Executive Summary The US has a shocking income inequality or Gini coefficient. We cover the inconsistencies with this inequality given the nation’s history. Introduction The Gini coefficient is a measurement of income inequality in society. It is calculated yearly by the World Bank. The higher the number, the more unequal the society. The Gini coefficient…
Executive Summary Steve Keen is one of the most important non-mainstream economists in the world. Introduction Dr. Keen’s research is into the impact of private debt on asset bubbles and economic growth. He is one of the few mainstream trained economists to contradict the status quo explanations related to public debt being what causes countries…
Executive Summary The American School of Economics was the school of economics used earlier in US history. Introduction Along with Fredrick List, Carey was the leader of the American School of Economics. Henry Clay named it the American school to distinguish it from the British School, which Adam Smith proposed. The American School of Economics…
Executive Summary Micheal Hudson is one of the most important non-mainstream economists in the world. Introduction Michael Hudson is one of the most important non-mainstream economists. He was one of the first to explain how ancient debt jubilees worked and is not invited onto mainstream media outlets, specifically because he can poke holes in the…
Executive Summary John Maynard Keynes was an economist who often went against the established view. Introduction Keynes was an early heterodox economist who argued against austerity when austerity concepts were as popular at this time as they are today. He was also one of the most influential economists of all time. Keynes promoted FDR to…
Executive Summary Rent seeking has been eliminated as an area of study in economics as elite interests have taken over economics. Introduction The history of rent seeking is explained in the following quotation. “This concept of income without labor – but simply from privileges that had been made hereditary – was extended to the ideas…
Executive Summary Unearned income used to be an area of study of economics, but it was eliminated as economics was taken over by elite interest. Introduction The history of rent seeking is explained in the following quotation. “This concept of income without labor – but simply from privileges that had been made hereditary – was…
Executive Summary Unearned income used to be an area of study of economics, but it was eliminated as economics was taken over by elite interest. Introduction The Chicago School of Economics proposes that there is “no free lunch” and that there is not a dollar overpaid, nor a dollar underpaid in economies because of the…
Executive Summary Dean Baker is a highly visible critic of mainstream economics. Introduction Dean Baker is one of the most important non-mainstream economists and a co-founder of CERP. He has been a long time skeptic of the political focus on high public debt and one of his areas of specialty is debunking the mainstream media’s…
Executive Summary The British School of Economics is an extractive type of economics that financialized the economy and is based upon economic domination. Introduction The British School of Economics was one where the country practiced mercantilism and treated other countries as if they were colonies and actively tried to push them into this role. As…