Craig Allan Medlen's Books

Free Cash, Capital Accumulation and Inequality

By: Craig Allan Medlen

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Free Cash, Capital Accumulation and Inequality

By: Craig Allan Medlen

Investment is the engine of growth. In consequence, the social welfare of the populace depends on the expectations of uncertain profitability as understood by the agents of a wealthy few who decide upon levels of investment. As private wealth is intimately tied to the investment process, the importance of wealth concentration goes far beyond considerations of equity. In recent years, private economic power has become increasingly concentrated as more of the population has become dependent upon an elite pursuing private ends. In this context, this book examines the role of capital accumulation in various historical contexts. Over seventy years ago, Michal Kalecki derived the mathematical relationship between government deficits, the external trade account and free cash—defined as the gross profit over and above that portion ploughed back into new investment. Since then, the free cash literature has remained largely within an industrial organizational context where free cash theory has helped to explain mergers. In contrast, this book, revisits Kalecki’s free cash construction at the macro and global level and explores the various causes and effects of free cash on the economy. As part of this examination, the author highlights the historical uses of free cash in imperialist adventures, mergers and speculative endeavours. In addition to developing a new relative valuation measure of capital accumulation, he also utilizes a neo-Kaleckian model to help explain the U.S. slowdown in investment since the late 1960s, the increasing inequality of wealth and income and the recent speculative episodes associated with the spillage of free cash. Finally, based on these models the book argues for heightened taxes on the wealthy and an increased role for government investment in health care and energy. Free Cash, Capital Accumulation and Inequality offers an explanation as to how wealth and income inequalities have fashioned, and been fashioned by, various historical episodes right up to the present. It will be of great interest to those studying and researching in the field of economic analysis.

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309

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Routledge

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ISBN 10

135168549X

ISBN 13

9781351685498

The Failure of Markets

Energy, Housing and Health

By: Craig Allan Medlen

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The Failure of Markets

Energy, Housing and Health

By: Craig Allan Medlen

The core thesis of this book is that the major economic issues of renewable energy, housing, health and income disparities could best be addressed through direct government "in kind" production and redistributive measures. It is argued that this governmental "in kind" production of essential needs would allow a rapid movement towards solutions that the market cannot possibly match. The market works through indirect means. So, it is no mystery why in the areas of energy, housing and health, problems are not only formidable but in many respects are getting worse. In contrast, governmental "in kind" production would be direct. Outcomes could be explicitly planned and managers would be publicly accountable. This shift in production should be accompanied by redistributive measures through higher taxes on corporations and the rich and the possible adoption of monetary policies in line with Modern Monetary Theory (MMT). Relatedly, the book demonstrates that the current lack of imaginative solutions results from a paralysis of imagination, rooted deeply in nineteenth century liberalism that held that the market was to serve all issues. A progressive agenda today needs to separate out "needs" from "wants" and to engage government production in the service of collectivist needs. "In kind" production would infuse a democratic component within the economy. The last chapter of the book also deals with how the ideology of neoliberalism blocks even the contemplation of governmental production in the service of people’s needs. This accessible work will be of significant interest to anyone seeking original solutions to age-old problems, particularly readers of public policy, heterodox economics, progressive politics and MMT. More generally, it is of interest to scholars

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146

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Routledge

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ISBN 10

1000546489

ISBN 13

9781000546484

Free Cash, Capital Accumulation and Inequality

By: Craig Allan Medlen

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Free Cash, Capital Accumulation and Inequality

By: Craig Allan Medlen

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178

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Routledge

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1351685503

ISBN 13

9781351685504

The Failure of Markets

Energy, Housing and Health

By: Craig Allan Medlen

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The Failure of Markets

Energy, Housing and Health

By: Craig Allan Medlen

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146

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Routledge

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ISBN 10

1000546489

ISBN 13

9781000546484

The Failure of Markets

Energy, Housing and Health

By: Craig Medlen

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The Failure of Markets

Energy, Housing and Health

By: Craig Medlen

The core thesis of this book is that the major economic issues of renewable energy, housing, health and income disparities could best be addressed through direct government "in kind" production and redistributive measures. It is argued that this governmental "in kind" production of essential needs would allow a rapid movement towards solutions that the market cannot possibly match. The market works through indirect means. So, it is no mystery why in the areas of energy, housing and health, problems are not only formidable but in many respects are getting worse. In contrast, governmental "in kind" production would be direct. Outcomes could be explicitly planned and managers would be publicly accountable. This shift in production should be accompanied by redistributive measures through higher taxes on corporations and the rich and the possible adoption of monetary policies in line with Modern Monetary Theory. Relatedly, the book demonstrates that the current lack of imaginative solutions results from a paralysis of imagination, rooted deeply in nineteenth century liberalism that held that the market was to serve all issues. A progressive agenda today needs to separate out "needs" from "wants" and to engage government production in the service of collectivist needs. "In kind" production would infuse a democratic component within the economy. The last chapter of the book also deals with how the ideology of neo-liberalism blocks even the contemplation of governmental production in the service of people's needs. This accessible work will be of significant interest to anyone seeking original solutions to age-old problems, particularly readers of public policy, heterodox economics, progressive politics and MMT. More generally, it is of interest to scholars and students in the fields of economics, political science and sociology. Craig Allan Medlen is Professor Emeritus at Menlo College, California, USA"--

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152

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1032192429

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9781032192420

Book's by Craig Allan Medlen

Free Cash, Capital Accumulation and Inequality

Free Cash, Capital Accumulation and Inequality

The Failure of Markets

The Failure of Markets

Free Cash, Capital Accumulation and Inequality

Free Cash, Capital Accumulation and Inequality

The Failure of Markets

The Failure of Markets

The Failure of Markets

The Failure of Markets

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