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Related: About this forumWhat Is the "Liberal" Obama Administration's Beef with Economist Thomas Piketty?
The Young Turks · Published on May 19, 2014
The French economist Thomas Piketty's book on the future of inequality is the buzz of the economics world this season. Now President Obama's chief economist has weighed in on its thesis, the first time a senior administration official has discussed it in detail. And he is skeptical of some key assumptions upon which 'Capital in the Twenty-First Century,' Mr. Piketty's sweeping book, is based.
"Jason Furman, the chairman of the Council of Economic Advisers, grappled with Mr. Piketty's book in a speech on the global economy in Ireland on Wednesday.
"Mr. Furman starts with a relatively straightforward description of Mr. Piketty's arguments and the rise in inequality in the United States over recent decades, trying to peel apart how much of that broad story greater inequality in income and wealth than in the past is attributable to changes in how people are paid for their labors and how much to a shift in returns and ownership of capital.'
In this clip The Young Turks' Cenk Uygur explains why the Obama Administration, ostensibly leaders in pushing a liberal agenda, want nothing to do with Thomas Piketty and his analysis of the structural problems of capitalism driving income inequality.
For more, read the New York Times story by Neil Irwin here: http://www.nytimes.com/2014/05/09/upshot/obamas-top-economist-has-some-problems-with-pikettys-book.html
- Preschool for investment bankers is a good idea. Because that's where your teachers first start teaching children the difference between what's right and what's wrong. Better late than never......
elzenmahn
(904 posts)They're beholden to corporate interests.
Want any more proof about how "progressive" Obama and his administration AREN'T?
DeSwiss
(27,137 posts)billhicks76
(5,082 posts)He didn't just fail us. It was premeditated. He flip flopped on every promise after he voted for the Telecom Immunity Bill in the summer of 2008. NSA probably played some conversations he had for him that were embarrassing to his family. The only one who didn't sell his soul after the murdered JFK and RFK is Jimmy Carter probably because he was just too squeeky clean so they just waited him out to install what has essentially become decades of Bush Family Rule...and you can bet if Hillary wins she will be in their pocket again too.
elzenmahn
(904 posts)...anyone who is already playing kissy-face with the banks and telling them how awful it is that they are getting a (deserved) bum rap, is in their pockets and will do their bidding.
But then, good luck to any politician who doesn't. That's how bad things are.
billhicks76
(5,082 posts)We have been scammed like the suckers we are.
imthevicar
(811 posts)bbgrunt
(5,281 posts)WillyT
(72,631 posts)OnyxCollie
(9,958 posts)MBA education
-Jones et al. argued, however, that MBA education in particular may cause a decline in moral development. They based this hypothesis on ideas that the MBA program (a) teaches a language devoid of ethical symbols, (b) provides a set of simplified assumptions about how the world works, and (c) reinforces acceptance of the rational/economic world view (1990: 9).
-Research suggests that business students may be less ethical than other students (e.g., Useem, 1989; Zinkham, Bisei, & Saxton, 1989).
-It may also be that the study of normative expected utility theory (von Neumann & Morgenstern, 1944), common in MBA education, actually increases self-interested behavior
(Jones et al., 1990)
Daboub, A. J., Rasheed, A. M., Priem, R. L., & Gray, D. A. (1995). Top management team characteristics and corporate illegal activity. Academy of Management Review, 20(1), 138-170.
adirondacker
(2,921 posts)by Paul Buchheit
"Many wealthy Americans believe that dysfunctional behavior causes poverty. Their own success, they would insist, derives from good character and a strict work ethic. But they would be missing some of the facts. Ample evidence exists to show a correlation between wealth and unethical behavior, and between wealth and a lack of empathy for others, and between wealth and unproductiveness
The poor, along with a middle class that is sinking toward them, make up the American meritocracy. Here is some of the evidence.
1. The Poor Don't Cheat As Much
An analysis of seven different psychological studies found that "upper-class individuals behave more unethically than lower-class individuals." A series of experiments showed that upper-class individuals were more likely to break traffic laws, take valued goods from others, lie in a negotiation, and cheat to increase their chances of winning a prize.
And this doesn't even begin to examine the many, many significant cases of fraudulent behavior in the banking industry. Or private equity firms that cheat their investors over 50 percent of the time. Or the many unscrupulous corporate tax avoidance strategies.
2. The Poor Care More About Other People"
http://www.commondreams.org/view/2014/05/19-1
I posted this in good reads as well.
DeSwiss
(27,137 posts)It started out as a sop to objectivity, and has ended up as an absurdity. Devoid of meaning or reason for obtaining knowledge beyond its monetary value is where we are now. Of course I don't know that Economics and Capitalism in particular (i.e. - Ponzi schemes, derivatives, etc.) is a science in any true meaning of that word.
- Not when the core ingredient that they ''manufacture,'' can be fashioned from air.......
Speaking of having no morals.....
[center]U.S. Citizenship Is The Same As A Piece Of Paper
[font size=1]* - Ever notice how Ruth G. always leans away (to her left) from Kennedy? BO? or is it Political?[/center][/font]
zeemike
(18,998 posts)But I did not know there were actual studies of it.
blkmusclmachine
(16,149 posts)Jasana
(490 posts)You have got to be kidding me. Kiss my union ass!
(Well, that was hardly graceful but I'm tired tonight.)
DeSwiss
(27,137 posts)pam4water
(2,916 posts)Jakes Progress
(11,121 posts)that this is not a liberal administration aren't paying attention.
DeSwiss
(27,137 posts)AdHocSolver
(2,561 posts)Jason Furman, President Obamas chief economist, expounds the usual platitudes about dealing with the ever-worsening economic mess we are experiencing.
(snip)
**********
In addressing his recommended policies for fighting global inequality, Mr. Furman mentions longstanding priorities of the Obama administration, such as expanding access to preschool, striking international trade deals and raising the minimum wage.
**********
It is obvious that, if the crooked bankers had attended preschool, they would never have thought of bilking the public out of billions of dollars.
In addition, it is obvious that more trade deals like NAFTA, the WTO, and the proposed TPP will protect the public against unfair trade practices.
Finally, raising the minimum raise to $10 an hour will provide a windfall $20,000 per year to the average worker to pay for a nice home, good health insurance, and provide their children with that all important college degree so that they can get a better job.
We hear you Mr. Furman.
On the other hand, how about re-instating the Glass-Steagall Act which outlawed a lot of the crooked dealings of the bankers?
How about closing the loopholes that allow corporations to hide their profits in offshore dummy corporations in tax havens?
How about taking away big banks' control of the Federal Reserve that allows the banks to control monetary policy for their profit at the expense of the 99 percent?
DeSwiss
(27,137 posts)...at least one thing we all have Al Capone to thank for: ''Sell-by'' dates.
- Clearly we have too many bankers and politicians whose sell by dates has been ignored for far too long. The smell is getting positively rancid......
KoKo
(84,711 posts)and .......
"Clearly we have too many bankers and politicians whose sell by dates has been ignored for far too long. The smell is getting positively rancid......"