Pages

 

Should I Be Delighted With More To Read?

0 comments
I've started to look into just a few of the many articles now on-line from the Socialist Register (announced by Crooked Timber and The Virtual Stoa).

In a 1968 piece by Ralph Miliband, "Professor Galbraith and American Capitalism", Miliband criticizes The New Industrial State. Miliband thinks the owner of firms are still in the driver's seat. According to Miliband, Galbraith's thesis of the rising power of the technostructure is false. And it serves a function as apologetics for capitalism.

In my my earlier appreciation of John Kenneth Galbraith, I tried to mention aspects of Galbraith's thought that have stood the test of time. I took no position on the technostructure.

But consider. Piketty and Saez (2006), "The Evolution of Top Incomes: A Historical and International Perspective", show that composition of income in the top 0.01% in the U. S. is increasingly salaries, and a corresponding lower proportion is returns to capital. Is this not evidence suggesting that ownership of large corporations has become of lesser importance? To conclude that technical knowledge is a more important source of power than merely being a top-level manager would take some further evidence.

0 comments:

Post a Comment

  • Greenspan's Cult of Personality... Review topics and articles of economics: Alan Greenspan was a legend in his time and there was no shortage of praise for him back then. For example, who can forget Bob Woodow's 2000 book Maestro: Greenspan's...
  • Yes Tyler, Low Interest Rates Matte... Tyler Cowen is wondering whether the Fed's low interest rates in the early-to-mid 2000s really were that important to the credit and housing boom of the early-to-mid...
  • The Eurozone Crisis: Deja Vu... Review topics and articles of economics: Randal Forsyth sees similarities between the current unfolding of the Eurozone crisis and that of the U.S. financial crisis a few years back:Just as the problem on this...
  • Charles Plosser and the Burden of F... The Economist's Free Exchange blog is shocked to hear this from Federal Reserve Bank of Philadelphia President Charles Plosser:"Since expectations play an important role...
  • Arnold Kling and Expected Inflation... Review topics and articles of economics: What do we know about expected inflation? According to Arnold Kling not much if we look to financial markets:I'm also not convinced that we can read expected inflation...
  • A Paper on Stabilizing Nominal Spen... Given the recent discussion on stabilizing nominal spending as a policy goal I found this article by Evan F. Koenig of the Dallas Fed to be interesting: The article...
  • Why The Low Interest Rates Mattered... Review topics and articles of economics: This is the second of two posts detailing why the Fed's low interest rate policies in the early-to-mid 2000s was one of the more important contributors to the credit and...
  • Why The Low Interest Rates Mattered... This is the first of a two-part follow up to my previous post, where I argued that the Fed's low interest rate policy was a key contributor to the credit and housing...
  • The Stance of Monetary Policy Via t... Review topics and articles of economics: There has been some interesting conversations on the stance of monetary policy in the past few days between Arnold Kling, Scott Sumner, and Josh Hendrickson. Part of...
  • Scott Sumner's New Best Friend:... Joseph Gagnon is calling for $6 trillion more in global monetary easing. This should not be too hard to implement since the Fed is a monetary superpower.Update: The...
 
Review topics and articles of economics © 2011 Should I Be Delighted With More To Read?