Economics Questions

Re: Marxist econmist assignment help

gamma_rat — Sun, 02 Sep 2012 15:59:52 GMT

If I had to write an assignment on that report, I would spend a surprising amount of time agreeing with it. Of course 'inflation targetting" - inflation fixing - benefits the vested financial interests. Privitising gains and socialising losses is classic rent-seeking behaviour.

The conclusion is basically that "independent" central banks are bad, because they're used by their elite controlling interests to steal from everyone else. The proposed solution is to remove their independence, and make them subject to popular control, as an organ of the democratic state.

I would say that central banking is not merely a great organ of power with the potential for abuse - it's a mechanism which cannot be used such that it wouldn't be abusive and destructive, due to the problems of knowledge and calculation. It can subsist for a long time under crony, fascist capitalism because the elite are benefitting, and they can convice the great unwashed that it's necessary. It wouldn't subsist at all if it were subject to genuine 'popular control'. There would be hyperinflation.

It is notable that the USSR went through terrible hyperinflation until Lenin introduced a gold standard in 1924 with the New Economic Policy, and China's currency was pegged to the US Dollar until quite recently.

Re: Marxist econmist assignment help

alsdjfalsdjfos — Sun, 02 Sep 2012 05:25:44 GMT

"There are no circumstances imaginable, not even victory, under which the proletariat should give up its possession of arms." -- Karl Marx

" 4. The whole population shall be armed." -- "The Demands of the Communist Party in Germany", Marx and Engels

"the workers must be armed and organized. The arming of the whole proletariat with flintlocks, carbines, guns and ammunition must be put in hand directly" -- Address of the Central Committee to the Communist League, March 1850

"Arms and ammunition are on no account to be handed over; every attempt at disarmament must be frustrated, by force if need be." Ibid.

"You can't mine coal without machine guns." - Richard B. Mellon, Congressional testimony

He just assigned this reading for our class and I am wondering if anybody has any thoughts?

Tell him his ideology is founded on deliberately false axioms then start reading a chapter from Mises until he concedes the argument.

Good luck with your homework, OP.

Re: Marxist econmist assignment help

Consumariat — Sun, 02 Sep 2012 05:13:42 GMT

The paper seems pretty honest in pinning it's ideological colours to the flag. It's when a paper proclaims no bias that you have to be suspicious. Just view the exercise as an education in the diversity of opinion that exists out there.

Re: Marxist econmist assignment help

Bogart — Sun, 02 Sep 2012 04:47:06 GMT

I read this from the introduction:

"during the so‐called first oil shock that signalled the end
of the long post WW II boom."

The "Oil Shock" theory is crap. There was no sudden realization that petrol was more expensive. The Arab Oil embargo simply hurt the Arab participants to the benefit of the NON-Arab OPEC nations. There is no mention of closing of the Gold Window, High inflation of the 1970s, deficit spending by Western Countries, etc. If I were you, I would not put up a fuss with this guy. I would simply tow the line and get the paper. Then you can spend time in Graduate School arguing with people like your professor.

Marxist econmist assignment help

Danf1990 — Sat, 01 Sep 2012 20:44:02 GMT

Hello,

I am in my final semester of my undergraduate Econonomics degree. I have a Marxist professor in my final required class. He just assigned this reading for our class and I am wondering if anybody has any thoughts?

Central Banking in Contemporary Capitalism:
Inflation Targeting and Financial Crises.
by: Demophanes Papadatos

http://www.researchonmoneyandfinance.org/media/papers/RMF-05-Papadatos.pdf