D@W Exclusive Podcast: Michael Hudson on Junk Economics

Democracy at Work's Paul Sliker and Dante Dallavalle talk with Michael Hudson, one of the world’s six economists who accurately predicted the 2007-2008 financial crisis. His new book, J is for Junk Economics, reveals how the mainstream economic vocabulary has been turned around in an Orwellian way to mean just the opposite of what words used to mean. Michael explains how the corporate media and academia use well-crafted euphemisms to conceal how the economy really works, the economy under Obama vs. Trump, and what might be coming next. 

Listen to the podcast on YouTube, Facebook or Soundcloud.  

Praise for the book:

"There are few people alive who have taught me more than Michael Hudson. [His] incisive and brilliant essays... should be assigned to every first year student of economics."

— David Graeber, author of Debt: The First 5,000 Years and co-organizer of Occupy Wall Street

"A dictionary of Junk Economics is a concept so good I wish I'd thought of it, but there's no better person than Michael Hudson to write it. There's so much junk, and it deserves his classically-informed barbs linking today's neat, plausible, and wrong economics to the Sophists of Ancient Greece, the philosophers-for-hire who used superficially plausible logic to distract discussion away from real substance."  
— Steve Keen, economist and author of Debunking Economics 
"Michael Hudson is the best economist in the world... Readers often ask me how they can learn economics. My answer is to spend many hours with Hudson's book [Killing The Host]. First, read the book through once or twice in order to get an idea of what is covered. Then study it closely section by section. When you understand the book, you will understand economics better than any Nobel Prize-winning economist. Many current events cannot be understood independently of Hudson's explanation of the financialized Western economy."
— Paul Craig Roberts, former under-secretary of the U.S. Treasury (Reagan Administration) and author of The Failure of Laissez Faire Capitalism and Economic Dissolution of the West


For more on Michael, please visit michael-hudson.com

Showing 5 comments

  • commented 2017-04-14 18:37:57 -0400
    @Bruce Kline, I understand your frustration, but bear in mind that Professor Hudson has always been consistent in his argument. His fundamental argument has always been against financialization and how the FIRE sector sucks money out of the economy and, similar to a parasite, bleeds it to death.
    Yes, for a while it did appear that he favored Trump over Clinton, but he never supported Trump in a positive way. If you go back and read his previous writings during the elections, he was always maintaining that the US elections is turned into a competition between two of the most loathed people among Americans. And he was saying when both sides are detested to this degree, the one who gets more media coverage will be the loser. And that is precisely what happened, isn’t it?!
    This man knows what he is talking about. But if you really want to know what is correct and what isn’t, I’m afraid the only way to know that is to go and buy those 10 different economic books and find it out yourself. People like Michael Hudson or others can give us clues, but we can only make our own minds by understanding subjects directly. Although this is true for all scientific subjects, but it is particularly true about human sciences and most particularly about economics. The reason being that, in economics and human sciences, we ourselves are subjects of study. Therefore it is inevitable that there will be biases based on who conducts the study and what vested interests influence it.
  • commented 2017-04-12 01:19:13 -0400
    Hudson makes some provocative points, but maybe a month or two ago I saw him being interviewed by Max Keiser on the Keiser Report, on You-Tube talking about how great Donald Trump was and his infrastructure investments … MIGHT be. This was on Russia Today. To me this, what I can only describe as “fake news” undercut my belief in Hudson, though I still an interested in some of his studies of cultural economics, which are fascinating and enlightening both.

    Basically what I see these days is a bunch of talking head, celebrities, trying to make a living. This is certainly understandable, but doesn’t it almost completely prevent them from … uh, “speaking truth to power” so to speak, or speaking truth to each other.

    Not everyone can be the most brilliant economist, and there is a kind of a bandwagon that Left-leaning economists are jumping to and giving lip service to … the I-work, inequality. Funny, I have followed most of the Leftist media for decades and this inequality idea only seemed to come up around 2008, except that it was out there and a big issue a hundred years ago, and somehow got dumped or lost.

    I would like to see more of our favorite talking heads who are speaking from a Left point of view start having to discuss with each other, have conflict, resolve them, and then synthesize something that is relevant and useful for all the people, rather than having everyone have to buy 10 different economic books, read them, and then try to figure it out themselves, which few if any of us lay people are able to do.

    The Right, the corporatist, the rich, the capitalists, do this by their very natures, they have one track that leads them in the same direction – selfishness, and power seeking.

    The Left is at an inherent disadvantage, and I don’t see anyone talking about that, let alone doing anything about it. The other day on the Ralph Nader Radio Hour podcast, I heard Ralph and Noam Chomsky talking … FOR THE VERY FIRST TIME. How can that by that two towering figures from the Left had never talked, and do not work together. Both of these brilliant people who I admire and respect are billed as famous activists … but what are they doing if everyone is always doing it all alone and it leads to nowhere?
  • commented 2017-04-07 01:35:39 -0400
    Just about time to see Professor Hudson and Professor Wolff join forces together. The two are, I dare to opine, the greatest economists of our time. Professor Wolff has a knack of simplifying complicated subjects to a narrative easily digestible by ordinary people. Michael Hudson’s greatest merit is his sharp eyes abstracting obfuscating details away and coming down to the gist and crust of the issues.
    It has been three years that I am following the two very closely and I have learned massively from them.
  • commented 2017-04-04 14:21:51 -0400
    If enough people read Michael Hudson, we might, just might one day get our economy back.
  • commented 2017-04-03 22:02:16 -0400
    I listened to everything Hudson has has to say for many years now :)
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