Open a textbook in your typical economics classroom (at the undergraduate or graduate level) and you are not likely to find any discussion of externalities outside of being a one-off problem. Textbooks tell you externalities can be fixed with regulation, a tax, or, alternatively, by establishing rights to pollute and then allowing the trading of…Continue reading Why Capitalism’s “Invisible Foot” Needs An Ankle Bracelet
Category: Capitalism
Is wealth and power in the hands of a few natural and inevitable?
Robert Reich, former Labor Secretary under President Bill Clinton, last December wrote an opinion piece for the The Guardian that opens by asking how could it be that a handful of billionaires have managed to “convince the vast majority of the public” that “wealth and power in the hands of a few [is] natural and…Continue reading Is wealth and power in the hands of a few natural and inevitable?