Comments on: Faith-based economics http://www.marcgunther.com/2010/02/02/faith-based-economics/ This blog is about the impact of business on society. Thu, 29 Jul 2010 16:43:53 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Mark Goldes http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284256 Mark Goldes Fri, 05 Feb 2010 01:24:16 +0000 http://www.marcgunther.com/?p=3630#comment-284256 The late Robert Edmonds was an iconoclastic economist. He, L.V. Watkins and myself, wrote a couple of Reports for the Economic Development Administration, in 1975 and 1977, entitled a Human Investment Tax Credit Program. A few of the incentives were included in the Jobs Tax Credit Congress passed in '77. According to the Times last week they may have generated 2.1 million jobs. An earlier Business Week article credited them with 20% of all jobs the following year. A 2009 update, by Watkins, is available free on the Aesop Institute website. He was working on a more recent update. Anyone interested can reach him directly from contact information in the 2009 version. Edmonds argued elsewhere that excess wealth concentration was an unrecognized cause of the roller coaster business cycle. He saw broadened ownership of wealth as an economic and not merely an ethical problem. The late Robert Edmonds was an iconoclastic economist. He, L.V. Watkins and myself, wrote a couple of Reports for the Economic Development Administration, in 1975 and 1977, entitled a Human Investment Tax Credit Program. A few of the incentives were included in the Jobs Tax Credit Congress passed in ’77. According to the Times last week they may have generated 2.1 million jobs. An earlier Business Week article credited them with 20% of all jobs the following year. A 2009 update, by Watkins, is available free on the Aesop Institute website. He was working on a more recent update. Anyone interested can reach him directly from contact information in the 2009 version. Edmonds argued elsewhere that excess wealth concentration was an unrecognized cause of the roller coaster business cycle. He saw broadened ownership of wealth as an economic and not merely an ethical problem.

]]> By: Dave Gardner http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284247 Dave Gardner Wed, 03 Feb 2010 15:38:55 +0000 http://www.marcgunther.com/?p=3630#comment-284247 Totally understood what you were doing with this good post on economics, Marc. Just encouraging you to explore that even more. Herman Daly is another great person for you write about (as I'm sure you know, he has written some excellent and accessible essays calling into question the entrenched assumptions of mainstream economists. I'd also be happy to shoot you a dozen links to interesting essays that have popped up about economics and sustainability lately. Totally understood what you were doing with this good post on economics, Marc. Just encouraging you to explore that even more. Herman Daly is another great person for you write about (as I’m sure you know, he has written some excellent and accessible essays calling into question the entrenched assumptions of mainstream economists. I’d also be happy to shoot you a dozen links to interesting essays that have popped up about economics and sustainability lately.

]]> By: Marc http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284246 Marc Wed, 03 Feb 2010 14:52:13 +0000 http://www.marcgunther.com/?p=3630#comment-284246 I was as surprised by that as you are, Francesca. Government statistics, evidently. Prof. Hall is head of the NBER, which decides when recessions start and end (long after the fact) and really respected. I don't think he would massage the numbers. He indicated that government payments such as unemployment insurance (and maybe food stamps, though I'm not sure whether they are counted as income or not) had lifted the per capita number. But frankly it's a puzzle. I was as surprised by that as you are, Francesca. Government statistics, evidently. Prof. Hall is head of the NBER, which decides when recessions start and end (long after the fact) and really respected. I don’t think he would massage the numbers. He indicated that government payments such as unemployment insurance (and maybe food stamps, though I’m not sure whether they are counted as income or not) had lifted the per capita number. But frankly it’s a puzzle.

]]> By: Francesca Rheannon http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284245 Francesca Rheannon Wed, 03 Feb 2010 14:48:58 +0000 http://www.marcgunther.com/?p=3630#comment-284245 I'd like to see the source of the claim that "real disposable per capita income of Americans is currently at an all time high", as real wages have stagnated or fallen. Where does Hall's data come from and what are the assumptions underlying the data? I’d like to see the source of the claim that “real disposable per capita income of Americans is currently at an all time high”, as real wages have stagnated or fallen. Where does Hall’s data come from and what are the assumptions underlying the data?

]]> By: Marc http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284244 Marc Wed, 03 Feb 2010 14:20:05 +0000 http://www.marcgunther.com/?p=3630#comment-284244 Thanks, Dave. Those names are new to me. I'll check them out. I wasn't focused on the environment in this post but I do think there's a big and important question around how do companies and economies grow (in terms of jobs and wealth) while simultaneously shrinking their environmental footprint. Thanks, Dave. Those names are new to me. I’ll check them out. I wasn’t focused on the environment in this post but I do think there’s a big and important question around how do companies and economies grow (in terms of jobs and wealth) while simultaneously shrinking their environmental footprint.

]]> By: Dave Gardner http://www.marcgunther.com/2010/02/02/faith-based-economics/comment-page-1/#comment-284243 Dave Gardner Wed, 03 Feb 2010 14:10:58 +0000 http://www.marcgunther.com/?p=3630#comment-284243 Economists are not typically high on my list of heroes, but there are a few who are trying to move the profession forward. I'd recommend you check out: Brian Czech, author of Shoveling Fuel for a Runaway Train, and president of Center for Advancement of the Steady State Economy. Read the book! steadystate dot org Andrew Simms of the new economics foundation, which just came out with the report, Growth Isn't Possible, and also has a new book out. And there's an entertaining video on their home page. neweconomics dot org Dave Gardner Producing the documentary Hooked on Growth: Our Misguided Quest for Prosperity Economists are not typically high on my list of heroes, but there are a few who are trying to move the profession forward. I’d recommend you check out:

Brian Czech, author of Shoveling Fuel for a Runaway Train, and president of Center for Advancement of the Steady State Economy. Read the book! steadystate dot org

Andrew Simms of the new economics foundation, which just came out with the report, Growth Isn’t Possible, and also has a new book out. And there’s an entertaining video on their home page. neweconomics dot org

Dave Gardner
Producing the documentary
Hooked on Growth: Our Misguided Quest for Prosperity

]]>