In The Vested Interests and the Common Man, Veblen (1919) argues that the habitual acceptance of this type of intangible property is based on the persistence of eighteenth century notions of liberty and property rights conceived under different conditions of industrial arts and finance (handicraft, and intermediary finance) before the emergence of the corporation.
Such as economists from top-ranking institutions whose advice is sought after by politicians and the media; as well as corporate management, for example.
For analysis of intergenerational and short term income mobility in the USA, see Hertz (2006). Also see The State of Working America, Mobility, Economic Policy Institute, available at: http://stateofworkingamerica.org/subjects/mobility/.
Galbraith (2008) discusses this in the context of various issues: social security, health care, inequality, unemployment, immigration, global warming, and outsourcing. He argues that both conservatives and liberals accept that policy must work through the market. Liberals conceive of market failure that occurs from time to time, and thus offer ways to perfect markets, taking for granted that such markets exist, and should exist. Galbraith (2008: 152) argues: ‘In many cases, the right policy requires limiting, restricting, regulating, disciplining, defeating, or bypassing markets, or even shutting them down. This is not the same as making them work.’
See Modern Money Primer at: http://neweconomicperspectives.org/p/modern-monetary-theory-primer.html.
For a critique of such judgments about government deficits and the economy see Vickrey (1996 ).
Vickrey also argued for such a separation of the government budget (2004 ). For detailed discussions of Keynes's view on government deficits and how it differs from Lerner's, as well as of Keynes's concept of ‘socialization of investment,’ see Kregel (1985); Brown-Collier and Collier (1995); and Seccareccia (2012).
Keynes (1980: 291) argued that the public sector should do things that the private sector does not do. This can be taken in two conflicting ways if ‘doing’ is interpreted as an income-generating activity or as an unpaid activity that nonetheless is part of provisioning taking place, even though it is not remunerated.
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