"X" Macro

~ A Pedestrian's Guide to Political Economy ~
" Schools of Thought"
" Classics of Political Economy"

(Draft Version- Spring 2010)

" Well Begun Is Half Done."     Aristotle

* Vision:
" WITTs" & "YOYOs", Jared Berstein, "All Together Now: Common Sense for a Fair Economy" .
" Plan", James K. Galbraith, "Harper's Magazine"
" The Wall Street Model", B.Bluestone & B. Harrison, "Growing Prosperity".
" The Main Street Model", B.Bluestone & B. Harrison, "Growing Prosperity".
" Path to a Peace Economy ", David C. Korten, "CommonDreams.org".
" Building an Anti-Economy ", Chris Carlsson, "CommonDreams.org".

* Video:
"Another Crash, Another Galbraith", Bill Moyers Journal, "PBS".
" Stimulus Money Plows Through Tractor Country", NewsHour, "PBS".
" Infrastructure May Be the Key to Boosting Economy", NewsHour, "PBS".
" The Trap", Adam Curtis, "BBC", Documentaries and News Articles, "rewtube.com".
" Venture Capitalists Look to Green Businesses for Boom", "News Hour","PBS"
“ Agenda for a New Economy:From Phantom Wealth to Real Wealth”, David C. Korten, "DemocracyNow".
" The Green Collar Economy”, Van Jones, DemocracyNow.org".

* Library: " A Green Economy"
" Green Economics", Paul Ekins, , 1992.
" Nowtopia" , Chris Carlsson, 2008.
" The Real Wealth of Nations", Riane Eisler, 2008.
" The Bridge at the Edge of the World", James Gustave Speth, 2008.
" Right Relationship: Building a Whole Earth Economy", P. Brown & G. Garver, 2009.
" The Green Collar Economy", Van Jones, 2008.

$ Dr. Dollar $
'Q&A'

" The Invisible Hand "   &   " The Handshake "

II. "Economics: Issues Old and New"

"THE HISTORY OF ECONOMIC THOUGHT WEBSITE"

* Vision:
" THREE GREAT ECONOMISTS", Heilbroner & Thurow, "Economics Explained".
" M > C > ...P... > C* > M* " , F. Green & B. Sutcliff, "The Profit System".
" A Table of Political Economy", Abelda, Gunn, Waller, "Alternative to Economic Orthodoxy".
" The Mercantilist Policy System", Salvatore Schiavo-Campo, "International Economics".

* A Closer Look:
" Market Fundamentalism vs. Moral Economy", Fred Block, "Longview Institute".
" What Obama Must Do", Paul Krugman, "Rollling Stone.com".
" Market-Driven Hysteria and the Politics of Death", Henry A. Giroux, "Truthout.org".
"The Social Contract", Laurence S. Seidman, "Economic Parables & Policies: An Introduction to Economics".
"A Moral Economy", Fred Block,"The Nation"
" The Shape Of U.S. Populism", Henry C K Liu, "Asian Times.com".
" Social-Economic Justice", J. Wilson in Ekins & Max-Ned,"Real-Life Economics".
" Standing Up For Moral Value of Economic Justice", Michael Zweig, "Baltimore Sun".
"Path to a New Economy", "Yes Magazine".

* Library: " Capitalism"
" The Predator State", James K. Galbraith, 2008.
" Supercapitalism", Robert B. Reich, 2008.
" Turbo Capitalism", Edward Luttwak, 2000.
" Capitalism 3.0", Peter Barnes, 2006.
" The Soul of Capitalism", William Greider , 2006.
" After Capitalism", David Schweickart, 2002.
" Economic Justice and Democracy: From Competition to Cooperation", Robin Hahnel, 2005.
" America Beyond Capitalism", Gar Alperovitz, 2005.

" How Are We Doing? "

III. "GDP, Employment, and Prices"
                  [ H & O: Chapters 19 & 20 ]

* Vision:
" THE 'THING' ECONOMY AND THE 'CARE' ECONOMY", Fred Block, "Alternet.org".
" GENUINE PROGRESS INDICATOR", "Redefining Progress.org"

* Data Update:
" U.S. Economy Started to Grow Again in the Third Quarter", "New York Times"
" Economy Shows New Signs of Growth, but Jobs Still Lag", "PBS Video Report"

* Data Tool Kit:
" ECONOMAGIC",   "Economagic.com"
" CURRENT ECONOMIC DATA",   "MartinCapital.com"
" ECONOMIC INDICATORS", "epi.org".
" THE FED'S INDICATORS", "www.newyorkfed.org".
" U.S. ECONOMIC ACCOUNTS", "Bureau of Economic Analysis"
" LABOR MARKET INDICATORS", "Bureau of Labor Statistics"
" FRED", "Federal Reserve Economic Data".
" ALTERNATIVE INDICATORS", "ShadowStats.com".
" MARKET WATCH", "marketwatch.com"
" DATA LIBRARY", "FreeLunch.com"

* Video:
" Gloomy Job Numbers signal New Woes For Economy", NewsHour,"PBS"
" December Job Losses Compound Economic Woes", NewsHour,"PBS"
" Soaring Job Losses May Signal Deepening Recession", NewsHour,"PBS"
" Video Reporte: Focus Recession", Leo Panitch,"Real News Network"
" Organizing the Poor", Steve Williams,"Real News Network"

* A Closer Look:
" RECOVERY AND REINVESTMENT 101" , "Americanprogress.com".
" Franklin Delano Roosevelt: Speech at Madison Square Garden (October 31, 1936) ", "Miller Center of Public Affairs".
" If America is Richer, Why Are its Families So Much Less Secure?", Peter G.Gosselin, "Los Angeles Times".
" The Poor Have More Things Today- Including Wild Income Swings", Peter G.Gosselin, "Los Angeles Times".
" How Just a Handful of Setbacks Sent the Ryans Tumbling Out of Prosperity", Peter G.Gosselin, "Los Angeles Times".
" The Source of the Statistics and How They Were Analyzed", Peter G.Gosselin, "Los Angeles Times".
" How the Government Measures Unemployment ", "Bureau of Labor Statistics".
" Alternative Measures of Labor Underutilization," "Bureau of Labor Statistics".

* Library: " How Are We Doing?: A Progress Report"
" The Confiscation of American Prosperity",Michael Perelman , 2010.
" Capitalism Hits the Fan", Richard D. Wolff, 2010.

" A Very Special Variable "

IV. "Economics: Profit, Wages, Interest, and Rent"

* Vision:
" HOW LOW-WAGE JOBS DAMAGE US All", Beth Shulman, "The Betrayal Of Work".
" Dangerous Metaphor: The Fiction of the Labor Market" , James K. Galbraith, "levy.org".
" Toward Living Wages In The Modern Era", Henry C K Liu, "Asian Times".
" The Role of Profit in the Leading Indicator System", Norman Frumkin, "Tracking America's Economy".
" High Wages, Low Wages, and Moraliy", David R. Francis, "Christian Science Monitor".

* A Closer Look:
" Minimum Wage and the Human Commodity", John Buell, "CommonDreams.org".
" Unemployment", "Wikipedia"
" Farewell to Jobs", Jill Fraser, "TomDispatch.com"
" For Ex-Offenders, Older Workers, Uneducated, Jobs Even Harder to Find", Halimah Abdullah, "McClatchy Newspapers".
" Jobless statistics overlook many", Sam Zuckerman, "SFGate.com".
" Major Trends in Employment: College Graduates Now Facing Higher Unemployment,....", "MyBudget360.com".
" Recession Finds Even Those With Jobs Losing Pay", Christopher Leonard, "HuffingtonPost.com"
" Labor's New Deal", Andy Stern, "The Nation".
" Labor Pick Is Good News for Workers", , "In These Times".
" Markets: Guided by an Invisivible Hand or Foot?", Robin Hahnel, "The ABCs of Political Economy: A Modern Approach".
" The Minimum Wage is the Minimum: A Call for Moral Outrage", Sally Kohn, "CommonDreams.org"
" Minimum Wage (FAQ)", EPI Issue Guide, "Economic Policy Institute".
" Minimum Wage Raise Is Good For Business", Holly Sklar,"Commondreams.org"
" A Model of Profit", The Levy Economic Institute, "levy.org".

* Library: " Political Economy"
" The ABCs of Political Economy: A Modern Approach", Robin Hahnel, 2002.
" Debunking Economics: The Naked Emperor of the Social Sciences", Steve King, 2004.
" Economics for the Common Good: Two Centuries of Economic Thought in the Humanistic Tradition", Mark A. Lutz, 1999.
" Challenge of Humanistic Economics", Mark A.Lutz & Kenneth Lux, 1979.
" Adam Smith's Mistake", Kenneth Lux, 1990.
" Railroading Economics: The Creation of the Free Market Mythology", Michael Perelman, 2006.
" Introduction to Political Economy", Sackrey, Schneider, & Knoedler, 2008.
" Political Economy", John Eaton, 1963.

" Maps & Models "

V. "Economic Growth & Economic Fluctuations"
                  [ H & O: Chapters 21 & 23 ]

* Vision:
" KEYNESIANISM: WHAT T IS AND WHY IT STILL MATTERS.", Thomas Palley, "thomaspalley.com".
" Back to Basics: Progressive Economics for the 21st Century", Thomas Palley, "thomaspalley.com".
" From Keynesianism to Neoliberalism: Shifting Paradigms in Economics", Thomas Palley, "thomaspalley.com".
" Macroeconomics Through Time", James K. Galbraith & W. Darity Jr., "Macroeconomics".
" Keynesian Theory", J. Neilis & D. Parker, "The Essence of the Economy".
" Injections & Leakages", J. Neilis & D. Parker, "The Essence of the Economy".
" Keynes offers us the best way to think about the financial crisis", Martin Wolf, "Financial Times".

* A Closer Look:
" Classical Liberalism", E. K. Hunt, "Property and Prophets".
" Crisis And Neoliberal Capitalism", David Kotz , "DollarsandSense.org"
" Challenging Economic Dogma", ,Mark Weisbrot, "Guardian Unlimited".
"Greed is Good: The Death of an Economic Religion", " The Existentialist Cowboy".
" What We Learn When We Learn Economics", Christopher Hayes, "CommonDreams.org".
" Neoliberalism","Wikipedia".
" The Study of Economics and Economists", Raymond Franklin, "American Capitalism:Two Visions"
" Alternative Economic Philosophies", Carson, Thomas and Hecht, "Economic Issues Today".
" The Role of Ideology", R. Carson, W. Thomas, and J. Hecht, "Economic Issues Today: Alternative Approaches"
" Karl Marx's Historical Method", Ronald Meek, "Economics and Ideology".
" A Guide to Conservative Economics", Rob Weiss, "Progressive Nation".
" Ask Dr. Dollar: Radical vs. Liberal Economics" , Ellen Frank, "DollarandSense.org".
" Capitalism vs. Participatory Economy", Michael Albert & Robin Hahnel, "The Participatory Economics Project".
" Looking Over Our Shoulder ... Origins of the Modern Economy...", Robert Carson, "What Economists Know...".

* Video:
" Nobel Laureates Trace How The Economy Began to Fall Apart", NewsHour,"PBS"
" Economists Place Their Bets With Predictions for 2009" , NeswHour,"PBS"
" Economists Explann Why Hints of the Economic Crisis Eluded Them", NewsHour, "PBS".
" Marxist Geographer David Harvey on the G20, the Financial Crisis and Neoliberalism", David Harvey, "DemocracyNow.".

* Library: " Looking Backwards"
" Down and Out in the Great Depression: Letters from the Forgotten Man", Robert Mcelvanine, 2008.
" Daily Life in the United States, 1920-1940: How Americans Lived Through the Roaring Twenties and the Great Depression", David Kyvig, 2002.
" The Great Transformation", Karl Polanyi, 2008.
" A Brief History of Neoliberalism", David Harvey, 2007.
" The Economic Transformation of America", Robert Helibroner & Aaron Singer, 1993.
" Capitalism and Its Economics: A Critical History ", Douglas Dowd, 2004.
" Economics: Marxian versus Neoclassical", Richard Wolff & Stephen Resnick, 1987.
" The Capital Limits to Capital", David Harvey, 2006.

--- { 'Early Bird' Midterm Exam:To Be Announced } ---

~"Review Questions"~

" Money, Money, Money "

VI. Money & The Financial System
             [ H & O: Chapter 25 ]

* Vision:
"MANAGING CREDIT-MONEY", Robert Guttmann, "Reforming Money and Finance".
"WALL STREET MOVES MAIN STREET", Burton G.Malkiel, "Wall Street Journal".
" Roosevelt Institute Celebrates A New Agenda for America",, "Huffingtonpost.com".
"Revolution and Counterrevolution",Galbraith & Darity , "Macroeconomics".

* Video:
"Crackdown Targets Banks Deemed 'Too Big to Fail'", ,"PBS".
"Inside The Banking Crisis", "Bill Moyers Journal".
"High Noon: Geithner v. The American Oligarchs." Bill Moyer,"Bill Moyer Journal".
" The Financial Crisis: Interviews ", Charli Rose, "CharlieRose.com".
" A Hidden $34 Billion Bank Subsidy? ", Dean Baker, "DemocracyNow.org".
"Bailed-Out Banks Should Be Declared Insolvent", James K.Galbraith, "Democracy Now.org".
"Sold Out", Robert Weissman,"DemocracyNow.org".

* "Fed" Stuff:
"FOMC ALERT", Financial Markets Center, "fmcenter.org".
"THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM", The Federal Reserve.
"THE '12' FEDERAL RESERVE DISTRICTS", The Federal Reserve.
"FED 101", The Federal Reserve.
"How The Fed Works", "money.howstuffworks.com".
"Modern Money Mechanics", The Federal Reserve.

* A Closer Look:
"Shifting the Burden From Main Street to Wall Street: Why We Need a "Tobin Tax",,Ellen Hodgson "Truthout.org".
"Fixing the Fed",William Greider, "The Nation".
"Setting an Agenda for Monetary Reform", Jane D’Arista, "Political Economy Research Institute".
"What's so Bad About a Banker Brain Drain?", Gerald Epstein, "Truthout.org".
"Nationalize th Banks! We're All Swedes Now", M. Richardson & Nouriel Roubini, "Washington Post".
"Chorus Grows: Nationalize the Banks",Joe Nocera, "The International Herald Tribune".
"On Going Coverage of the Financial Crisis", "Dollarsand Sense.org".
"Financialization: A Primer",Ramaa Vasudevan , "DollarsandSense.org".
"The Financial Sector: "A House Burning Down"" Prof. Michael Hudson, "Informationclearinghouse.info".
"FIRE Economy in Crisis I",Michael Hudson, "MichaelHudson.com".
"FIRE Economy in Crisis II",Michael Hudson, "MichaelHudson.com".
"Speculative Bubble", "SpeculativeBubble.com".

* Connections:
"Revive Lincoln's Monetary Policy:...." ",Ellen H. Brown, "Webofdebt.com".
"Lessons From The Wizard Of Oz" ",Ellen H. Brown, "Webofdebt.com".
" A Radical Plan For Funding The New Deal", Ellen Brown, "CommonDreams.org".
"High Noon: Geithner v. the American Oligarchs",Bill Moyer ,"Truthout.com".
" 12 Deregulatory Steps to Financial Meltdown ",Robert Weissman , "CommonDreams.org".
"Notes on the Financial Crisis, #1",Tom Weisskopf, "DollarsandSense.org".
"Notes on the Financial Crisis, #2", Tom Weisskopf , "DollarsandSense.org".
"Notes on the Financial Crisis, #3", Tom Weisskopf , "DollarsandSense.org".
"Wall Street's Final '08 Toll: $6.9 Trillion Wiped Out",Renae Merle , "Washington Post".
"Global Crisis Orientation", ,"The Baseline Scenario.com".
"Speculation & The Stock Market", George P. Brockway,"The End of Economic Man".
"Interest", George P. Brockway, "The End of Economic Man".
"Comment on Marx's Theory of Money and Alienation", "Economics.about.com".
"The Loanable Funds Model", Gary Evans, "Introduction to Macroeconomics".
"Banks and Rates", Stephen Rousseas, "Post Keynesian Monetary Economics".
"How The Bond Market Works", Olivar Blanchard, "Macroeconomics".
"Bonds: Prices & Rates", Frederick Mishkin,"The Economics of Money, Banking, ...".

" The 'ABCs' of Stabilization Policy "
VII. " AD/AS Model ", Monetary Policy, & Fiscal Policy
                  [ H & O: Chapters 24, 26 & 27 ]

A. The "AD & AS" Model

* Vision:
"A DEVASTATING ECONOMIC CRISIS UNFOLDS", , "GreenLeft.org".
"Recession on track to be longest in postwar period", Deb Riechmann, " HuffingtonPost.com".
"Fed Views:Economic Data and Research", John C. Williams, "Federal Reserve Bank of San Francisco".
"Introduction to Business Cycles", Gary Evans "Macroeconomics".
"Aggregate Demand" & "Aggregate Supply" Model, Gary Evans, "Macroeconomics".
"Economic Models", Gary Evans, "Macroeconomics".
"The Supply Side", St. Louis Federal Reserve, "Economic Review".

B. Monetary Policy

* Vision:
"THE FEDERAL RESERVE AND THE CONTROL OF MOMEY", James K. Galbraith, "Macroeconomics".
"Increased Saving Isn't Key to Stimulating Investment", David Gordon, "LA Times".
"The End of the Age of Milton Friedman Part 1", Jeff Madrick, "HuffingtonPost.com".
"The End of the Age of Friedman, Part 2", Jeff Madrick, "HuffingtonPost.com".

* A Closer Look:
"The Federal Reserve System:Purposes & Functions", Board of Governors, The Federal Reserve System.
"Fed Points", The Federal Reserve of New York.
"The Money Supply" , The Federal Reserve of New York.
"Open Market Operations" , The Federal Reserve of New York.
"Discount Window" , The Federal Reserve of New York.
"Reserve Requirements" , The Federal Reserve Board.
"Fed Funds" , The Federal Reserve of New York.
"The End of the Financial World as We Know It" Micheal Lewis and David Einhorn, "New York Times" .
"How to Repair a Broken Financial World" Micheal Lewis and David Einhorn, "New York Times" .
"Banking Bunkum" Part 1: Monetary Theology" Henry C K Liu , "AsianTimes.com".
"Fictious Economy I.",Michael Hudson, "MichaelHudson.com".
"Fictious economy II.",Michael Hudson, "MichaelHudson.com".
"Beyond Bailouts: On the Politics of Education After Neoliberalism" ,Henry A. Giroux "Truthout.org" .
"Stop the Rate Cuts, They Don’t Work" Craig Harrington, "Economy in Crisis.org", .

* Video:
“The Myth of Free Trade and the Secret History of Capitalism”",, Economist Ha-Joon Chang "DemocracyNow.org".
" ...AIG Bonuses, the “Backdoor Bailout” and Why Obama Should Fire Geithner, Summers", Robert Sheer, "DemocracyNow.org".

C. Fiscal Policy

* Vision:
"POLICY ROUNDTABLE: The Challenge of Job Creation",Timothy J. Bartik, James K. Galbraith, L. Randall Wray,"New American Foundation"
"Too Little of a Good Thing ", Paul Krugman, "New York Times"
"The Bankrupt Debate Over Bankrupting Our Children", Dean Baker, "ToughOut.com"
"Why won't Obama give you a job?", Alec MacGillis, "Washington Post"
"More Fiscal Stimulus Is Needed to Reverse Economic Decline", Mark Weisbrot, "TruthOut.Org"
"Reagan: The Great American Socialist", Ravi Batra, "TruthOut.Org"
"The Big Fix: The Case For Public Spending", Jame s K. Galbraith, The Levy Institute, "Levy.org"
"The Impasse Ahead" Korkut A. Erturk,"DollarsandSense.org"
"The Case For An Environmentally Sustainable Jobs Program", The Levy Economic Institute, "Levy.org."

* Video:
"Obama's New Economic Team & Stimulus Plan", "DemocracyNow.org"
"Economic Stimulus Moves to Senate Following House Approval", Willim Grieder , "DemocracyNow.com.
"Weapon Programs Re-Branded As Jobs Programs","Real News Network"
"Remembering J. K. GALBRAITH", KPBS 'NewsHour' Video, "pbs.org"

* A Closer Look:
"UNITED STATES PUBLIC DEBT", Wikipedia.
"UNITED STATES BUDGET DEFICIT", Wikipedia.
"A CITIZEN'S GUIDE TO THE FEDERAL BUDGET", Dept. of Management and Budget.
"Why You Should Be Screaming For Higher Taxes", Larry Beinhart"Alternet.org"
"Budget Deficit to Hit $1.2 Trillion in Fiscal 2009"Richard Cowan and Jeremy Pelofsky, "Truthout.org"
" Where is Your Money Going?", , "Recovery.gov".
"A Guide to the Gov't Securities Market", Businesss Week.

* Connections:
"Progressive Taxation: Some Hidden Truths", George Lakoff and Bruce Budne, "buzzflash.com".
"Ending the Hidden Agenda Behind Tax Cuts", Joe Brewer, "truthout.org".
"Monetary Policy Targets", Frederick Mishkin, "The Economics of Money,....".
"Old Attempts & New Ideas", James K. Galbraith & W. Darity Jr., "Macroeconomics".
.

" The Natural Rate "   &   " The Speed Limit "

VIII. "Inflation, Unemployment and Policy"
              [ H & O: Chapter 28 ]
* Vision
"A BRIEF PRIMER ON INFLATION", B. Bluestone & B. Harrison,"Growing Prosperity".

* A Closer Look:
"THE SPECTOR OF INFLATION", R. Heilbroner & Lester Thurow, "Economics Explained".
"INFLATION CALCULATOR", Bureau of Labor Statistics.
"The Fear Of Full Employment", George Brockway, "Economists Can Be Bad for Your Health".
"Ego Inflation", James K. Galbraith, "MotherJones.com".
"Inflation", George Brockway, "Economists Can Be Bad for Your Health".
"Economic Trends Analysis", The Market Oracle.

" Growth & Our Global Economy "

IX. Globalization,.....
     [ H & O Chapters 29 & 30 ]

* Vision:
"GLOBAL ECONOMY 101", "GlobalExchange.com"
"US Downturn Dragging World Into Recession", Anthony Faiola, "The Washington Post"
" Taming Global Capitalism Anew", Stiglitz, Lee, Hutton, Galbraith, Faux, Rogers, Andrews and D'Arista, "The Nation".
"World Bank Says Global Economy Will Shrink in ’09 ", Edmund L. Andrews, "New York Times"
"Our Three-Decade Recession", Robert Costanza, "Los Angeles Times"
"How Business Can Save the World",Matthew Battles, "Boston Globe.com"
" Beyond the Bailout: Agenda for a New Economy", David C. Korten, "Yes Magazine.org".

* Video:
" THE SHOCK DOCTRINE: Naomi Klein on the Rise of Disaster Capitalism", Naomi Klein, "DemocracyNow.org".
" Confession Of An Economic Hit Man", Video Interview, "DemocracyNow.org"
Readings From Howard Zinn's "Voices of a People's History of the United States", DemocracyNow.com

* A Closer Look:
"Dollar hegemony against sovereign credit ", Henry C K Liu , "Asian Times".
" Dollar Crisis In The Making", Joseph Stroupe, "Asiantimes.com".
"The Economics and Politics of Trade Deficits", Thomas Palley, "thomaspalley.com".
"Where Do U.S. Dollars Go When The U.S. Runs A Trade Deficit?", Ellen Frank, "dollarsandsense.org".
"Exchange Rates", "x-rates.com"
" From Global Financial Crisis to Global Recession, Part I", Jack Rasmus, "Z communications.org"
" From Global Financial Crisis to Global Recession Part II", Jack Rasmus, "ZCommunications.org"
"What Cooked the World's Economy", James Lieber , "Truthout.org".
" The Financial Sector: A House Burning Down" , Prof. Michael Hudson , "informationclearinghouse.info.

* Connections:
"Obama's South American Reality Check ", Mark Weisbrot, "The Guardian/UK".
"Free, Free at Last", John Miller, "dollarsandsense.org".
"U.S. Should Form a Marshall Plan for Latin America", Andrew Reding, "Los Angeles Times".
"Democratizing the Global Economy", "Global Exchange".
"Super Imperialism"Michael Hudson, 2003.

--- { 'Early Bird' Final Exam: To Be Announced } ---
~"Review Ques

~.~