Category: Economics

A radically different version of economic history

It is important to understand how the US government has repeatedly and intelligently redesigned the economy in the past, because the market does not undergo an intelligent redesign by itself, according to Stephen Cohen and Bradford DeLong in their book Concrete Economics: The Hamilton Approach to Economic Growth and Policy. There are things that matter immensely for an economy that only government can do. If it hesitates, refuses, or botches the job, the problem does not just go away and the economy does not advance as it should.


Controversial solutions to capitalism’s problems

The U.S. economy is increasingly run by a “visible hand” instead of Adam Smith’s “invisible hand.” Large sectors of the economy are guided by a few powerful companies. The question is whether the visible hand runs these sectors with Smith’s “enlightened self-interest” or with just “self-interest”, according to Philip Kotler in his book Confronting Capitalism: Real Solutions for a Troubled Economic System.