Stiglitz and Piketty and Saez

Oh my!

Make no doubt about it. The economic game is over and done with. Stiglitz and Piketty and Saez are like the Holy Trinity of economics. You can try arguing with one or the other, but all get three together and even God her ownself will simply add "What they said!"

Here's Stiglitz:

http://www.businessinsider.com/joseph-stiglitz-says-neoliberalism-is-dea...

Piketty and Saez:

https://caucus99percent.com/content/building-picketty-and-saez

Okay! Now what? Now we check out Inequality.org for ling story short:

Unleashing the Transformative Potential of an Equitable Economy

Policy interventions that and address some of the systemic drivers of inequality. They fall into four categories, including policies that:

Lift the Floor, establishing minimal standard of living and safety nets

Level the Playing Field, by ensuring investments in public goods and elimination of the distorting influences of power and privilege

Deconcentrate Wealth, through interventions that directly reduce the concentration of wealth and power

Rewire the System, to undercut inequality drivers

A Way Forward

It’s hard to imagine many of these solutions moving forward at the national level in the current political environment, but there are opportunities to incubate them in states and localities and lay the groundwork for a future political realignment. One way forward is to build power and win some of these rule changes by focusing on “pressure points” that can accelerate the transition to the next system. This will require game changing campaigns that accomplish three things:

Reduce the concentration of wealth and power, break up institutions, or redistribute wealth and power
Open up economic opportunities for those excluded in the current system.
Capture the imagination of a wide constituency of people willing to fight for policy change.
Three examples in the paper are:

Dividends for all: linking common wealth sources of revenue to programs that expand economic stability

Taxing excessive carbon solution and directing revenue to investments in renewable energy, green infrastructure and just transition efforts.

Sounds simple enough, right? Here's the full report (long read):

Reversing Inequality: Unleashing the Transformative Potential of an Equitable Economy

https://thenextsystem.org/inequality

Have a nice weekend.

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Comments

Arrow's picture

Weekend reading MM.
Thanks for the lines.
Need to talk about real issues and real solutions.

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f you haven’t worked to become stringently honest with yourself, you won’t know the difference between an egoically comfortable worldview you’ve been given and an honest perception of what’s really going on. - Caitlen Johmstone

Arrow's picture

@Arrow

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f you haven’t worked to become stringently honest with yourself, you won’t know the difference between an egoically comfortable worldview you’ve been given and an honest perception of what’s really going on. - Caitlen Johmstone

Meteor Man's picture

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8 users have voted.

Cali Kush: a bowl a day keeps the doctor away.

strollingone's picture

Your Stiglitz link had a link at the bottom to something called "The Bottom Line" on which a Suited Dude explained his book about the last 5 "modern" market crashes. He said that each one had a contraption that failed and a catalyst that tipped it over. Asked about similarities to today, he never mentioned 2007, CDO's, or CLO's, but went on at length about the "crash of 2010" and said it couldn't happen again. When the flak catchers come out singing "Blue Skies and Better Days" it means everything is just fine. They were singing chorus after chorus right up to when Secretary Bagman came out and said "Well, I guess we do have to give $1.4 trillion to Golden Sacks. Who'd a thunk it?"

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@strollingone Do you refer to the old arcade video game Bagman where you run around in a mine scooping up sacks of gold and tossing them into your wagon while avoiding the rampaging cops? "Aye-ye-yie-ya!" (The sound you make when they catch you)
I loved that video game. Smile

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strollingone's picture

@SancheLlewellyn Back during the Ronnie Raygun Era, the neocons (I guess they were just cons back then) pumped out lots of books in an attempt to justify what they were doing and what they wanted to do. They quoted each others books to back up their arguments (fake news blogging of the day). One of their biggest hits was "transfer of wealth" and I am pretty sure that I still have a copy of a book by that name. The premise was that the nefarious commies in the gubmint were transferring the wealth of taxpaying, God-fearing Mericans by deliberate, conspiratorial use of the "welfare system" to support millions of welfare queens who ate caviar and drove Cadillacs all day: the life blood of our nation was being deliberately siphoned away from job creation and other good stuff by tax-and-spend liberals who had lost their right to be Merican. Watching the Secretary of the Treasury on that Saturday was like watching Crocodile Dundee saying "Haw! THAT'S not transfer of wealth: THIS is a transfer of wealth!!"

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dkmich's picture

They are representatives, not overlords. I won't be happy until we restore the balance of power.

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*donate *follow us on Twitter *like us on Facebook *dump Google

gulfgal98's picture

@dkmich

They are representatives, not overlords.
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"I don't want to run the empire, I want to bring it down!" ~Dr. Cornel West "...isn't the problem here that the government takes on, arbitrarily and without justification, an adversarial attitude towards its citizenry?" ~CantStoptheMacedonianSignal

believe it when I see it.

Republicans are Republicans. Democrats thinking running more Blue Dogs could give them back the House (pipe dream, but point is, they're running more Blue Dogs).

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The thesis advisor of my thesis advisor was Joseph Stiglitz. That makes me . . . absolutely nothing, because I never finished my thesis. My prof got a journal article out of my unfinished work, so kudos for him! Smile

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Cassiodorus's picture

Philip Mirowski's Never Let a Serious Crisis Go To Waste before declaring neoliberalism to be fully dead. The problem is this: for neoliberalism to be dead, the neoliberals in power would have to think differently. They don't.

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"Earth/Gaia is maker and destroyer, not resource to be exploited or ward to be protected or nursing mother promising nourishment." - Donna Haraway

@Cassiodorus

Well, maybe once it's realized that in a democratic system nobody is supposed to hold power.

The power lies in the public offices - not the people - forming government as the united voice and arm of the people, to be used to act in the public interest, and through public-protective law, to ensure that those who would predate upon others cannot do so with impunity and, where appropriate, must make reparation to the victim(s).

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Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.

A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.