An obituary for Milton Friedman. Being consistently wrong does not stop you being considered a great economist, as long as it is what the ruling elite wants to hear.
Topic: Economy
A few comments on the winner of the 2006 so-called Nobel Prize for economics. A more obvious example of economics as ideology for the ruling class is hard to find!
Audio from Shell HQ occuption in Dublin to protest the give away of natural resources. Shells HQ on Leeson street in Dublin has been occupied by activists protesting the give away of Ireland natural resources to this corporation depriving the health and education system of billions of euro worth of needed funds.
The "free market" capitalist argument is that unemployment is caused by the real wage of labour being higher than the market clearing level.
Brown is now discovering that proclaiming the end of “Boom and Bust” does not, in fact, mean much. The amazing thing about the current economic panicking is not that it is happening but that some people seem surprised by it. While on the way up many “experts” seem to forget it, capitalism has always been marked by a business cycle.
BETWEEN 1986 AND 1999 Bill Gates, the richest man on earth, earned over 14 million dollars a day from the increasing value of his Microsoft shares alone. Yet over one billion people on this planet live on less than one dollar a day. Some put Gates’ wealth down to hard work, but the reality is that some of these low earners are working far longer hours.