Read the keystone essay: What Is Market Capitalism and Why Do We Need to Understand It?
The US Economy
The US economy is still the largest in he world and it makes us one of the richest nations on earth. We think of it as the most dynamic, innovative, technologically advanced in the world. However, the trends of the recent decades show that there is much to be concerned about.
The results are extremely tilted in the favor of the top 10% and even then to the top 1% really. Everyone else has not had a pay raise in forty years. We are well beyond the transition from an economy that was dominated by manufacturing, making things, to a services economy with an outsized chunk of that concentrated in the super profits of the financial sector. Throughout the economy the educational requirements have changed from a simple high school diploma to a college degree and higher. Automation and process improvements have driven enormous increase in labor productivity but very little to none of the benefits have remained available to the bottom 905 of the population.
The focus of this delusion, the US economy, is on understanding the trends and seeking suggestions for policies that could make the results more equitably distributed and the externalized social and environmental costs more agreeable.
Posts about the US Economy