James K. Galbraith has a second part to his interview with Paul Jay on the real news. He goes on greater length about how it would be unwise to cut social security or medicare. He worries that Obama may be listening to those who want this, including conservative Democrats, but also notes that his public statements so far have not specifically said what to do about social security. "Wait and see," says Galbraith. He also addresses several other issues including the status of the dollar and the need for aid to those in danger of home foreclosures.
The link.
Barkley, I know that James Galbraith is very aware of the global environmental crisis. So, why does he limit his economic dialogue to the financial dimension only.
ReplyDeleteThis is a different globe to that of 1930. We now have an ecological crisis and it is a much larger crisis than that appearing in the economic arena; though the global economy has caused it.
The new reality, and the new demands for a differently-shaped economic sphere, should be echoed in all of the interviews that economists give. Because the situation is so urgent.
So why isn't this new public talk happening, even amongst some of the most enlightened individuals?
Actually in this Part 2 he did spend some time on environmentally sound and sustainable development. He distinguished a short run need to get out of the recession and the longer run need to deal with our misuse of energy and the environment.
ReplyDeleteSo why isn't this new public talk happening, even amongst some of the most enlightened individuals?
ReplyDeleteBecause economics is a cult.
As one economist (who goes pretty far out on the limb) joked to me, "I agree... But if I said that, I'd lose my economist's license."
Actually, my book has an entire chapter on the environmental crisis. JG
ReplyDeleteI take it that this "Anonymous" who signs as "JG" is Jamie Galbraith? Hi, and welcome back to econospeak.
ReplyDeleteJG
ReplyDeleteDo you ask the forbidden question? And if you do what is your answer?
JBR: "in this Part 2 he did spend some time on environmentally sound and sustainable development. He distinguished a short run need to get out of the recession and the longer run need to deal with our misuse of energy and the environment.
ReplyDeleteJG: "my book has an entire chapter on the environmental crisis."
So, you're saying that the environment is part of economics? I say economics is part of the environment.
I've drafted some book chapter ideas (below) to attempt to break down what Forbes Bottomly refers to as the 'isolation wards' of subject-area specialty:
"Manipulation of Environmental Science
Chemical Industry is EPA’s Primary Research Partner
Climate Change Science Doctored
Global Warming Panel Composition Distorted
Media Manipulation
Scientists fail to reveal their funding by industry
Peak Oil
China’s oil consumption increasing by 7.5%/year with 8-10% GDP growth rate. In 2005 China increased its energy use by 20%. Coal consumption grew 10.9 percent. Hydro electricity by 4.2 percent.
2000 – 2004. China’s rates of CO2 emissions from industry increased at a rate over three times that of the 1990s.
2007 – May. The Southern oceans ability to absorb CO2 has weakened and this situation is contributing to a faster rise in atmospheric CO2
2005 – Deforestation alone is contributing to a quarter of all greenhouse gas emissions.
80-fold increase in use of energy for food last century
Higher Oil Prices
Ice Sheet Melting
Global ice melt causes more earthquakes that cause the ice-sheets and glaciers to be dislodged. If it happens en-masse it will cause an earth axis change.
Greenland Ice Sheet Melt
West Antarctic Ice Sheet Melt
The Extreme Chandler Wobble – precursor to a pole shift?
A prophetic vision – pole shift
The benefit of knowing
Climate Change
Net Overall Global Drying Trend Predicted
Southern Ocean Current Faces Slowdown Threat
Slowing of the Atlantic meridional overturning circulation
Paper Consumption
2007 – December 8th. Global paper consumption has quadrupled in the last 40 years.
Food Production
Pollinating Insects Dying Off
Green Revolution – Problems with it
Conflict over Natural Resources
Egypt over water
Israel over water
US over Oil
US over diamonds, copper, gold, coltan and niobam in the Congo
GDP and the Environment
Environmental Kuznets Curve
GDP per capita
EPI versus Competitiveness
Data Gaps in the Environment Performance Index 2006
Oceans
Top half mile of oceans have warmed dramatically in last 40 years
Dangerous feedback loop now established
Atmospheric litter
Mercury
Nitrogen
Fish harvest
Hurricanes
Polar ice caps
Ocean wildlife
Water Resources
Business as usual is not an option
Bottled Water: A Global Environmental Problem
Australia – drought 2007
China – North China Plain and Yellow River (Huang He)
Pakistan – Indus River
Ogallala aquifer
Coastal fresh water is becoming salty as it is depleted
Fisheries
90 percent of large fish stocks depleted
Pollutants and fish
Biodiversity & Habitat
Pollinating Insects Dying Off
Heat pollution
Sustainable Energy
US Military’s Toxic Legacy
Pollution
Feminisation of the Population
Air Pollution
Pollution Decreases Rainfall
Sources of Human Contamination
Millenium Ecosystem Assessment
‘market value of a forest’
Nuclear "
Brenda,
ReplyDeleteThe big guy, jg (and he is plenty tall), is probably not reappearing here on this thread, having other fish to fry. But, I know that he takes environmental issues very seriously, far more seriously than the vast majority of economists. I doubt that he would disagree with any of the specific matters you raised, with the possible exception of your opposition to nuclear, where you and I also have disagreements.
Regarding which is embodied in which, while it is useful to slap the more seriously dumb economists with this matter, I think it is ultimately a sterile disupute, or at least unresolvable. I prefer the formulation of Vladimir Vernadsky back in 1945 of the "nooosphere," which essentially says that there is a higher order synthesis (oh so dialectical coming from a Soviet commie) of the two aspects.
Barkley
ReplyDeleteI take your points. It is apparent, as you say, that JG is taking the environmental issues very seriously.
I'm fumbling, perhaps, with my attempts to articulate the problem here. It's not that the concern is lacking. It's more that the paradigm of expression needs to change in order to respond to the type and level of crises we all face.
There are some fantastic books on economics that hardly mention the environment. I'm reading some of these at present. But here's the contexts. The new American President has just been elected and one of the most enlightened economist is being interviewed about the nature and extent of the problems we face....and the environment comes in at part 2. Not in the introduction. His latest book (which I would really like to read) has only one chapter on the 'environment'??
Maybe my words seems harsh or overcritical of a person who has already contributed a lot towards the env-econ field. JG isn't the only one that gets more flak from me than they deserve.
Nevertheless its paradigm-shift time.
...with the possible exception of your opposition to nuclear, where you and I also have disagreements. . .
ReplyDeleteErrr.. Where do you and JG explain the environmental viability of nuclear???
By the way, I used up half of our households monthly broadband access viewing Part 1 of JG's interview. Part 2 will have to wait till February.
ReplyDeleteIs a transcript available?