Part 14 (1/2)

27 Raveaud, Gilles (2009), ”Neocon Indoctrination - The Mankiw Way,” Adbusters, 85.

28 Stiglitz, Joseph (2009), ”Joseph Stiglitz,” Adbusters, 85.

29 Wilkinson, Richard and Pickett, Kate (2009), The Spirit Level: Why Greater Equality Makes Societies Stronger (London: Bloomsbury).

30 Quoted in: Wilkinson, Richard and Pickett, Kate (2009), The Spirit Level: Why Greater Equality Makes Societies Stronger (London: Bloomsbury), p. 81.

31 De Waal, Frans (2009), ”Fair play: Monkeys share our sense of injustice,” New Scientist, 11 November 2009.

32 Chua, Amy (2007), World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability (New York: Doubleday).

33 Haskins, Ron and Sawhill, Isabel (2009), Creating an Opportunity Society (Was.h.i.+ngton, DC: Brookings Inst.i.tution Press), p. 72.

34 Mishel, L., Bernstein, J., and Allegreto, S. (2007), The State of Working America 2006/7. An Economic Policy Inst.i.tute Book (Ithaca, NY: Cornell University Press).

35 OECD (2009), ”Doing Better for Children.”

36 Antilla, Susan (2009), ”AIG Bonus Gluttons Start Giving Americans Fits,” Bloomberg, 18 March 2009.

37 Comlay, Elinor (2009), ”Banks may see brain drain if bonus tax becomes law,” Reuters, 19 March 2009.

38 Sorkin, Andrew Ross (2009), ”The Case for Paying Out Bonuses at AIG,” New York Times, 16 March 2009.

39 Alperovitz, Gar (2004), America Beyond Capitalism (Hoboken, NJ: Wiley).

40 Bannon, Lisa (2009), ”As Riches Fade, So Does Finance's Allure,” Wall Street Journal, 21 September 2009.

41 For example, economist Gilles Raveaud notes that Mankiw's text ”presents economics as a unified discipline, entirely committed to the neoliberal agenda.” Raveaud, Gilles (2009), ”Neocon Indoctrination - The Mankiw Way,” Adbusters, 85. See also the survey of textbooks in: Browne, M.N. and Quinn, J.K. (2008), ”The Lamentable Absence of Power in Mainstream Economics,” in John T. Harvey and Robert F. Garnett (eds), Future Directions for Heterodox Economics (University of Michigan Press), 240-61.

42 Darwin, Charles (1903), More Letters of Charles Darwin, Volume II (New York: D. Appleton and Company), p. 422.

43 Ayres, Ian (2007), Super Crunchers: How Anything Can Be Predicted (London: John Murray), pp. 130-1. See also: Ayres, Ian (1991), ”Fair driving: Gender and race discrimination in retail car negotiations,” Harvard Law Review, 104, 817-72.

44 Younge, Gary (2008), ”Bad cheque for black America,” Guardian, 7 February 2008.

45 In the UK, for example, women working full time earn on average 18 per cent less per hour than males. The difference is 25 per cent less when part-time workers are included. Steed, S., et al. (2009), ”A Bit Rich: Calculating the real value to society of different professions,” New Economics Foundation: ing a Systems Scientist,” System Dynamics Review, 18 (4), 501-31.

10 From Robert Solow's 1974 lecture to the American Economic a.s.sociation. See: Solow, Robert (1974), ”The Economics of Resources or the Resources of Economics,” American Economic Review, 64 (2), 1-14.

11 Adelman, M.A. (1993), The Economics of Petroleum Supply (Cambridge, MA: MIT Press), p. xi.

12 Raveaud, Gilles (2009), ”Neocon Indoctrination - The Mankiw Way,” Adbusters, 85.

13 Daly, Herman E. (1996), Beyond Growth: The Economics of Sustainable Development (Boston, MA: Beacon Press), p. 5.

14 Daly, Herman E. (1977), Steady-state Economics: The economics of biophysical equilibrium and moral growth (San Francisco: W.H. Freeman), p. 33.

15 Walt, Vivienne (2008), ”The World's Growing Food-Price Crisis,” TIME, 27 February 2008.

16 Wheat price source: International Monetary Fund. Oil price source: Energy Information Administration.

17 Clark, Andrew (2009), ”US government faces pay challenge with one of Citigroup's biggest earners,” Guardian, 16 August 2009.

18 Story, Louise (2008), ”An Oracle of Oil Predicts $200-a-Barrel Crude,” New York Times, 21 May 2008.

19 ”Written Testimony of Jeffrey Harris, Chief Economist and John Fenton, Director of Market Surveillance Before the Subcommittee on General Farm Commodities and Risk Management, Committee on Agriculture,” United States House of Representatives, 15 May 2008.

20 ”Furor on Memo at World Bank,” New York Times, 7 February 1992: /1992/02/07/business/furor-on-memo-at-world-bank.html 21 Dasgupta, Partha (2010), ”Nature's role in sustaining economic development,” Phil. Trans. R. Soc. B, 365, 5-11. Accounting for such effects changes the perceived growth rates of developing countries. For example, Dasgupta estimates that per capita GDP in Pakistan grew at an average rate of 2.2 per cent a year between 1970 and 2000, but total wealth, including natural capital, declined by 1.4 per cent per annum.

22 Allen, Myles, et al., ”The Exit Strategy,” Nature Reports Climate Change, 30 April 2009, 2. The authors estimate that a trillion tonnes of carbon leads to about two degrees of warming. As discussed later, there is huge uncertainty in such calculations, but they are still useful for generating rules of thumb about maximum emissions.

23 An example is the DICE model of the economic effects of climate change, available at: /story/cms.php?story_id=4480 41 Francis, R.C., et al. (2007), ”Ten commandments for ecosystem-based fisheries scientists,” Proceedings of Coastal Zone 07 (Portland, OR). See also: Pikitch, E.K., et al. (2004), ”Ecosystem-Based Fishery Management,” Science, 305, 346-7, and May, R.M., Levin, S.A., and Sugihara, G. (2008), ”Ecology for bankers,” Nature, 451, 891-3.

42 An early example along these lines is the LOWGROW model of the Canadian economy, which uses a standard macroeconomic approach to explore how the economy could function in a low-growth, low-carbon mode. Victor, P.A. (2008), Managing without Growth: slower by design, not disaster (Cheltenham: Edward Elgar).

43 The author and psychologist Iain McGilchrist describes schizophrenia as ”an excessively detached, hyper-rational, reflexively self-aware, disembodied and alienated condition.” Sufferers see themselves as a ”pa.s.sive observer of life.” Their artwork often features ”an all-observing eye, detached from the scene it observes, floating in the picture.” Rather like the one on the back of a US dollar bill, come to think of it. McGilchrist, Iain (2009), The Master and his Emissary: The Divided Brain and the Making of the Western World (London: Yale University Press), pp. 332-5. The design of the dollar bill features a single eye above a pyramid: en.wikipedia.org/wiki/File:United_States_one_dollar_bill,_reverse.jpg 44 And the unfit will perish, especially if they can't afford healthcare. The 2009 healthcare debate in the US seemed to have some elements in common with the Social Darwinism of the 19th century. As Herbert Spencer wrote: ”It seems hard that widows and orphans should be left to struggle for life or death. Nevertheless, when regarded not separately, but in connection with the interests of a universal humanity, these harsh fatalities are seen to be full of the highest beneficence - the same beneficence which brings to early graves the children of diseased parents.” Spencer, Herbert (1851), Social Statics (London: John Chapman).