Showing posts with label Rudolf Hilferding. Show all posts
Showing posts with label Rudolf Hilferding. Show all posts

Sunday 28 August 2016

Finance is Not the Economy

That's Where the Real Thinking is Done


Michael Hudson and Dirk Bezemer published a great article about a week ago on the net "Finance is Not the Economy".  Well worth a read.

The article focuses on one of AA's favorite topics: how the failure to account for the financial sector means that economic analysis is incomplete and therefore incorrect.  That is not to say the economics will ever be more than a best guess. 

A failure on at least two fronts--impact of the financial sector on the economy and the risk of financialization of the economy.

One thing did catch my eye - lack of a reference to Rudolf Hilferding.