#economics

400 posts · Last used 7h

"And so here, what you have with billionaire wealth is that there’s a potential tax base; we are not taxing billionaire wealth today, which has been skyrocketing. That’s the flip side of the rise of wealth concentration. The positive aspect in all of that is that now there’s a lot of tax revenue at stake from potentially taxing the wealth of billionaires." Nice dialogue between Gabriel Zucman and Paul Krugman. https://paulkrugman.substack.com/p/talking-again-with-gabriel-zucman #economics#wealthTax
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A favourite trope of the small-state crowd is to attack taxes by saying 'make work pay' as if taxes had prompted a low-wage economy. The *real* issue is the share of national Gross Value Added that accrues to capital & to labour (in aggregated terms). In 1975 workers' share of GVA was 71.9%.. fifty years later that has dropped to 59.7%. So, while the UK's economy has largely stagnated, capital has increased its capture of value from economic activity. #economics #inequality h/t Prem Sikka
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As Michael Basler argues (Observer letters), 'judging regional economies through tax receipts ignores the historical concentration of wealth, capital & corporate power in London'! Regional disparities have not been the accidental consequences of economic processes, but rather have been engineered by the City of London & financial services. Unless the new regionalism promised by Andy Burnham specifically seeks to rebalance the UK's economy, it will amount to little. #economics #politics
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As Jason Hickel argues:

'the tendency to equate capitalism with "markets and trade" naturalizes a system that is not natural, and prevents us from having a clear-eyed view of how it operates & how we might want to do things differently'...

he then offers a vg three part definition of capitalism:

  1. Capitalism is built on enclosure & the construction of scarcity;

  2. it requires perpetual expansion (growth);

  3. economics decisions cannot be democratic.

#capitalism #economics h/t LinkedIn

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