Economics @ ITT

Noam Chomsky on Anarcho-Syndicalism

Posted in Uncategorized by ittecon on May 29, 2013

NOAM CHOMSKY:  Well, anarchism is, in my view, basically a kind of tendency in human thought which shows up in different forms in different circumstances, and has some leading characteristics.  Primarily it is a tendency that is suspicious and skeptical of domination, authority, and hierarchy.  It seeks structures of hierarchy and domination in human life over the whole range, extending from, say, patriarchal families to, say, imperial systems, and it asks whether those systems are justified.  It assumes that the burden of proof for anyone in a position of power and authority lies on them.  Their authority is not self-justifying.  They have to give a reason for it, a justification.  And if they can’t justify that authority and power and control, which is the usual case, then the authority ought to be dismantled and replaced by something more free and just.  And, as I understand it, anarchy is just that tendency.  It takes different forms at different times.

via NOAM CHOMSKY — ‘Everyday Anarchist’: The Modern Success Interview | Modern Success.

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Economists’ Consensus: Sequester Is a Bad Idea

Posted in economics by ittecon on March 4, 2013

Although I agree that a sequester is bad economic “policy,” this consensus is not rare among this ilk of business economists. These business economists have really hijacked the discipline—including the academic realm—and misrepresent it in the public eye. Given this, their consensus view is hardly unexpected. Moreover, given this consensus, I feel I should investigate this policy further. If these guys are against it, it seems there must be something good about it.

That’s the view of nearly 200 economists surveyed by the National Association for Business Economics, who are meeting here for the group’s annual policy meeting.

via Economists’ rare consensus: sequester is a really bad idea – Economy Watch on NBCNews.com.

Big Banks vs. Elizabeth Warren

Posted in economics by ittecon on November 19, 2012

Not even two weeks have passed since Democrat Elizabeth Warren rode a wave of grassroots support to victory in the US Senate race in Massachusetts, ousting Republican incumbent Scott Brown. Senator-elect Warren has not yet hired her staff. She has not yet moved into her Senate office. But the banking industry is already taking aim at her, scurrying to curb her future clout on Capitol Hill.

via Big Banks vs. Elizabeth Warren: It’s On (Again!) | Mother Jones.

What do Economic Models Tell Us about Elections?

Posted in economics, employment by ittecon on June 4, 2011

Nate Silver’s article explains the relationship between GDP, inflation, and the election of the incumbent party’s candidate for president.