Capitalism requires constant growth: an impossibility 

STEADY-STATE ECONOMICS

By Herman Daly

A Catechism of Growth Fallacies

The part played by orthodox economists, whose common sense has been insufficient to check their faulty logic, has been disastrous to the latest act.—J. M. Keynes (1936)

The first question asked of any critic of the status quo is: What would you put in place? In place of the growth economy we would put a steady-state economy. But such a theoretical alternative is not of great interest unless there is dissatisfaction with the business-as-usual growth economy. If you have eaten poison, it is not enough to simply resume eating healthful foods. You must get rid of the specific substances that are making you ill. Let us, then, apply the stomach pump to the doctrines of economic growth that we have been force-fed for the past four decades. Perhaps the best way to do that is to jump right into the growth debate and consider critically some fifteen to twenty general pro growth arguments that recur in various guises and either expose their errors or accommodate their valid criticisms. Read more…

By Stephen Gowans, What’s Left
 

Farrell

Paul B. Farrell

Aug. 30, 2011

Commentary: Classical economics is fatally flawed

By Paul B. Farrell, MarketWatch

 SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, a New Economics. With new rules. Why? Classical economics is fatally flawed. So investors better learn the new rules that will win in the New Economy. Delay, deny, you’ll lose.

After the coming global collapse — the big wake-up call — classical economics will be exposed as a fraud sabotaging investors, destroying America.

More of the same old voodoo? Barack Obama said he would unveil proposals next week aimed at spurring job growth in part through infrastructure improvements. He also named Princeton economist Alan Krueger as head of the Council of Economic Advisers.

 Yes, new rules. Why? Because everything you know about economics is wrong. Everything. The old economics is a rigged game in a Wall Street casino. The cards are stacked in favor of the banks and their co-conspirators, political lobbyists, corporate CEOs and the Super Rich. The house always wins. You always lose. Worse, America is losing.

Here’s why: All classical economic ideas derive from one central idea. Not a scientific theory, merely an unproven hypothesis. Worse, all economic conclusions are based on this illusion, a fantasy, myth, wishful thinking. Consequently, all economic conclusions are speculations. Read more…

By Stephen Lendman

Bachmann: A crazy robot behind those pale blue eyes.

Frances Fitzgerald titled her 2000 book on Reagan’s Star Wars Strategic Defense Initiative, “Way Out There in the Blue,”  leaving unsaid but letting readers conclude that America during his tenure was run by right wing extremists.

He and most others around him were ideologically hard right, their legacy including: 

– disdain for working Americans; 
– contempt for the rule of law, civil liberties, human rights, and democratic freedoms; and 
– support for concentrated wealth, power and budget-busting militarism.  Read more…

Editor’s Note: From time to time we bring to our audience materials like this, reproduced in their totality without editing on our part, to remind them what they face in this nation in terms of political confusion and even lunacy not only from the right, which specializes in seeing the world upside down, but from the so-called left, “liberal” division, which also frequently dwells in lala-land.  Granted, Schaeffer’s pedigree with plenty of fundamentalism in it has more rightwing in its DNA than regular left, but after his conversion to progressive politics he has often been strong in his defense of his newfound perspectives. In this tract he tilts at the real left, a natural calling for emotional liberals with an extremely naive grasp of American politics. Sadly, since Schaeffer is a well educated intelligent person, the article bristles with half-baked assertions worthy of a professional apologist. Unfortunately such people remain the overwhelming majority among those who see themselves as progressive.  For an antidote to this arrant nonsense, not suprisingly found on the Huffington Post, check out the pieces on file by authors Steve lendman and Paul Street, among others.

By Frank Schaeffer

Faith in President Obama Is Being — And Will Be — Vindicated

Posted on the Huffington Post 04/18/11

Obama: The man of the people who isn't, but who somehow ignites the wildest bouts of daydreaming among liberals.

The “disappointed” left says President Obama sold out. The racist-laced, Medicaid-mugging, billionaire-coddling right staggers under the weight of terminal “birther” mythology (now trumpeted by birther-come-lately Donald Trump). Meanwhile President Obama continues to bide his time and looks down the road to the post-2012 reality when his patience with an impatient country, his thoughtfulness in the context of a sound-bite-entertain-ourselves-to-death era of short attention spans and historical amnesia will be vindicated. Read more…