Class-Conflict Theory of Inflation

{} Economists do not understand inflation. Daniel K. Tarullo. Former Governor, Federal Reserve Board should surely be in a position to know. I will list some key conclusions from his paper with the revealing title:  Monetary Policy Without a Working Theory of Inflation : We do not, at present, have a theory of inflation dynamics that works… Read More Class-Conflict Theory of Inflation

Understanding Macro III: The Rule of Corporations

In previous parts of this article (Understanding Macro I & Understanding Macro II), we have described how strict financial regulation and Keynesian prescriptions for full employment brought prosperity for the masses, but reduced corporate profits. This last part describes the successful counter-attack by corporations which reversed this state of affairs, causing a massive rise in… Read More Understanding Macro III: The Rule of Corporations