Archive for National Economy

U.S. 2016 Unadjusted Exit Poll Discrepancies Fit Chronic Republican Vote-Count Rigging, Not Random Statistical Patterns

Despite months of consistent polling indicating otherwise, Donald Trump was declared president-elect after the U.S. Presidential election on November 8th, 2016. However, a new statistical analysis conducted by CPEG’s Ron Baiman shows that the discrepancies between the reported results and unadjusted election polls fit a profile of chronic republican vote-count rigging, not random statistical patterns. Baiman explains that it is necessary to “analyze ‘unadjusted exit poll’ (UEP) results that have been captured by screen shots of exit polls publicized as soon as possible immediately after the closing of state election polls. These UEP results are the best real exit poll data that we have in the U.S. as Edison does not release UEP results in any other fashion”.

Download the full statistical analysis (PDF)

New Books by CPEG Members

Check out two recently released books authored by CPEG members Joe Persky and Ron Baiman!

The Political Economy of Progress
John Stuart Mill and Modern Radicalism
Joseph Persky – Oxford Studies in the History of Economics

Description:

While there had been much radical thought before John Stuart Mill, Joseph Persky argues it was Mill, as he moved to the left, who provided the radical wing of liberalism with its first serious analytical foundation, a political economy of progress that still echoes today. A rereading of Mill’s mature work suggests his theoretical understanding of accumulation led him to see laissez-faire capitalism as a transitional system. Deeply committed to the egalitarian precepts of the Enlightenment, Mill advocated gradualism and rejected revolutionary expropriation on utilitarian grounds: gradualism, not expropriation, promised meaningful long-term gains for the working classes. He endorsed laissez-faire capitalism because his theory of accumulation saw that system approaching a stationary state characterized by a great reduction in inequality and an expansion of cooperative production. These tendencies, in combination with an aggressive reform agenda made possible by the extension of the franchise, promised to provide a material base for social progress and individual development.

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Waging Class War: Donald Trump’s Attack on Equality

The issue of income and wealth inequality is the great moral issue of our time, it is the great economic issue of our time and it is the great political issue of our time.

– Senator Bernie Sanders, May 2015, announcing his candidacy for president

The driving force behind both the decision of Bernie Sanders to seek the presidency and the firestorm that his campaign unleashed is the same as that of Occupy Wall Street: the 1% vs. the 99%. The unifying theme of Sanders rallies, speeches and policies has been the denunciation of “the billionaire class.” Sanders understands better than most that the obscene level of income and wealth inequality in the U.S. – we’re No. 1 among wealthy countries – makes all other problems more difficult to solve.

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Contemporary Capitalism, and Why We Need Marxism

The attached essay, composed by CPEG members Mel Rothenberg and Bruce E. Parry over the past year, argues that a Marxist materialist analysis is fundamental in understanding and articulating the current international social/economic conjuncture. They note about the essay, “We sketch the theoretical framework underlying such an analysis, apply this framework broadly to describing the key phenomena defining our era, and draw some general strategic conclusions on what political approach and tasks revolutionary Marxists should be currently focusing on. To do all this in a relatively short essay necessitates a necessarily cryptic and schematic presentation, but we felt this was worth doing in view of the absence of such analysis among Marxist activists. There are a number of worthy lengthy and more detailed treatises written by scholars and academics, some of the most relevant of which we reference. Unfortunately these works are often theoretically dense and do not ordinarily find their way to left activists, the primary intended audience of this essay.

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On the Neglect of Class in Neoclassical Macroeconomics

DandSlogotiny

This response to the Romers’ Critique of Friedman Bernienomics Analysis, authored by CPEG’s Ron Baiman, is a cross-post from the Dollars and Sense blog.

To her credit Christina Romer, one of the four former CEA Chairs who wrote a scathing four paragraph letter dismissing Gerald Friedman’s detailed study of the impact of the Sanders economic program, has acknowledged that Friedman’s estimates warrant a detailed and substantive analysis. Romer has, with her husband and prominent fellow “Neoclassical (NC) Keynesian” Economist, David Romer, produced a more detailed critique that attempts to back up the stridently critical statements of the CEA Chair’s letter.

As Friedman notes, in his detailed rebuttal, the Romers’ major critique appears to be that a stimulus program that ramps up from $300 billion in 2016 to $600 billion by 2021 and then declines to the $300-$400 billion per year range from 2022 to 2026 (Romers, p. 2) cannot produce permanent gains in GDP growth rates via increased emp/pop ratio and productivity rather than a one-time boost in output that tapers off as the stimulus declines. Indeed, the Romers appear so sure of their NC methodological approach that they speculate that Friedman must have made an elementary miscalculation by not calculating multiplier impacts off of an unchanged (for 10 years) CBO baseline.

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