Dienstag, 8. August 2017

Interview: Prof. Peter Temin, MIT Economics

Peter Temin is Professor of Economics Emeritus at MIT Massachusetts Institute of Technology

What you write in your new book is to some extend shocking. How is it possible that so many decision-makers in politics today are still guided by vile racist motives to shape policy for the society as a whole?

The present government is dominated by racists, starting with the President.

He couched his campaign on an appeal wot white voters to reject aspiring people with dark skins and is now trying to deprive such citizens of college education.

This is a long tradition in America, starting as I said in my book in the seventeenth century and unhappily left in place by the Civil War.

You say that we have been governed by the FTE sector and you propose a set of five actions. How fast can the change take place? Do we need a long run-up? Given the fact that in 1971, Nixon pulled down the entire financial system of the world with one swipe. Would it be possible today?

These changes will take a while, and can only hope that we will soon start on them.

Education is now being harmed rather than improved, and mass incarceration is increasing with ICE in control.

What are your thoughts over the developments in Europe in terms of dual-economy? In Europe, too, we have been experiencing stagnating wages (“black zero policy”) and a gap in public investments for many years due to fiscal austerity prescribed by Brussels and Berlin.

The UK has as unequal an income distribution as we have, and it has similar political problems.  Italy and France are doing better, although both have troubled histories.

I am a good Keynesian, and I do not approve of austerity policies.

I wrote about the United States because I am more familiar with conditions at home than abroad.

Thank you very much.

Peter Temin is Professor of Economics Emeritus at MIT. He is the coauthor of “Keynes: Useful Economics for the World Economy” (MIT Press, 2014).

His current book is “The Vanishing Middle Class”, published by the MIT Press, 2017.

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