What is the right word to describe the U.S. government’s current and proposed fiscal condition: fantastic, unbelievable, surreal? The Obama administration now expects a budget deficit in fiscal year 2009 of $1,750 billion, or more than 12 percent of GDP. Total federal spending this year is expected to be $3,940 billion, or 27 percent of GDP. President Barack Obama promises that the...
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We wrapped up our discussion of Karl Marx in my “Classical & Marxian Political Economy” class today, and I posted what follows at Division of Labour this morning. What are we to do with Karl Marx the economist and with Karl Marx the social thinker more broadly? I rely here on the Oxford University...
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