Summary of A Philosophy for a Fair Society (Part I) | Michael Hudson & Jonathan Brown

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00:00:00 - 01:00:00

In this video, Michael Hudson discusses the concept of economic rent and how it is often misunderstood by economists. He also discusses the importance of land value accounting in determining the amount of income that landlords make. Finally, he discusses the difficulty some students have in finding jobs due to their lack of professional credentials in the field of economics.

00:00:00 Michael Hudson discusses his career as an economist and his most famous work, "Super Imperialism." He also discusses his new book, "The Destiny of Civilization: Financial Capitalism, Industrial Capitalism, or Socialism?"
00:05:00 Michael Hudson discusses the history of classical economics and how it is often neglected in modern economics curriculums. He then tells the story of how he became interested in economics and changed careers to pursue it. He eventually became a balance of payments economist at Chase Manhattan bank.
00:10:00 Michael Hudson and Jonathan Brown discuss the issue of money creation and its effects on prices. They point out that while banks often lend against already-existing property, they also lend in order to increase asset prices, not consumer prices. This process of price inflation reduces the purchasing power of people's wages and investments, leading to economic stagnation.
00:15:00 In this video, Michael Hudson discusses classical economics and how it differed from the current economics taught in universities. He also explains how industrial capitalism was a radical campaign that aimed to reduce economic rents and monopolies, and how it led to the development of democracy.
00:20:00 This video discusses how, in the late 1800s, various political factions fought for control of American universities in order to spread their respective political ideologies. The main argument made is that, in order to create a successful society, individuals need to be educated in economics and have a clear understanding of how the economy works. This was not always possible, as many universities were founded by religious groups who were more interested in training clergy than economists. However, with the establishment of new universities dedicated to economics, this issue began to be resolved.
00:25:00 This video discusses the history of economics and the role of government in society. It argues that a strong government is necessary in order to free economies from unearned income, free them from the free lunch, and allow for efficient service delivery.
00:30:00 In the video, Michael Hudson and Jonathan Brown discuss the concept of economic rent, which is the difference between what a business makes due to natural monopolies and what the business could make if there were no such monopolies. They also discuss the fight for democracy and economic justice that was waged in the late 1980s and 1990s. Clark J.B. Clark was a central figure in this fight, translating Michael Hudson's books on economics into articles that were later followed by Simon Patton, the economic protectionist professor. They argue that there is an attempt by academic economics to deny the existence of unearned income, and that to deter public regulation or higher taxation of rent-seeking recipients of free lunches, business elites have embraced Milton Friedman's claim that there is no such thing as a free lunch.
00:35:00 Henry George was an early advocate for free market economics, but he was later influential in the development of neoclassical economics, which rejects the concept of economic rents. Michael Hudson discusses George's ideas and why they are important.
00:40:00 In the early 1800s, George Combe coined the term "panacea" to describe the idea that one solution to all of society's problems was to simply implement land rent. However, by the 1890s, many reformers had turned against George's theories, viewing him as a sectarian and diverting attention away from more important issues. In the early 2000s, the debate over how to keep the price of housing down has once again shifted to China, with socialists in both countries focusing on labor's working conditions.
00:45:00 This video discusses how a fair society can be achieved by implementing policies such as rent control, affordable housing, and a land value tax. Michael Hudson and Jonathan Brown discuss how these policies could be implemented in Russia and Latvia, two countries which have been struggling economically.
00:50:00 In this YouTube video, Michael Hudson and Jonathan Brown discuss the importance of land value accounting and how it helps to determine the amount of income that landlords make. They also discuss the importance of this concept in relation to other aspects of economics, such as the national income and product accounts.
00:55:00 In this video, Michael Hudson discusses the role of financial services in the economy, and how these services contribute to national GDP. He also discusses the concept of economic rent, and how it is often misunderstood by economists. Finally, he discusses the difficulty some students have in finding jobs due to their lack of professional credentials in the field of economics.

01:00:00 - 01:10:00

In this video, Michael Hudson and Jonathan Brown discuss how our current financial system leads to increased economic polarization and rent seeking. They argue that we need to reform our system in order to help society thrive.