Why Economists Reject Binary Economics, V: “Perceived Policy Risks and Inflation Concerns”

The four previous postings on this subject — why so-called mainstream economists reject Binary Economics — we have looked at 1) Lack of Empirical and Econometric Support, 2) Heterodox and Non-Conventional Framework, 3) Criticism of Core Concepts, Particularly “Productiveness”, and 4) Negative Reception by Prominent Economists.  This last, the “negative reception” by prominent economists, is possibly the weakest reason given.

JTW Podcast: The Social Program of Pope Leo XIV

Many people are intrigued by the first U.S.-born pope’s choice of regnal name and his declaration that he would take Pope Leo XIII’s 1891 encyclical, Rerum Novarum as his guide.  What does this mean not merely for Catholics, but for everyone?  Dawn Brohawn and Michael D. Greaney give their thoughts on the matter:

News from the Network, Vol. 18, No. 32

 It continues to be difficult to report on news items relating to the Just Third Way when the media are filled with the economic chaos being spread without regard of anything connected to reality.  As always, however, we believe the solution to the chaos and quite a few other things is to adopt the Economic Democracy Act:

Why Economists Reject Binary Economics, IV: “Negative Reception”

 In the three previous postings on this subject, we have been examining (as the title of this posting suggests) why mainstream economists reject Binary Economics.  So far, we have looked at 1) Lack of Empirical and Econometric Support, 2) Heterodox and Non-Conventional Framework, and 3) Criticism of Core Concepts, Particularly “Productiveness”.  Today we look at perhaps the weakest reason, even though some in the modern world give it the greatest weight: Negative Reception by Prominent Economists: the “Non amo te, Sabidi” (“I do not like thee, Doctor Fell”) syndrome:

JTW Podcast: Louis Kelso on 60 Minutes

Mike Wallace interviews the inventor of the ESOP (Employee Stock Ownership Plan), Louis O. Kelso. They discuss ESOP Pros and Cons, ESOP detractors, and Kelso answers the question: “What is an ESOP?”

News from the Network, Vol. 18, No. 31

 With an appalling sameness, this week’s news items strongly resemble those of last week . . . and the week before . . . and the week before that, and so on.  Some of the reasons are given below in the items listed, but frankly, this situation is going to continue until the Economic Democracy Act is adopted:

Why Economists Reject Binary Economics, III: “Particularly ‘Productiveness’”

 One of the many things conventional mainstream economists find annoying (i.e., incomprehensible) about Binary Economics is the idea of “productiveness.”  In Binary Economics, productiveness is not a synonym for productivity.  It is, rather, an acknowledgement that there is more than one factor of production and that each makes a definable and independent (although not autonomous when the factors are combined) contribution to production.

JTW Podcast: Capital Credit Insurance and Reinsurance

Economic Democracy Act: Expanding Capital Credit and Ownership for All

 

Discover how “the Economic Democracy Act” aims to democratize access to capital ownership through reforms like capital credit insurance and reinsurance.  This video delves into how the Act would make acquiring productive capital a fundamental right, facilitated by interest-free loans and paid off through tax-deductible dividends. Key topics include the establishment of commercial loan default insurance, the role of a Capital Credit Reinsurance Corporation as a backup insurer, and the benefits of commercial portfolio insurance in protecting retirement assets. Learn how this initiative could transform economic opportunities and ensure financial security for every citizen.

News from the Network, Vol. 18, No. 30

 The news items this week reflect the same problem we noted last week: that under the current administration the term “developing story” has ceased to have any real meaning.  Chaos, both political and economic, seems to be the order of the day.  We do have to wonder when the powers that be are going to wake up and adopt the Economic Democracy Act:

Why Economists Reject Binary Economics, II: Heterodox and Non-Conventional

 As John Maynard Keynes famously declared in the conclusion of his General Theory of Employment, Interest and Money (which is not general or much of a theory, and — being obsessed with the Fabian socialist doctrine of “full employment” — has little to do with the real meaning of interest and money),

JTW Podcast: The Economic Democracy Act

 The Economic Democracy Act: Universal Path to Wealth and Economic Power In the first part of our series on the Economic Democracy Act, we delve into the economic disparities rooted in concentrated capital ownership. Historically, wealth and power were tied to land ownership, but today's wealth is generated by technology and income-producing assets. The Economic Democracy Act proposes groundbreaking national legislation to democratize ownership by providing every citizen, from birth to death, equal access to capital credit to invest in profitable, growing businesses. By breaking down barriers in the money system, this act aims to create an economically independent and powerful citizenry, reducing reliance on wages and welfare. Learn how this transformative proposal could grant you a second income and financial freedom through universal access to capital ownership.

News from the Network, Vol. 18, No. 29

 One of the ongoing problems with trying to report news items of the Just Third Way is that under the current administration the term “developing story” has ceased to have any real meaning.  Chaos, both political and economic, seems to be the order of the day.  We do have to wonder when the powers that be are going to wake up and adopt the Economic Democracy Act:

Why Economists Reject Binary Economics, I: Lack of Empirical Evidence

Just for fun the other day, we asked AI why mainstream economists reject Binary Economics, and it came up with nine reasons, some of which are not so good, and others which are terrible.  In this series we will look at the reasons and see if there are any responses, or if the reason is even valid.

JTW Podcast: Are Human Beings Angelic?

Today’s podcast is another appearance by “Great Books” philosopher Mortimer J. Adler on William F. Buckley’s Firing Line.  Again, we could summarize the video, but it’s better just to watch it yourself:

News from the Network, Vol. 18, No. 28

 We have sad news this week, the passing of one of the pioneer generation of the ESOP movement, Patricia Hetter Kelso.  As co-author with Louis Kelso, she helped present many of the ideas embodied in the Economic Democracy Act:

The Big Beautiful Boondoggle

 The trouble with even the biggest and most beautiful bill is that eventually you have to pay your bills, and the beauty of what you bought may have dimmed a bit by then.  We realize we’re committing a slight “fallacy of equivocation” by using a word meant in one sense in a different sense, but in this case it works.  We think.

JTW Podcast: Adler on Great Books, Religion, Literature and Education

Today’s podcast is another “long-lost treasure” from the legacy left by “Great Books” philosopher Mortimer J. Adler.  We would say more, but it would be better simply to watch or listen to the video:

News from the Network, Vol. 18, No. 27

The Big News this week is the Big Beautiful Bill . . . which as far as we can tell doesn’t do anything to get the Economic Democracy Act: adopted.  Other than that (and including that), here’s what’s been happening that affects the Just Third Way:

The Wedding of the Century

 Back in 1951 MGM released Royal Wedding, one of the movie musicals for which the studio was noted.  Famous for the scene that has Fred Astaire dancing on the walls and ceiling (done by having a rotating set and a fixed camera . . . with the cameraman strapped into his seat), the film — which is now in the public domain — was a riff on the marriage of then-Princess Elizabeth and Phillip Mountbatten in 1947.

JTW Podcast: Labor’s Great Mistake

 Today’s podcast is about “Labor's Great Mistake: The Economics of Full Employment and Wealth Production.”  In this writing, Kelso challenged the conventional belief that full employment is a societal ideal, arguing instead that true economic advancement comes through increased participation in production facilitated by capital ownership. He critiqued the Keynesian approach of pump-priming the economy to create jobs and illustrates the inefficiency and inherent issues in such policies.

News from the Network, Vol. 18, No. 26

 Some of this week’s news items might come across as a trifle surreal but we can assure you they are drawn from today’s headlines.  The stories are true.  None of the names have been changed because there are too few innocents to protect.  Of course, many of the non-innocents would lose their opportunities to inflict themselves on others if legislatures would adopt the Economic Democracy Act:

Muddling Through to Servility

 The election of Pope Leo XIV has aroused renewed interest in “Catholic” social teaching . . . which is not “Catholic,” but “catholic” with a small c, as it is based on the natural law common to every human being.  Unfortunately, there is a flaw in how these teachings have been presented.  This is not a flaw in the teachings, mind you, but in how they are applied, which is a mistake anybody, even a pope or president, can make.

JTW Podcast: Mortimer Adler and The Capitalist Manifesto

 Today’s podcast is the Preface to The Capitalist Manifesto: Revolutionizing Democracy and Economy by Mortimer J. Adler and Louis O. Kelso.

Mortimer J. Adler wrote this preface to The Capitalist Manifesto, co-authored with Louis Kelso. Adler disclaimed credit for the underlying capitalist theory, attributing it to Kelso's extensive research. He elucidated the inseparable link between political democracy and economic freedom and equality.

News from the Network, Vol. 18, No. 25

As usual, there is nothing new under the sun with the news affecting the effort to get legislators to adopt the Economic Democracy Act.  Still, the effort goes on.