, inventory management, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, large denomination, manufacturing employment, Network effects, New Urbanism, open economy, Productivity paradox, purchasing power parity, rent-seeking, Ronald Reagan, selection bias, Silicon Valley, Simon Kuznets, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade liberalization, urban sprawl, Watson beat the top human players on Jeopardy!, Yogi Berra, Yom Kippur War

As it turned out, Korean growth was 7.3 percent for the forecast period and would get even higher for the next three decades. Hollis Chenery and Alan Strout wrote in the early 1960s that growth in India would exceed growth in Korea between 1962 and 1976. As it turned out, Korea grew three times faster than India over this period. Anotherdevelopmenteconomist in the early 1960s ranked East Asia below sub-Saharan Africa on “economic culture” and ”population pressure.” The economist Gunnar Myrdal fretted about future superstarSingapore’s ”potentially explosive problems,” including rapid population growth, which would lead to ”a mounting unemployment burden.”16 All that turned out to be explosively mounting in Singapore was GDP. Under an Evil Star 207 In Search of Excellence This failure to appreciate mean reversion in economicsis true at scales other than countries. Tom Peters in his mega-best-seller with Robert J.Waterman, InSearch of Excellence, identified thirty-six highly successful American companies in 1982.


pages: 243 words: 66,908

Thinking in Systems: A Primer by Meadows. Donella, Diana Wright

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, agricultural Revolution, Albert Einstein, Buckminster Fuller, clean water, Dissolution of the Soviet Union, game design, Gunnar Myrdal, illegal immigration, invisible hand, Just-in-time delivery, means of production, Mikhail Gorbachev, peak oil, race to the bottom, Ralph Waldo Emerson, Ronald Reagan, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Whole Earth Review

My particular teachers (and students who have become my teachers) have been, in addition to Jay: Ed Roberts, Jack Pugh, Dennis Meadows, Hartmut Bossel, Barry Richmond, Peter Senge, John Sterman, and Peter Allen, but I have drawn here from the language, ideas, examples, quotes, books, and lore of a large intellectual community. I express my admiration and gratitude to all its members. I also have drawn from thinkers in a variety of disciplines, who, as far as I know, never used a computer to simulate a system, but who are natural systems thinkers. They include Gregory Bateson, Kenneth Boulding, Herman Daly, Albert Einstein, Garrett Hardin, Václav Havel, Lewis Mumford, Gunnar Myrdal, E.F. Schumacher, a number of modern corporate executives, and many anonymous sources of ancient wisdom, from Native Americans to the Sufis of the Middle East. Strange bedfellows, but systems thinking transcends disciplines and cultures and, when it is done right, it overarches history as well. Having spoken of transcendence, I need to acknowledge factionalism as well. Systems analysts use overarching concepts, but they have entirely human personalities, which means that they have formed many fractious schools of systems thought.


pages: 252 words: 73,131

The Inner Lives of Markets: How People Shape Them—And They Shape Us by Tim Sullivan

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Airbnb, airport security, Al Roth, Alvin Roth, Andrei Shleifer, attribution theory, autonomous vehicles, barriers to entry, Brownian motion, centralized clearinghouse, Chuck Templeton: OpenTable, clean water, conceptual framework, constrained optimization, continuous double auction, creative destruction, deferred acceptance, Donald Trump, Edward Glaeser, experimental subject, first-price auction, framing effect, frictionless, fundamental attribution error, George Akerlof, Goldman Sachs: Vampire Squid, Gunnar Myrdal, helicopter parent, information asymmetry, Internet of things, invisible hand, Isaac Newton, iterative process, Jean Tirole, Jeff Bezos, Johann Wolfgang von Goethe, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Arrow, late fees, linear programming, Lyft, market clearing, market design, market friction, medical residency, multi-sided market, mutually assured destruction, Nash equilibrium, Occupy movement, Pareto efficiency, Paul Samuelson, Peter Thiel, pets.com, pez dispenser, pre–internet, price mechanism, price stability, prisoner's dilemma, profit motive, proxy bid, RAND corporation, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Ronald Coase, school choice, school vouchers, sealed-bid auction, second-price auction, second-price sealed-bid, sharing economy, Silicon Valley, spectrum auction, Steve Jobs, Tacoma Narrows Bridge, technoutopianism, telemarketer, The Market for Lemons, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade route, transaction costs, two-sided market, uranium enrichment, Vickrey auction, Vilfredo Pareto, winner-take-all economy

As Etsy sellers can attest, Marx’s model doesn’t seem to pan out in reality. 8. One notable exception who continues to have an outsized influence was Friedrich Hayek, an Austrian-born economist who took up a post at the London School of Economics in 1931. Hayek was as much a social theorist and political philosopher as an economist. Despite his reliance on narrative argument over mathematical proof, he won the Nobel Prize, with Gunnar Myrdal, in 1974, for his “penetrating analysis of the interdependence of economic, social and institutional phenomena.” Hayek died in 1992. Others who also followed in the “more words than math” school include Albert Hirschman and Arthur Lewis. 9. Joseph Schumpeter, Theory of Economic Development (Cambridge, MA: Harvard University Press, 1949). 10. Mathematics can also obfuscate and serve as a smokescreen for political or ideological agendas.


pages: 262 words: 66,800

Progress: Ten Reasons to Look Forward to the Future by Johan Norberg

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

agricultural Revolution, anti-communist, availability heuristic, Bartolomé de las Casas, Berlin Wall, British Empire, business climate, clean water, continuation of politics by other means, Daniel Kahneman / Amos Tversky, demographic transition, desegregation, Donald Trump, Flynn Effect, germ theory of disease, Gini coefficient, Gunnar Myrdal, Haber-Bosch Process, Hans Island, Hans Rosling, Ignaz Semmelweis: hand washing, income inequality, income per capita, indoor plumbing, Isaac Newton, Jane Jacobs, John Snow's cholera map, Kibera, Louis Pasteur, Mahatma Gandhi, meta analysis, meta-analysis, Mikhail Gorbachev, more computing power than Apollo, moveable type in China, Naomi Klein, open economy, place-making, Rosa Parks, sexual politics, special economic zone, Steven Pinker, telerobotics, The Wealth of Nations by Adam Smith, transatlantic slave trade, very high income, working poor, Xiaogang Anhui farmers, zero-sum game

This was not what the world had expected. In the 1960s and 1970s the Swedish author Lasse Berg and the photographer Stig Karlsson visited several Asian countries, documenting misery and warning about impending disaster. They had read what the experts had written about a hopeless continent, where they expected to find overpopulation, endless war and famines. They had learned from the economist Gunnar Myrdal, the authority on Asia in those days, that China was too chaotic to function, Malaysia had too much ethnic division and the South Koreans did not have a work ethic because of their religion. Berg and Karlsson saw what they expected to see, and thought that the worst was yet to come: ‘Doomsday was approaching, in one way or the other.’11 But in the 1990s they returned to the same places and villages and found a continent of hope.


pages: 998 words: 211,235

A Beautiful Mind by Sylvia Nasar

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Al Roth, Albert Einstein, Andrew Wiles, Brownian motion, cognitive dissonance, Columbine, experimental economics, fear of failure, Gunnar Myrdal, Henri Poincaré, invisible hand, Isaac Newton, John Conway, John Nash: game theory, John von Neumann, Kenneth Arrow, Kenneth Rogoff, linear programming, lone genius, market design, medical residency, Nash equilibrium, Norbert Wiener, Paul Erdős, Paul Samuelson, prisoner's dilemma, RAND corporation, Ronald Coase, second-price auction, Silicon Valley, Simon Singh, spectrum auction, The Wealth of Nations by Adam Smith, Thorstein Veblen, upwardly mobile, zero-sum game

The prize is financed by the bank and administered by the Royal Swedish Academy of Sciences and the Nobel Foundation. It is not, in fact, a Nobel Prize, but rather “The Central Bank of Sweden Prize in Economic Science in Memory of Alfred Nobel.” To the public, that is a distinction without much of a difference. The early winners of the economics prize — among them Paul Samuelson, Kenneth Arrow, and Gunnar Myrdal — were generally acknowledged to be intellectual giants and lent their distinction to the prize. And, so far at least, it has become “the ultimate symbol of excellence for scientists and laymen alike” and does in fact make economics Nobel-ists “life peers in the world community of scholars.”10 The criteria, rules, and procedures for the economics prize are patterned after those that apply to the science prizes.11 Candidates must be living.

A large — and extremely graphic — erotic painting hangs in his office at the university. Lindbeck is Sweden’s most important economist. Top academic economists in Sweden, where academia, government, and industry have long been closely entwined, have traditionally wielded a great deal more political power than their American counterparts.16 Bertil Ohlin, the committee’s first chairman, was for years the leader of Sweden’s opposition. Gunnar Myrdal, who won the prize in 1974, was a minister in the Social Democratic government. Lindbeck himself was a protégé of Prime Minister Olof Palme, has held many political advisory posts, and has been involved in most public policy debates since the 1960s. Unlike Ohlin and Myrdal, Lindbeck never abandoned his research career to become a full-time politician. Indeed, he is generally considered a likely contender for a Nobel himself.


pages: 621 words: 157,263

How to Change the World: Reflections on Marx and Marxism by Eric Hobsbawm

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

anti-communist, banking crisis, battle of ideas, Berlin Wall, British Empire, continuation of politics by other means, creative destruction, currency manipulation / currency intervention, deindustrialization, discovery of the americas, experimental subject, Fall of the Berlin Wall, full employment, Gunnar Myrdal, labour market flexibility, liberal capitalism, market fundamentalism, mass immigration, means of production, new economy, Simon Kuznets, Thorstein Veblen, Upton Sinclair, upwardly mobile, Vilfredo Pareto, zero-sum game

This was perhaps least marked in economics, where Marxists had always been peripheral, though among the first ten Nobel laureates in this field there were three who were formed or partly formed in the early years of the Soviet Union or who were still active there (Wassily Leontief, Simon Kuznets, Leonid Kantorovitch). However, from 1974, when Friedrich von Hayek received the prize, still balanced by his ideological opposite, the Swede Gunnar Myrdal, and 1976, when it was given to Milton Friedman, it became markedly identified with a sharp turn away from Keynesian and other interventionist theories and a return to an increasingly uncompromising laissez-faire. Cracks in this prevailing consensus did not begin to appear until the late l990s. A common methodological rather than political or ideological 389 How to Change the World orientation of Marxists and non-Marxists had long been much more evident in the social and human sciences, at least outside the USA, notably sociology and history.


pages: 452 words: 150,785

Business Adventures: Twelve Classic Tales From the World of Wall Street by John Brooks

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

banking crisis, Bretton Woods, business climate, cuban missile crisis, Ford paid five dollars a day, Gunnar Myrdal, invention of the wheel, large denomination, margin call, Marshall McLuhan, Plutocrats, plutocrats, short selling, special drawing rights, tulip mania, upwardly mobile, very high income

Now the offers were coming so fast that little attempt was made to disguise their places of origin; it was evident that they were coming from everywhere—chiefly from the financial centers of Europe, but also from New York, and even from London itself. Rumors of imminent devaluation were sweeping the bourses of the Continent. And in London itself an ominous sign of cracking morale appeared: devaluation was now being mentioned openly even there. The Swedish economist and sociologist Gunnar Myrdal, in a luncheon speech in London on Thursday, had suggested that a slight devaluation might now be the only possible solution to Britain’s problems; once this exogenous comment had broken the ice, Britons also began using the dread word, and, in the next morning’s Times, Our City Editor himself was to say, in the tone of a commander preparing the garrison for possible surrender, “Indiscriminate gossip about devaluation of the pound can do harm.


pages: 545 words: 137,789

How Markets Fail: The Logic of Economic Calamities by John Cassidy

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, Andrei Shleifer, anti-communist, asset allocation, asset-backed security, availability heuristic, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Black-Scholes formula, Bretton Woods, British Empire, capital asset pricing model, centralized clearinghouse, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, corporate raider, correlation coefficient, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Daniel Kahneman / Amos Tversky, debt deflation, diversification, Elliott wave, Eugene Fama: efficient market hypothesis, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, George Akerlof, global supply chain, Gunnar Myrdal, Haight Ashbury, hiring and firing, Hyman Minsky, income per capita, incomplete markets, index fund, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), invisible hand, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Arrow, laissez-faire capitalism, Landlord’s Game, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, market bubble, market clearing, mental accounting, Mikhail Gorbachev, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, Naomi Klein, negative equity, Network effects, Nick Leeson, Northern Rock, paradox of thrift, Pareto efficiency, Paul Samuelson, Ponzi scheme, price discrimination, price stability, principal–agent problem, profit maximization, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, RAND corporation, random walk, Renaissance Technologies, rent control, Richard Thaler, risk tolerance, risk-adjusted returns, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical model, technology bubble, The Chicago School, The Great Moderation, The Market for Lemons, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, unorthodox policies, value at risk, Vanguard fund, Vilfredo Pareto, wealth creators, zero-sum game

Friedman, who died in 2006, remains a household name, but even among economists, Hayek, who died in 1992, is a much less well-known figure. When I began studying economics at Oxford during the early eighties, Hayek was widely seen as a right-wing nut. True, he had received the Nobel Memorial Prize in 1974, but that was viewed within the economics profession as a political sop, with Hayek’s name added to balance that of his co-winner, Gunnar Myrdal, a left-wing Swedish economist. (Myrdal later said that he wouldn’t have accepted the award if he had known he would have to share it with Hayek.) Hayek’s proposals to emasculate the trade unions and privatize the money supply seemed outlandish: he was regarded more as a libertarian political philosopher than a practical economist. I made it all the way through undergraduate and graduate school without reading any of his articles or books, and I wasn’t unusual.


pages: 369 words: 121,161

Alistair Cooke's America by Alistair Cooke

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, Alistair Cooke, British Empire, double entry bookkeeping, full employment, Gunnar Myrdal, Hernando de Soto, imperial preference, interchangeable parts, joint-stock company, Maui Hawaii, Ralph Nader, Ralph Waldo Emerson, Spread Networks laid a new fibre optics cable between New York and Chicago, strikebreaker, The Wealth of Nations by Adam Smith, transcontinental railway, Triangle Shirtwaist Factory, urban sprawl, wage slave, Works Progress Administration

By now it is a facetious truism, but it is also a profound truth forgotten by the Founding Fathers in the ecstasy of promising everybody life, liberty, and the pursuit of happiness – and it is forgotten again today when committees of Congress imply that transferring $40,000,000 of tax money from the defense budget to revenue sharing will fix everything. It is a bitterly, and sometimes rousingly, complicated place, this land thrashing over such incessant contradictions as control and permissiveness, the radical young and the conservative middle, the limitlessness of civil rights and the limitations of presidential power. The Swedish sociologist Gunnar Myrdal helped make sense of the constant commotion with his remark to the effect that, while the American tradition is a conservative one, what it has struggled to conserve are often very radical principles indeed. A still more timely reminder that the government of a free people is meant to be argued about comes from the most famous of American jurists. It gives me, at least, some hope in the outcome of our present conflicts, for it embraces the notion of healthy life as a continuing conflict and strongly suggests that the comfortable impulse to submit and yield to one view of American life or a single instrument of government is an impulse of decay.


pages: 399 words: 116,828

When Work Disappears: The World of the New Urban Poor by William Julius Wilson

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, citizen journalism, collective bargaining, conceptual framework, declining real wages, deindustrialization, deliberate practice, desegregation, Donald Trump, edge city, ending welfare as we know it, fixed income, full employment, George Gilder, ghettoisation, glass ceiling, Gunnar Myrdal, income inequality, informal economy, jobless men, labor-force participation, labour market flexibility, low skilled workers, low-wage service sector, manufacturing employment, mass immigration, new economy, New Urbanism, pink-collar, race to the bottom, RAND corporation, school choice, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, upwardly mobile, urban decay, urban renewal, War on Poverty, working poor, working-age population, Works Progress Administration

“Affluent people know little about this world,” stated the Time report, “except when despair makes it erupt explosively onto this page or the seven o’clock news. Behind its crumbling walls lives a large group of people who are more intractable, more socially alien and more hostile than almost anyone had imagined. They are the unreachables: the American underclass.” The Time article pointed out that the concept of “underclass,” first used in “class-ridden Europe,” was “applied to the U.S. by Swedish economist Gunnar Myrdal and other intellectuals in the 1960s” and “has become a rather common description of people who are seen to be stuck more or less permanently at the bottom, removed from the American dream.” The article goes on to state: Though its members come from all races and live in many places, the underclass is made up mostly of impoverished urban blacks, who still suffer from the heritage of slavery and discrimination.… Their bleak environment nurtures values that are often at radical odds with those of the majority—even the majority of the poor.


pages: 397 words: 110,130

Smarter Than You Think: How Technology Is Changing Our Minds for the Better by Clive Thompson

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, 4chan, A Declaration of the Independence of Cyberspace, augmented reality, barriers to entry, Benjamin Mako Hill, butterfly effect, citizen journalism, Claude Shannon: information theory, conceptual framework, corporate governance, crowdsourcing, Deng Xiaoping, discovery of penicillin, Douglas Engelbart, Douglas Engelbart, drone strike, Edward Glaeser, Edward Thorp, en.wikipedia.org, experimental subject, Filter Bubble, Freestyle chess, Galaxy Zoo, Google Earth, Google Glasses, Gunnar Myrdal, Henri Poincaré, hindsight bias, hive mind, Howard Rheingold, information retrieval, iterative process, jimmy wales, Kevin Kelly, Khan Academy, knowledge worker, lifelogging, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Netflix Prize, Nicholas Carr, patent troll, pattern recognition, pre–internet, Richard Feynman, Richard Feynman, Ronald Coase, Ronald Reagan, Rubik’s Cube, sentiment analysis, Silicon Valley, Skype, Snapchat, Socratic dialogue, spaced repetition, telepresence, telepresence robot, The Nature of the Firm, the scientific method, The Wisdom of Crowds, theory of mind, transaction costs, Vannevar Bush, Watson beat the top human players on Jeopardy!, WikiLeaks, X Prize, éminence grise

The people most likely to lie—those living in liberal northern areas—also had the lowest rates of false beliefs.) This same dynamic, O’Gorman argued, helped explain why blacks couldn’t get hired: Even when white employers did not think of themselves as racist, they believed their customers were—so they went along with the crowd, or at least the crowd they imagined existed. O’Gorman quoted the economist Gunnar Myrdal’s interviews with white employers: “I have been told time and time again that they have nothing against employing Negroes, and I believe they are telling the truth. What holds them back are the considerations they have to take about the attitudes of customers and co-workers.” The same dynamic even appeared to govern playdates of children. In a 1969 survey, fully 76 percent of whites polled in Detroit said a white mother should let her daughter bring a black friend home from school.


pages: 267 words: 106,340

Europe old and new: transnationalism, belonging, xenophobia by Ray Taras

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, British Empire, carbon footprint, centre right, collective bargaining, energy security, full employment, Gunnar Myrdal, illegal immigration, immigration reform, low skilled workers, mass immigration, Mikhail Gorbachev, Naomi Klein, North Sea oil, open economy, postnationalism / post nation state, Potemkin village, Ronald Reagan, World Values Survey

They were so authentically resentful, vengeful, reckless, full of complexes, malicious and petty, that it was painful to see. This is why the simple people loved them.60 EVEN IN SCANDINAVIA? World-systems theory argues that global capitalism produces similar patterns of social development in whichever countries it touches. André Gunder-Frank, Immanuel Wallerstein, and to some extent Swedish academics like Gösta Esping-Andersen and Gunnar Myrdal have accepted this logic. Sweden has always seemed to be different in Europe. It is one of the rare countries that has no national holiday to celebrate. It is among the highestranked states in the world in a number of key indicators of “progressiveness”: quality of life, human development, postmaterialist values, empowerment of women, absence of corruption, and environmental regulation. The public’s attitudes appear progressive.


pages: 309 words: 91,581

The Great Divergence: America's Growing Inequality Crisis and What We Can Do About It by Timothy Noah

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

assortative mating, autonomous vehicles, blue-collar work, Bonfire of the Vanities, Branko Milanovic, call centre, collective bargaining, computer age, corporate governance, Credit Default Swap, David Ricardo: comparative advantage, Deng Xiaoping, Erik Brynjolfsson, feminist movement, Frank Levy and Richard Murnane: The New Division of Labor, Gini coefficient, Gunnar Myrdal, income inequality, industrial robot, invisible hand, job automation, Joseph Schumpeter, low skilled workers, lump of labour, manufacturing employment, moral hazard, oil shock, pattern recognition, Paul Samuelson, performance metric, positional goods, post-industrial society, postindustrial economy, Powell Memorandum, purchasing power parity, refrigerator car, rent control, Richard Feynman, Richard Feynman, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, Stephen Hawking, Steve Jobs, The Spirit Level, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, union organizing, upwardly mobile, very high income, Vilfredo Pareto, War on Poverty, We are the 99%, women in the workforce, Works Progress Administration, Yom Kippur War

Previously, technology had performed physical tasks. (Think of John Henry‘s nemesis, the steam-powered hammer.) Computers were designed to perform cognitive tasks. (Think of Jeopardy champion Ken Jennings’s nemesis, IBM’s Watson.) Theoretically, there was no limit to the kinds of work computers might eventually perform. In 1964 several eminent intellectuals, including the past and future Nobel laureates Linus Pauling and Gunnar Myrdal, wrote President Lyndon Johnson to warn him about “a system of almost unlimited productive capacity which requires progressively less human labor.” Such a dystopia may yet one day emerge. But thus far traditional economic theory is holding up reasonably well.7 Computers are eliminating jobs, but they’re also creating jobs. The trouble is that the kinds of jobs computers eliminate tend to be the ones previously occupied by moderately skilled middle-class workers, while the kinds of jobs computers create tend to be ones for highly skilled, affluent workers.


pages: 385 words: 111,807

A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, corporate raider, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Gunnar Myrdal, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, information asymmetry, intangible asset, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, Pareto efficiency, Paul Samuelson, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Vilfredo Pareto, Washington Consensus, working-age population, World Values Survey

.* The school emphasized the importance of understanding the history of how the material production system has changed, both influencing and influenced by law and other social institutions.12 The Developmentalist tradition in the modern world: Development Economics The Developmentalist tradition was advanced in its modern form in the 1950s and the 1960s by economists such as, in alphabetical order, Albert Hirschman (1915–2012), Simon Kuznets (1901–85), Arthur Lewis (1915–91) and Gunnar Myrdal (1899–87) – this time, under the rubric of Development Economics. Writing mostly about the countries on the periphery of capitalism in Asia, Africa and Latin America, they and their followers not only refined the earlier Developmentalist theories but also added quite a lot of new theoretical innovations. The most important innovation came from Hirschman, who pointed out that some industries have particularly dense linkages (or connections) with other industries; in other words, they buy from – and sell to – a particularly large number of industries.


pages: 285 words: 86,174

Twilight of the Elites: America After Meritocracy by Chris Hayes

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Affordable Care Act / Obamacare, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, carried interest, circulation of elites, Climategate, Climatic Research Unit, collapse of Lehman Brothers, collective bargaining, creative destruction, Credit Default Swap, dark matter, David Brooks, David Graeber, deindustrialization, Fall of the Berlin Wall, financial deregulation, fixed income, full employment, George Akerlof, Gunnar Myrdal, hiring and firing, income inequality, Jane Jacobs, jimmy wales, Julian Assange, Kenneth Arrow, Mark Zuckerberg, mass affluent, mass incarceration, means of production, meta analysis, meta-analysis, money market fund, moral hazard, Naomi Klein, Nate Silver, peak oil, Plutocrats, plutocrats, Ponzi scheme, Ralph Waldo Emerson, rolodex, The Spirit Level, too big to fail, University of East Anglia, Vilfredo Pareto, We are the 99%, WikiLeaks, women in the workforce

The concentration of the media at that moment, in other words, provided activists with an Archimedean point of leverage: They could focus their energies on a relative handful of press outlets and through these outlets broadcast their message to almost every last member of the voting public. In some ways, the story told in The Race Beat bears out Julian Assange’s simple vision: The truth of the nature of segregation was exposed and the truth won. Roberts and Klibanoff quote Swedish economist Gunnar Myrdal, who prophetically observed in his 1944 book that “there is no doubt that a great majority of white people in America would be prepared to give the Negro a substantially better deal if they knew the facts.” But key to this “truth” getting out was the concentrated authority that the establishment press at the time, particularly the New York Times, possessed. Imagine how the Civil Rights Movement would be received were it to happen today.


pages: 413 words: 119,587

Machines of Loving Grace: The Quest for Common Ground Between Humans and Robots by John Markoff

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

A Declaration of the Independence of Cyberspace, AI winter, airport security, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, basic income, Baxter: Rethink Robotics, Bill Duvall, bioinformatics, Brewster Kahle, Burning Man, call centre, cellular automata, Chris Urmson, Claude Shannon: information theory, Clayton Christensen, clean water, cloud computing, collective bargaining, computer age, computer vision, crowdsourcing, Danny Hillis, DARPA: Urban Challenge, data acquisition, Dean Kamen, deskilling, don't be evil, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, Dynabook, Edward Snowden, Elon Musk, Erik Brynjolfsson, factory automation, From Mathematics to the Technologies of Life and Death, future of work, Galaxy Zoo, Google Glasses, Google X / Alphabet X, Grace Hopper, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, haute couture, hive mind, hypertext link, indoor plumbing, industrial robot, information retrieval, Internet Archive, Internet of things, invention of the wheel, Jacques de Vaucanson, Jaron Lanier, Jeff Bezos, job automation, John Conway, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, Kodak vs Instagram, labor-force participation, loose coupling, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, medical residency, Menlo Park, Mother of all demos, natural language processing, new economy, Norbert Wiener, PageRank, pattern recognition, pre–internet, RAND corporation, Ray Kurzweil, Richard Stallman, Robert Gordon, Rodney Brooks, Sand Hill Road, Second Machine Age, self-driving car, semantic web, shareholder value, side project, Silicon Valley, Silicon Valley startup, Singularitarianism, skunkworks, Skype, social software, speech recognition, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, strong AI, superintelligent machines, technological singularity, Ted Nelson, telemarketer, telepresence, telepresence robot, Tenerife airport disaster, The Coming Technological Singularity, the medium is the message, Thorstein Veblen, Turing test, Vannevar Bush, Vernor Vinge, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, William Shockley: the traitorous eight, zero-sum game

Only after Kennedy’s election in 1960 and his succession by Lyndon Johnson would the early partnership between Wiener and Reuther lead to one of the few serious efforts on the part of the U.S. government to grapple with automation, when in August of 1964 Johnson established a blue-ribbon panel to explore the impact of technology on the economy. Pressure came in part from the Left in the form of an open letter to the president from a group that called itself the Ad Hoc Committee on the Triple Revolution, including Democratic Socialists of America head Michael Harrington, Students for a Democratic Society cofounder Tom Hayden, biologist Linus Pauling, Swedish economist Gunnar Myrdal, pacifist A. J. Muste, economic historian Robert Heilbroner, social critic Irving Howe, civil rights activist Bayard Rustin, and Socialist Party presidential candidate Norman Thomas, among many others. The first revolution they noted was the emergence of the “Cybernation”: “A new era of production has begun. Its principles of organization are as different from those of the industrial era as those of the industrial era were different from the agricultural.

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, Gunnar Myrdal, haute couture, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, yield curve, yield management

USA 1995 Real business cycle theory Harry M. Markowitz USA 1990 Finance theory Daniel L. McFadden USA 2000 Econometrics James E. Meade UK 1977 Trade theory Robert C. Merton USA 1997 Finance theory Merton H. Miller USA 1990 Finance theory James A. Mirrlees UK 1996 Asymmetric information Franco Modigliani USA 1985 Macroeconomics and finance theory Robert A. Mundell Canada 1999 Exchange rates and currency areas Gunnar Myrdal Sweden 1974 Economic systems John F. Nash Jr. USA 1994 Game theory Douglass C. North USA 1993 Application of economic theory to economic history Bertil Ohlin Sweden 1977 Trade theory Paul A. Samuelson USA 1970 "For the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science." Myron S.


pages: 395 words: 116,675

The Evolution of Everything: How New Ideas Emerge by Matt Ridley

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, altcoin, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, British Empire, Broken windows theory, Columbian Exchange, computer age, Corn Laws, cosmological constant, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, ethereum blockchain, facts on the ground, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Gunnar Myrdal, Henri Poincaré, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta analysis, meta-analysis, mobile money, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, rising living standards, road to serfdom, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, women in the workforce

Aid is vital to the alleviation of crises – such as the Ebola epidemic of 2014–15. The disagreement is around whether aid can remedy poverty, rather than merely respond to crises. Giving money to poor people is not a sustainable solution to poverty. So how do you help poor people? Do you instruct, plan and order their lives with expertise and lots of government, or do you get them freedom to exchange and specialise, so that prosperity can evolve? Friedrich Hayek and Gunnar Myrdal shared the Nobel Prize in Economics in 1974 for answering this question in opposite ways. Hayek thought that individual rights and freedoms were the means by which societies escaped from poverty. Myrdal thought development would be ‘largely ineffective’ without ‘regulations backed by compulsion’, because a ‘largely illiterate and apathetic citizenry’ would achieve nothing without government direction.


pages: 537 words: 200,923

City: Urbanism and Its End by Douglas W. Rae

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

agricultural Revolution, barriers to entry, business climate, City Beautiful movement, complexity theory, creative destruction, desegregation, edge city, ghettoisation, Gunnar Myrdal, income per capita, informal economy, interchangeable parts, invisible hand, James Watt: steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, manufacturing employment, New Economic Geography, new economy, New Urbanism, Plutocrats, plutocrats, Saturday Night Live, the built environment, The Death and Life of Great American Cities, the market place, urban planning, urban renewal, War on Poverty, white flight, Works Progress Administration

Montgomery, “160 Year of Labor’s Struggle for a Better New Haven.” See also Frank R. Annunziato, “Made in New Haven,” Labor Heritage 4 (Winter 1992). 65. Montgomery, “160 Years,” 23. 66. Labor Almanac, 50. CHAPTER 8. RACE, PLACE, AND THE EMERGENCE OF SPATIAL HIERARCHY 1. In general, black wages in the north ran 20 –45 percent above black southern levels, and quite commonly exceeded southern white wage levels. See, among other sources, Gunnar Myrdal, An American Dilemma (New York: Harper & Row, 1944). In appendix 6, Myrdal gives data for several industries, broken down by wage and region for the late 1930s. For example, in iron and steel working, we have the following average hourly wages for 1937: northern blacks $.74, southern blacks $.54, northern whites $.86, southern whites $.75. In slaughterhouses: northern blacks $.71, southern blacks $.46, northern whites $.69, southern whites $.53.


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, capital controls, complexity theory, computer age, computerized trading, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, financial deregulation, financial independence, floating exchange rates, future of work, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, James Watt: steam engine, job automation, job-hopping, John Markoff, knowledge economy, knowledge worker, labor-force participation, labour market flexibility, labour mobility, laissez-faire capitalism, Leonard Kleinrock, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-industrial society, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Robert Gordon, Robert Metcalfe, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, zero-sum game

Several studies also suggest that higher skills are in demand, although not in shortage, but higher skills do not necessarily translate into higher wages.137 Thus, in the US, while decline in real wages was more pronounced for the lowest-educated, salaries for the college-educated also stagnated between 1987 and 1993.138 The direct consequence of economic restructuring in the United State s is that in the 1980s and the first half of the 1990s family income plummeted. Wages and living conditions continued to decline until 1996 in spite of a strong economic recovery in 1993.139 Furthermore, half a century after Gunnar Myrdal pointed to the “American Dilemma,” Martin Carnoy, in a powerful book, documented that racial discrimination continues to increase social inequality, contributing to marginalizing a large proportion of America’s ethnic minorities.140 However, in 1996–2000, the sustained boom led by information technology and the new economy changed the trend, and increased average real wages at about 1.2 percent per year.


pages: 585 words: 165,304

Trust: The Social Virtue and the Creation of Prosperity by Francis Fukuyama

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

barriers to entry, Berlin Wall, blue-collar work, business climate, capital controls, collective bargaining, corporate governance, corporate raider, creative destruction, deindustrialization, Deng Xiaoping, deskilling, double entry bookkeeping, equal pay for equal work, European colonialism, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, global village, Gunnar Myrdal, hiring and firing, industrial robot, Jane Jacobs, job satisfaction, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, labour market flexibility, labour mobility, land reform, liberal capitalism, liberation theology, low skilled workers, manufacturing employment, mittelstand, price mechanism, profit maximization, RAND corporation, rent-seeking, Ronald Coase, Silicon Valley, Steve Jobs, Steve Wozniak, The Death and Life of Great American Cities, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, transfer pricing, traveling salesman, union organizing

LANGUAGES OF GOOD AND EVIL 1Clifford Geertz, The Interpretation of Cultures (New York: Basic Books, 1973), pp. 4-5. 2Ian Jamieson, Capitalism and Culture: A Comparative Analysis of British and American Manufacturing Organizations (London: Gower, 1980), p. 9. 3Geertz in fact goes further than this and asserts that there is no such thing as “human nature,” that is, a set of characteristics common to all human beings. He argues that human beings developed cultures before they had stopped evolving biologically, so what human beings are “by nature” is in good measure determined by the cultures they adopt. Geertz (1973), pp. 34-35; 49. 4Geertz (1973), p. 89. 5For a discussion of cows in India, see Gunnar Myrdal, Asian Drama: An Inquiry into the Poverty of Nations (New York: Twentieth Century Fund, 1968), 1: 89-91. 6Nichomachean Ethics Book II i.8. Aristotle explains that for people to be truly virtuous, they must habituate themselves to virtuous behavior such that it becomes a kind of second nature that is pleasurable in itself, or if not pleasurable something that the virtuous man takes pride in.


pages: 446 words: 578