Just some recommended reading; my favorite recent posts from around the Web looking forward, or giving context to understanding the future of our economic lives.
Is the US an Oligarchy?
A new paper (PDF) by economists from Princeton and Northwestern strongly suggests that the US federal government is effectively controlled by its wealthiest class. This isn’t startling news to you, or probably anyone who isn’t a political scientist or an economist. But it is news that, at long last, a couple of serious economists have taken the time to lay out just how serious elites’ manipulation of the polity, and thereby society, truly is.
Better than slogging through their paper, check out Joe Firestone’s post that’s a little less reserved than the original report, out-and-out calling the United States an oligarchy. The argument is a little bit semantics (never hurt anyone) and a lotta bit damning.
An Overview of Libertarian Socialist Options
Wayne Price has put together a survey article touching on most of the prominent contemporary ideas for alternatives to capitalism and authoritarian socialism. Unfortunately, the piece doesn’t live up to the promise of its title (“Worker Self-Directed Enterprises: A Revolutionary Program”), as there’s no strategy or program in sight.
Can Alternative Currency Be Revolutionary?
Jeremy Roos has done a tremendous service in diligently reporting on, and providing insightful, radical observations of, the MoneyLab: Coining Alternatives conference that took place last month in Amsterdam, covering digital currencies and electronic economic platforms. Roos’s review is extensive, but it concisely analyzes numerous topics such as the limitations of BitCoin and the downside of KickStarter. Each commentary is more interesting than the last. Do yourself the favor.
We Just Can’t Win on Climate Change
The hot fledgling news and analysis site Vox has been churning out some decent content. So far, it’s a very refreshing change to the perverse brevity of the clickbait and listicle sites permeating the progressive Web. A piece called “Two Degrees” by Brad Plumer had me shaking my head in disgust — not at the writing, but at what it suggests about humanity. It’s a great primer on climate change, its prospects and implications. If you don’t really know the bad news, start here. It’s time to wake up.
Modeling Piketty’s Immiseration Thesis
Finally, I’d be remiss at this time if I didn’t make some mention of the most talked about economics book of our time: Thomas Piketty’s Capital in the Twenty-First Century. Unfortunately, I haven’t even opened it yet. Fortunately, Matthew Martin has laid out a really neat hypothetical that illustrates Piketty’s main thesis. I really enjoyed reading the post; it should whet your appetite for the main course.