Immiseration thesis marx

One of the best-known examples of racism is the “Guess Who’s Coming To Dinner” scenario where parents are scandalized about their child marrying someone of a different race. Pew has done some good work on this and found that only 23% of conservatives and 1% (!) of liberals admit they would be upset in this situation. But Pew also asked how parents would feel about their child marrying someone of a different political party . Now 30% of conservatives and 23% of liberals would get upset. Average them out, and you go from 12% upsetness rate for race to 27% upsetness rate for party – more than double. Yeah, people do lie to pollsters, but a picture is starting to come together here.

@Nahim: I think you’ve hit the nail on the head. Sumner would say that the #1 most important “economic context”, is the reaction function of the central bank. Monetary policy “moves last”, and is vastly more powerful than any possible fiscal policy. (And without the side effects, like increased debt!) Discussing the fiscal multiplier, in terms of its effect on aggregate demand, without consider what the monetary authority is doing, is nonsensical. No wonder the data doesn’t show any clear results for “the” fiscal multiplier.

Immiseration thesis marx

immiseration thesis marx

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