Thursday, January 22, 2009

Galbraith Part 2 on "Can Obamanomics Solve the Crisis?"

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.

11 comments:

Myrtle Blackwood said...

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.

This 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?

Barkley Rosser said...

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.

Sandwichman said...

So why isn't this new public talk happening, even amongst some of the most enlightened individuals?

Because 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."

Anonymous said...

Actually, my book has an entire chapter on the environmental crisis. JG

Barkley Rosser said...

I take it that this "Anonymous" who signs as "JG" is Jamie Galbraith? Hi, and welcome back to econospeak.

Sandwichman said...

JG

Do you ask the forbidden question? And if you do what is your answer?

Myrtle Blackwood said...

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.

JG: "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
"

Barkley Rosser said...

Brenda,

The 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.

Myrtle Blackwood said...

Barkley
I 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.

Myrtle Blackwood said...

...with the possible exception of your opposition to nuclear, where you and I also have disagreements. . .

Errr.. Where do you and JG explain the environmental viability of nuclear???

Myrtle Blackwood said...

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.

Is a transcript available?