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Examines the causes of the explosion of consumer credit (consumer creditization) in the U.S. economy. Attributes it to the fallout from factory automation and outsourcing on the ability of the economy to monetize output. Presents the theory of underincome and uses it to examine the rise of consumer credit in general and the various government initiatives aimed at restoring overall purchasing power. These include the Garn-St-Germain Depository ...

Consumer credit has literally exploded in mature and emerging markets, prompting a number of questions, namely why? Why have the G-6 countries become increasingly dependent on growing consumer indebtedness to sustain output, employment and growth? This book attempts to answer this and related questions. Specifically, it points to two technology shocks, namely factory automation and outsourcing as the leading cause.

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This is the first book to examine the "nuts and bolts" of production processes. It proposes a truly consilient approach to modeling production processes - one that goes beyond the vague principles found in standard economics - and provides details that are consistent with the applied mechanics and engineering literature. Providing a credible analysis of some of the most pressing questions of our era, such as the productivity slowdown and the i...

The Oxford Dictionary defines a prophet as..a person who advocates or speaks in a visionary way about a new cause or theory, a definition which describes to a tee, the set of early 20th century authors whose writings on power are presented here. In short, the early 20th century witnessed a power surge, the likes of which the world had never experienced. As power and/or energy is the basis of material civilization, it stands to reason that this...

In this Volume, the various measures taken by successive Administrations to fully utilize the new-found potential are examined critically. These include the Smoot-Hawley Tariff Act of 1930, the National Industrial Recovery Act of 1933 and the National Labor Relations Act of 1935. The readings in this case consist of my own published work on the topic over the course of the past decade. The articles in question set out to do two things, namely ...

This is the first book to examine the “nuts and bolts” of production processes. It proposes a truly consilient approach to modeling production processes – one that goes beyond the vague principles found in standard economics – and provides details that are consistent with the applied mechanics and engineering literature. Providing a credible analysis of some of the most pressing questions of our era, such as the productivity slowdown and the i...

The decade of the 1920s is colloquially known as the Roaring Twenties, when modernity came to the U.S. and the World, ushering in a decade of unbounded growth and new-found optimism. GDP growth was particularly strong, as was employment and investment. However, as counterintuitive as it may sound or appear, the 1920s were also years of stagnation, stagnation that owed to the fact that the new, greater potential was not being fully exploited. I...

First studied by Swiss economist Jean-Charles Léonard Sismonde de Sismondi in 1819, "Making Markets and Making Money: Strategy and Monetary Exchange" examines the strategic aspects of monetary exchange--specifically, of making markets. Economist Bernard C. Beaudreau, author of "Mass Production, the Stock Market Crash, and "The Great Depression: The Macroeconomics of Electrification, " examines the strategic aspects of making markets using basi...

In this timely work, Bernard C. Beaudreau provides a new approach to world trade, one that combines the archaeological and historical record with recent developments in the theory of networks, the result of which is a convincing account of trading patterns, past, present, and undoubtedly, into the future. For the first time, trade theory is no longer at odds with the historical record. Likewise, for the first time, trade policy is no longer at...

First studied by Swiss economist Jean-Charles Léonard Sismonde de Sismondi in 1819, "Making Markets and Making Money: Strategy and Monetary Exchange" examines the strategic aspects of monetary exchange--specifically, of making markets. Economist Bernard C. Beaudreau, author of "Mass Production, the Stock Market Crash, and "The Great Depression: The Macroeconomics of Electrification, " examines the strategic aspects of making markets using basi...

This volume incorporates energy into the corpus of economic analysis and develops a new empirical model of production based on the two universal factor inputs - broadly defined energy and broadly defined organization.

The First and Second Industrial Revolutions were about energy: steam power revolutionized 19th-century Great Britain and electric power revolutionized 20th-century America. Yet political economy, the science of wealth born of the First Industrial Revolution, is devoid of energy, focusing instead on machinery or capital. According to basic mechanics, tools per se are not productive, as they are not source of energy. This book uses basic mechani...

Economists and historians have viewed the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as largely independent events. This work provides an integrated view of this important period arguing that all of these events were the result of the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock market boom to the tariffs of the late 20s to the stock...

In this book, recent advances in the field of game theory, specifically in the area of coordination games (theory and policy) are used to reexamine one of the most far-reaching, yet overlooked pieces of legislation in U.S. economic history, namely the National Industrial Recovery Act of 1933. While dismissed by most as misconceived, misguided, and mistaken, not to mention unconstitutional and anti-American, recent findings in the field of macr...

Three-quarters of a century after its enactment, the Smoot-Hawley Tariff Act remains an enigma. Either U.S. policymakers were grossly mistaken or we have missed something. Could there have been a method to their apparent madness? Could the upward tariff revision have made sense, however little? This book, based on the author's earlier work on Mass Production and the Great Depression, offers an alternative interpretation of the Smoot-Hawley Tar...

This book presents an alternative view of the Stock Market Boom and Crash of 1929 as having resulted from government intervention, specifically from a case of flawed government policy in the form of the Republican party's 1928 election promise of an upward tariff revisionthe Smoot-Hawley Tariff Bill. As such, the stock market in particular and the market mechanism in general were not to blame, government was. Where the market was to blame, how...

The concept of energy rents was first introduced in 1998 (Energy and Organization, Growth and Distribution Reexamined), when it was used to analyze income distribution in U.S. manufacturing in the post-WWII period. It was argued that rents resulting from the growing use of electric power in manufacturing were shared by the owners of labor and capital in the form of higher wages and profits. In this work, the energy rents approach to income dis...

Economic complexity, like all other forms of complexity, evolved over time, from early Homo sapiens-sapiens to modern man. The rise of economic civilization was punctuated by a number of technology shocks, including the development of large-scale agriculture, the improvement of the steam engine by James Watt, and the application of electro-magnetic power by Thomas Edison and George Westinghouse. An oft-ignored fact, however, is that the basic ...

Business history is littered with stories of missed opportunities, of geniuses that never cashed in on their brilliance, of great men who sold themselves short. Apple Computer with its user-friendly operating system, the McDonald brothers of San Bernardino with their fast-food restaurant are two prime examples. This book is about a similar tragedy, but of greater proportion, namely of the failure of a nation to take advantage of a homegrown te...