John Weeks

Economics of the 1%

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Today’s ‘doctrine of choice’ assures adults that they are competent to make serious personal decisions about healthcare, education and retirement plans. At the same time, most people are convinced that they are so ignorant of economics that they are not capable of holding an informed opinion, and that economic issues must be left to experts. The so-called experts of the mainstream economics profession claim to have profound, inaccessible knowledge; in fact they understand little and obscure almost everything.

Understanding the economy is not simple, but it is no more complicated than understanding the political system sufficiently to cast a vote. In straightforward language, John F. Weeks exposes the myths of mainstream economics and explains why current economic policies fail to serve the vast majority of people in the United States, Europe and elsewhere. He demonstrates that austerity policies have little theoretical basis and achieve nothing but inequality and misery. He goes on to explain how the current deficit and debt ‘crises’ in the United States and Europe are ideologically manufactured, unnecessary and simple to overcome. Drawing on examples from around the world, this book provides a bold alternative to the economics of the 1%. Their failure to serve the interests of the many results from their devoted service to the few.
This book is currently unavailable
381 printed pages
Original publication
2014
Publication year
2014
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Quotes

  • Alexander Revinskyhas quoted9 years ago
    “Government causes inflation” probably stands first among the favorite refrains of the econfakers. Allegedly based on sound economic theory, the argument provides great benefit to the rich and powerful, repeatedly used against public spending.
  • Alexander Revinskyhas quoted9 years ago
    Exchange requires clear ownership rights, and with those rights go equally clear obligations. All exchanges place upon the seller the obligation not to defraud the buyer. A food seller must not poison the buyer, and claims of the qualities of the food do not constitute a defense. All countries have legal systems that enforce the obligation of the seller to adhere to basic standards without which exchange would be impossible or severely limited. Governments enforce property rights and the obligations associated with them. The regulating government cannot in most cases be local if commerce extends across national or international markets. This is why the US constitution grants the federal government control over commerce (Article 1, Section 8, Clause 3, the “commerce clause”).
  • Alexander Revinskyhas quoted9 years ago
    We find as a close familiar of this illusion the belief that “markets” and “governments” represent separate realms. This misconception results in the associated misconception that governments “intervene” in markets. If we again touch base with reality, we recognize that markets require governments as a precondition of their existence, as well as a necessary condition for their continued functioning. To put it simply, markets function because of government regulations, not despite those regulations.

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