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Michael Hudson

J IS FOR JUNK ECONOMICS: A GUIDE TO REALITY IN AN AGE OF DECEPTION Paperback – February 21, 2017

by Michael Hudson (Author)

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J IS FOR JUNK ECONOMICS is an A-to-Z guide that explains how the world economy really works – and who the winners and losers are. The book includes more than 400 concise and acerbic entries, several essays, and a full topic index. Expanding on KILLING THE HOST: HOW FINANCIAL PARASITES AND DEBT DESTROY THE GLOBAL ECONOMY, Prof. Hudson’s new book covers contemporary terms that are misleading or poorly understood as well as many important concepts that have been abandoned – many on purpose – from the long history of political economy.

Two key concepts are RENT THEORY and DEBT, which explain how Unearned Income and the Financial Sector impoverish governments and populations the world over as power and riches flow upward into the hands of the few. Several additional essays provide background for key points and explore today's uncertain political and economic environment.

To understand what’s really going on, it's not necessary to re-invent the wheel; the major issues that guide healthy economies were known to the Ancients and were expanded upon by the classical economists of the 18^th and 19^th centuries, including Adam Smith, David Ricardo, John Stuart Mill, E. Peshine Smith, Simon Patten, Karl Marx, Thorstein Veblen, and others of many political stripes whose aim was to leave the brutal legacy of feudalism behind. Their ideas and principles are brought back into the spotlight here. It is hoped that this book will deconstruct today's “value-free," watered-down and deceptive economics that favor the wealthy, allowing the next generation to create a successful economy with proper checks and balances that will benefit everyone. This is a book you will want to refer to again and again.

Print length

406 pages
Language

English
Publisher

ISLET
Publication date

February 21, 2017
Dimensions

6.69 x 0.83 x 9.61 inches
ISBN-10

3981484258
ISBN-13

978-3981484250
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Editorial Reviews

About the Author

Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City (UMKC), and Professor of Economics at Peking University in China. He gives speeches, lectures and presentations all over the world for official and unofficial groups reflecting diverse academic, economic and political constituencies. Before moving into research and consulting, Prof. Hudson spent several years applying flow-of-funds and balance-of-payments statistics to forecast interest rates, capital and real estate markets for Chase Manhattan Bank and The Hudson Institute (no relation). His academic focus has been on financial history and, since 1980, on writing a history of debt, land tenure and related economic institutions from the Sumerian period, antiquity, and feudal Europe to the present. Since 1996 as president of the Institute for the Study of Long Term Economic Trends (ISLET), he has written reports and given presentations on balance of payments, financial bubbles, land policy and financial reforms for U.S. and international clients and governments. He organized the International Scholars Conference on Ancient Near Eastern Economies (ISCANEE) in 1993, and to-date has co-edited the preceedings of six academic conferences on the evolution of property, credit, labor and accounting since the Bronze Age. His website and blog can be found at michael-hudson.com. He has been interviewed on Democracy Now, Marketplace, and Naked Capitalism. Many of his interviews and public appearances can be seen on YouTube.

Product details

Publisher ‏ : ‎ ISLET (February 21, 2017)
Language ‏ : ‎ English
Paperback ‏ : ‎ 406 pages
ISBN-10 ‏ : ‎ 3981484258
ISBN-13 ‏ : ‎ 978-3981484250
Item Weight ‏ : ‎ 1.42 pounds
Dimensions ‏ : ‎ 6.69 x 0.83 x 9.61 inches

Best Sellers Rank: #205,604 in Books (See Top 100 in Books)
- #241 in International Economics (Books)
- #274 in Political Economy
- #512 in Economic Conditions (Books)

Customer Reviews:
124 ratings

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Top reviews from the United States

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Brian

Thank you eye opening

Reviewed in the United States on February 26, 2017

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,I am a 55 yr old that doesn't have a college degree and I found it very easy to understand the concepts and the choice we have as a society . With the information and the understanding this book gives you it is easy to see how this has played out over the last 40 yrs and continues to play out .The Steven Moores and Art Laffers that are always on MSM gives one side of the argument but you never see the other side of the argument and that is a shame I once believed in regonomics because I didn't understand fully what it meant I do now thank you .This book gives you a understanding and a choice of what system we should use the one that gave America the biggest middle class the world had ever seen or the one we have now !

138 people found this helpful

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Howard Skillington

Brought to you by The Department of Redundancy Department

Reviewed in the United States on March 17, 2019

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Dr. Hudson's message is invaluable, in illustrating how the classical economics of Adam Smith and his successors has been turned upside-down by the Chicago School and the neos - both con and lib. He explains that today's onerous taxation of labor and of industrial production is the opposite of their prescription for a sound, durable economy, how the unproductive activity of the FIRE sector goes untaxed, and how it has, in fact, completely taken control of today's America and appropriated virtually all of the "wealth" generated in recent years for The One Per Cent.
Several interviews and essays can be found online in which Hudson outlines these principles clearly and succinctly. Unfortunately, this lens, through which every alphabetical entry is viewed, results in a stupifying amount of repetition. His denunciation of parasitic rentiers, with only minor rewording, appears literally dozens of times. I would not have thought that this amount of redundancy could be found between a single pair of book covers. This text also does not appear to have benefited from an editor, and contains numerous typos and instances of sloppy wording.
I'm glad to understand these concepts, thanks to Michael Hudson, and this volume will remain on my shelf as a valuable reference book, but it will try the patience of any sentient reader.
Did I mention that it is redundant?

18 people found this helpful

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garcias

Finally, an economics vocabulary for all people, rather than only the rich.

Reviewed in the United States on May 21, 2017

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This is a timely, amazing book that everyone should read.

Economists get hugely rewarded for espousing policy beliefs that increase the wealth of the rich, so it's hard to find modern economic thought that actually helps the middle class. Michael Hudson has been an economist of the people for decades even though it's been a constant burden on his career. He is a man who puts personal advancement behind academic honestly; a rarity in our times.

Kudos Mr. Hudson!

37 people found this helpful

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Shane

I like that the Author really understands economic history and made ...

Reviewed in the United States on March 3, 2018

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I like that the Author really understands economic history and made me realize I didn't understand Adam Smith at all. I'd consider myself more on the right wing side of things, but this author has won me over with how logical and supported his arguments are. I only take a star off because I feel like the Author repeats himself a lot, and spends too much time dismantling economic systems and not enough time going into how to make better ones. I'd really enjoy hearing as in depth a solution to economic issues as he did with the critique. As for repeating himself it seems that often many letters go back the same thing, finance and insurance are destroying the economy. That's fine but I got the message after the first 5 times I read it. Still though, this is the only left wing economist I respect and I've bought multiple books from him. These books are full of information you wont hear elsewhere.

20 people found this helpful

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Gregory Brylski

Excellent, excellent insight ... highly recommended to understand the U.S. economic system

Reviewed in the United States on September 1, 2017

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Excellent analysis by Mr. Hudson. Now, when I read any financial commentary, I immediately understand what is being said and what the intent of the commentor is - false narrative or otherwise. It's really a shame that that the U.S. financial system is so malicious and attempt to misdirect attention on itself through misinformation ... After reading this, I don't see how the U.S. can survive maintaining the current system - the end game seems to be that everyone dies of starvation and exposure and only those in the financial industry survive.

20 people found this helpful

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Shawn Austn

Understanding the world economy

Reviewed in the United States on September 20, 2019

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This book was suggested by an economist for those who want to understand economics. I must admit I was like many people who showed indifference to world economy especially when I heard words like quantitative easing, debt-leveraging, liquidity. I didn't bother to look up those terms used by the Fed and economist on TV. While reading this book there are some terms that you may have to look up on internet (or other resources) for further clarity. After reading Micheal Hudson's book I am beginning to think that we are all being 'played the fool'. Is this world economy all a big hoax and truly a big ponzi scheme as some alternative economist have vehemently stated? Also, we must put blame on the gov't and our elected politicians for allowing interest and lobbyist to make laws and regulations. Many of our politicians go along with their scheme because they (politicians) don't really understand the economy. We are all witnessing the strife between the Fed and POTUS who is advocating zero interest rates. I want to understand what is really going on here!!! It is incumbent on every US citizens to read a book, any book on the world economy before the next presidential election and open your eyes to this game being played not only on US citizens but on the world population.

4 people found this helpful

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The Power of One

The story of how the world economy has been hi-jacked through manipulation and debt enslavement.

Reviewed in the United States on October 19, 2019

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Michael Hudson should be required reading for all who are are worried about the risks citizens and sovereign countries are facing face through the convoluted machinations and manipulation that the US has foisted on the world, by highjacking global economic and monetary policy. It is nothing short of being a structured system that has led to the creation of economic bubbles that will inevitably burst endangering global economic stability and debt enslavement. It is an horrific story of exploitation and greed that has been perpetrated on the world since the end of the first world war and continues to this day.

3 people found this helpful

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Top reviews from other countries

Muse

Almost perfect

Reviewed in the United Kingdom on April 25, 2019

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At last - an explanation of (socio-)economics agnotologising* by mainstream academia and news media, in a "nutshell".

There are numerous books available, by reputable socio-economic authors, that describe various aspects described by this author, and I've also reasoned, from experience, a lot of the fallacies of our western societies malpractices (e.g. being charged rent as unearned income to my numerous landlords over my working lifetime, and then also being treated with gross, undeserved disrespect by most of them). I can therefore vouch for this author's discourse.

I also have long-sleeved t-shirts (one-a-day) that display "RENTIERS ARE PARASITES" on their fronts to show the public daily. Some ask for explanations, and I give them the truth about about bankers and land lords being socio-economic parasites (getting money while not producing the real wealth - wealth being the production of goods & services by labour, and then being traded with the use of money).

Money, which real function is a token for trade in goods & services, has become commodified - which is fraudulent at source of supply (over 97% being supplied by privately owned banks without their producing the real wealth). The landlords are also parasites when they are absent from the production of goods & services on or in their properties (hence the term "absentee landlords")

I give this discourse only 4½ stars as it does not adequately clarify the fraudulent nature of money supply and the reason why continual cycles of "booms & busts" occur because of this. He does not provide an explanation of how money is created fraudulently (basically by fractional reserve) without relation of actual wealth being created in relation to this fraud.

Hudson also fails to clarify wealth as not being the same as money. Money is a token of exchange for the exchange of goods & services (together = wealth) created by labour. Without labour, true (real, & non-monetized) wealth cannot be created, and money means nought, for money is just numbers for measurement with nominal valuation and idolized titles ($, £, etc.)

Money, like "capitalism", is not the root of all evil; it is the way it is being used that causes evil consequences. Greed, of course, is the king (god?) that has dominion over this fundamentally European (incl. USA) destructive use. The far East (Russia, China, etc.) have also adopted the system of money supply, so the problem is global, and unlikely to resolve, ever, in the existence of that vain species called "humans".

*[Agnotologising: the deliberate fostering of ignorance or doubt]

5 people found this helpful

Amazon Customer

Michael Hudson says it like it is - a rare feat these days

Reviewed in the United Kingdom on October 3, 2017

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Michael Hudson says it like it is - a rare feat these days. A guide to untangling the lies and mystification that have invaded talk about economics.

7 people found this helpful

D.

Must read

Reviewed in the United Kingdom on November 25, 2017

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This is the type of book "must read/have". It is not always easy to understand instantly everything as you read, but therefore you have google, investopedia, wikipedia and other useful tools on the internet at disposal. If only more people were reading M. Hudson's books, so the less so called " financial experts" and politicians of Margaret T. type ("There is no alternative") would treat the rest of us like idiots.

5 people found this helpful

P. Carr

Outstanding

Reviewed in the United Kingdom on August 29, 2018

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Without doubt the best economist on this blue planet. There is probably a good reason why this man is never seen on mainstream media. The book is quite brilliant in exposing the lies and scams the elites cling to

2 people found this helpful

Derek Robinson

A must read

Reviewed in the United Kingdom on November 9, 2017

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I think everyone should read this. Sometimes a bit technical but many messages clear.

6 people found this helpful

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