I have recently republished my lecture notes on the history of theories of Trade, Development and Foreign Debt {2}. In this book I provide the basis for refuting Samuelson's factor-price equalization theorem, IMF-World Bank austerity programs, and the purchasing-parity theory of exchange rates. These ideas were lapses back from earlier analysis, whose pedigree I trace. In view of their regressive character, I think that the question that needs to be asked is how the discipline was untracked and trivialized from its classical flowering? How did it become marginalized, taking for granted the social structures and dynamics that should be the substance and focal point of its analysis? As John Williams quipped already in 1929 about the practical usefulness of international trade theory, I have often felt like the man who stammered ...
The Lost Science of Classical Political Economy
neweconomicperspectives There is a seeming riddle in the recent evolution of economic thought. It has become more otherworldly and abstract, more detached from the reality of how economies are running deeper into debt to a financial oligarchy. The global economy itself is polarizing between creditor and debtor nations, financial core and periphery (even as the United States manages to play both sides of this street). Yet academic orthodoxy treats this as anomalous, side-stepping the two key features of today's economic crisis: the "magic of compound interest" multiplying debts owed by the bottom 90 percent of the population to savers among the top 10 percent, while industrial capitalism is turned into a "tollbooth economy" by privatizing rent-extracting privileges on what used to be the public domain. Academic rationalizers of today's economic policy use ...
Philip Adams Interview – Late Night Live
You can listen to this interview here.
Lifting the Lid on the GFC
You can listen to this speech here.
Steering the Economy into Debt Deflation – Melbourne Town Hall speech
You can listen to this speech here.
Global Policy Trends in a Financialised Economy
Global Policy Trends in a Financialised Economy – Federal Parliament’s Vital issues seminar. This speech can be heard here.
The Earth v the Neo-Liberal Paradigm – Prosper Australia speech
You can listen to this speech here
Hudson on Switzer
Hudson on Switzer – Sky TV Business.
Hudson Multimedia Highlights from 'Down Under' Oct. 2009
Following Prof Michael Hudson’s recent tour, here are more multimedia highlights: Visual: Hudson on ABC International with Jim Middleton. Hudson on Switzer – Sky TV Business. Forever Blowing Bubbles – Sydney presentation. Hudson tour slideshow Audio: The Earth v the Neo-Liberal Paradigm – Prosper Australia speech Global Policy Trends in a Financialised Economy – Federal Parliament’s Vital issues seminar. Transcript available soon. Steering the Economy into Debt Deflation – Melbourne Town Hall speech Philip Adams Interview – Late Night Live Debt Creation as Wealth Creation – the Renegade Economists Written: The Age: Housing supply down, profits up – check the comments as per the Kavanagh link at the bottom. What recovery? – Business Spectator interview Landlords and bankers back in charge of the economy again – Daily Reckoning commentary Interest Rates in Whose Interest – Press Release
Housing supply down, profits up
The Age HIGHER land and house prices typically lead to an increased supply of housing. Yet at the peak of Australia’s perennial housing affordability crisis, the Housing Industry Association declared that there would be a 13 per cent fall in housing starts this calendar year, compounding last year’s 18 per cent fall. In light of massive rezonings in Victoria and improved planning bureaucracy in many states, this can only be seen as a warning that property insiders expect there to be a price crash. The public face of the housing industry is quite different. So, what do property investors expect that the rest of the population does not? Government spokesmen reflect assurances by bankers and their major category of customers – the real estate industry – that Australia’s economy is defying gravity. In reality, ...