J Is for Junk Economics: A Guide to Reality in an Age of Deception: Hudson, Michael: 9783981484250: Amazon.com: Books

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J Is for Junk Economics: A Guide to Reality in an Age of Deception Paperback – January 1, 2017

by Michael Hudson (Author)

4.7 160 ratings

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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.

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Print length

406 pages
Language

English
Publisher

Islet-Verlag
Publication date

January 1, 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-Verlag (January 1, 2017)
Language ‏ : ‎ English
Paperback ‏ : ‎ 406 pages
ISBN-10 ‏ : ‎ 3981484258
ISBN-13 ‏ : ‎ 978-3981484250
Item Weight ‏ : ‎ 1.53 pounds
Dimensions ‏ : ‎ 6.69 x 0.83 x 9.61 inches

Best Sellers Rank: #917,615 in Books (See Top 100 in Books)
- #743 in Political Economy
- #843 in International Economics (Books)
- #1,455 in Economic Conditions (Books)

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4.7 160 ratings

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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.

11 people found this helpful

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 !

141 people found this helpful

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.

6 people found this helpful

The difference between the productive and parasitic economies

Reviewed in the United States on November 13, 2019

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I have long wondered why productive industries that develop products and provide jobs are generally taxed higher than capital gains. Neoliberal economists don't differentiate between productive and parasitic income. For instance let's say you flip a building the you bought and hence make a capital gain. Well, only the person or investors that participated in an LLC make money. No jobs created and yet lower taxes than what my company must pay. Thanks to the several books authored by Michael Hudson I now understand how we got here and how classic economics were abandoned.

4 people found this helpful

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.

21 people found this helpful

Get the paperback, not the Kindle

Reviewed in the United States on September 23, 2018

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Michael Hudson is the most important economist alive today and J is for Junk Economics is quite helpful in understanding the precise meaning of terms he uses. I would recommend buying the paperback rather than the Kindle edition (which I unfortunately chose), because you will probably want to flip back and forth to explore terms within terms. It just doesn’t work easily like hyperlinks on the internet do. Killing the Host works just fine on Kindle, but not this one.

2 people found this helpful

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

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!

38 people found this helpful

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djk

Great book .... will keep it as a reference for quite some time to come

Reviewed in Canada on January 1, 2024

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Great book .... will keep it as a reference for quite some time to come. I wasn't expecting the dictionary-like 'A to Z Guide' that comprises most of the book, but I did enjoy the Introduction, as well as the Essays & Articles and Author's Interview at the end of the book. Provides great context regarding 'economics', and almost Gore Vidal-like blistering clarity on certain assumptions and premises that have ruled our reality for awhile now.

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Osni Ezequiel Figueira Antunes

Leitura muito interessante

Reviewed in Brazil on June 16, 2021

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Satisfeito!!!

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M Clark

An attack on neoliberalist thinking

Reviewed in Germany on March 14, 2021

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This book is a collection of books and essays by Michael Hudson attacking neoliberalism economic thought and attempting to recapture the words that neoliberalism had redefined to support their economic thoughts. His thesis is that the words we use determine how we think which leads him to present a complete dictionary of economic terms removing the redefinitions introduced by neoliberalism.
The book is remarkably readable despite being mostly a dictionary. It does, however, suffer from redundancy.

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.

6 people found this helpful

Alan Longbon

Excellent book recommended to anyone interested in political economy and how it works in the real world

Reviewed in Australia on November 11, 2017

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This is an excellent book that flies in the face of mainstream economic thinking and education. This high rating was awarded in view of the fact that the author has taken a complex, boring and hard to understand subject and made it easy to understand. Most economists cannot do this and deliberately set out to confuse their audience into acceptance of false ideas and concepts.

This book will appeal to people not satisfied with mainstream economic explanations of how things work when indeed they do not.

Investors will find this book great value in helping to assess investment options against the mainstream background of false economics that do not work in reality. Better to make money using real economic models than losing it using badly formulated mainstream ideas. 200 years ago the sort of economic theory that the author writes about was mainstream.

A monetary currency sovereign has money in the same way a referee has points to award, it does not need to tax or borrow money. The author needs to make more use of this concept as many of his points might lead less well informed readers to form the opinion that taxes and borrowing fund national government spending and this is a core neoliberal myth used to further the neoliberal version of free markets. National taxes fund nothing and are also a deflationary drag on aggregate demand and used to limit government fiscal spending on the 99 %.

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