Paul Jay: So if you’ve got more or less zero percent inflation and you’re getting 3 percent on your bond, you’re making 3 percent.  But if inflation’s 3 percent and you’re getting 3 percent on your bond, you’re down to zero.  Now, the Fed is saying that we can do this quantitative easing, increasing […]

  Paul Jay: So we’ve been talking about macroeconomic policy, the G-20, austerity.  And there was one little line in the G-20 document I thought was interesting, and it’s sort of buried in amongst everything.  It said countries could facilitate wages going up proportional to productivity, which is rather interesting, ’cause it’s the only time […]

  Paul Jay: So, first of all, your take on what the G-20 decided, this idea of cuts in Europe and North America and maybe some expansion in China.  And is there some alternative to this? Robert Pollin: Well, the notion of imposing austerity at a moment when we may — may — be slowly […]

  Paul Jay: One of the big issues about the stimulus and government expenditure is the debate over military expenditure.  People say that World War 2 helped to get America out of the 1930s depression.  So, forget the kind of moral issues, ethical issues, or issues of international law — this expansion into Afghanistan may […]

Prabhat Patnaik.  The Value of Money.  New Delhi: Tulika Books, 2008/New York: Columbia University Press, 2009.  Excerpt: “Introduction.” Prabhat Patnaik is an eminent and prolific economist who has worked creatively for 40 years at the intersection of Marxian and Keynesian theoretical traditions.  In addition to his writings on Marxism and Keynesianism per se, he has […]

One of the bracing slogans to have emerged out of the May 1968 uprising in France was “Be Realistic: Demand the Impossible.”  Thirty-six years later, I propose that we revive the slogan, but now in its mirror-image, i.e.: “Be Utopian: Demand the Realistic.”  What’s my point? The fundamental principles animating the political left have always […]