Tag Archives: Sociology

James Kwak – Economism: Bad Economics and the Rise of Inequality

Economism

James KwakEconomism: Bad Economics and the Rise of Inequality (2017)


Probably everything readers need to know about James Kwak’s book Economism comes from this quote by Richard Wolff (which, incidentally, pre-dates the writing of this book):

“over the last 50 years, the major debate in mainstream economics has been between neoclassical devotees of laissez-faire and Keynesian devotees of government economic interventions. From the Great Depression through the 1960s, Keynesian economics prevailed and neoclassicals were marginalized. Since then the reverse situation has obtained. The crisis since 2007 shifted some influence back to the Keynesians, but the old debates continue. While both sides disagree on much, they do both endorse capitalism as ‘the best’ economic system and they do both cooperate to exclude Marxian economists from their debates, discussions, journals, and campuses.”

Kwak is kind of a “new Keynesian”, so naturally he fights against neoclassical monetarist economic theocracy, at a time when Keynesian have regained some prestige, while subtly joining with them to declare “there is no alternative” to their shared capitalist assumptions.  What is most embarrassing about his book is that the title, “Economism,” is a term coined by Marxists like Lenin to describe bourgeois economists who sought to exclude class struggle from discourse and pursue trivial reformist trends.  In other words, Lenin would have excoriated Kwak as guilty of “economism”!  Then again, Kwak is quite explicit that he would consider a democratic, Bolshevik-style revolution to be terrible — an outcome to avoid at all costs.  Anyway, Kwak’s book is pretty superfluous.  There are many, many books like this already in print.  Kwak’s is very readable, maybe more so than some others.  Yet the way it tries to paint neoclassical economists as ideologues while implying that its new Keynesian perspective is non-ideological is a joke — Kwak can fairly be accused of promoting ideology masquerading as a critique of ideology.

Carl Hart Quote on the War on Drugs

Quote of Carl Hart from the interview “Neuroscientist Carl Hart: We Need to Stop Jeff Sessions from Escalating the Racist War on Drugs”:

CARL HART: Well, what it means is that he—well, as you know, under [former U.S. Attorney General] Eric Holder, Eric Holder has suggested—or his memo said that we shouldn’t engage in those mandatory minimums [i.e., mandatory minimum criminal prison sentences]. So he gave judges flexibility, whereas [Attorney General] Jeff Sessions is encouraging the judges to go back to mandatory minimum. What that means is that people will get harsher sentences for drug-related violations now. And what that means ultimately—as [Anthony] Papa has said, we all know the drug war didn’t work. That’s not entirely true, because the drug war did work for certain segments of our population. And that’s where the crux of this policy really needs to be interrogated. It allows—Jeff Sessions is allowing us or is using drug policy to separate the people who we like from the people who we don’t like. And it provides a way to go after those people we don’t like, usually poor minority folks, without explicitly saying we don’t like those people. And that’s how drug law—that’s how drug law or drug policy has been enforced in this country. And so, if we allow Sessions to turn back the hands of time, then shame on all of us. The blood is on all of our hands, because we know the consequences of his proposed actions.

(Emphasis added)