Jim Stanford

Jim Stanford is the resident economist for the Canadian Auto Workers and founder of the Progressive Economics Forum. He holds a Master’s degree in Economics from Cambridge University, and a Ph.D. from the New School for Social Research.

Economics For Everyone (2008)

 * Everyone has an interest in the economy: in how it functions, how well it functions, and in whose interests it functions.
 * Introduction, Why Study Economics?, p. 1


 * Never trust an economist with your job. Learn about economics yourself. And make up your own mind about what might protect your job – and what might destroy it.
 * Introduction, Why Study Economics?, p. 5


 * Forget about the market updates. Here's a better way to find out about the economy-your economy. Take a walk. And ask some questions.
 * Part 1, Chapter 1, The Economy and Economics, p. 17


 * Economics is a social science, not a physical science.
 * Part 1, Chapter 1, The Economy and Economics, p. 23


 * Capitalism, in contrast, has existed for fewer than 300 years. If the entire history of Homo sapiens was a 24-hour day, then capitalism has existed for two minutes.
 * Part 1, Chapter 2, Capitalism, p. 33


 * Economic systems come, and economic systems go. No economic system lasts forever. Capitalism is not likely to last forever, either.
 * Part 1, Chapter 3, Economic History, p. 43


 * Proving that profit is economically and morally justifiable, rather then the result of exploitation, has been a central preoccupation of neoclassical economists.
 * Part 1, Chapter 4, The Politics of Economics, p. 57


 * With joint-stock corporations, investors can place bets on the success of many different companies, without having to play a central management role in any one of them. This allows investors to diversify their financial holdings. It also allows them to capture profits on their investments, without having to get involved in the dirty, troublesome business of actually running a company.
 * Part 2, Chapter 7, Companies, Owners, and Profit, p. 91


 * Employers crave the power to fire workers whose performance is judged inferior-not just to get rid of those particular workers, but more importantly to motivate and discipline the rest of the workforce.
 * Part 2, Chapter 8, Workers and Bosses, p. 103


 * Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.
 * Part 2, Chapter 8, Workers and Bosses, p. 104
 * Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. … In developed capitalist economies, private consumption spending accounts for half or more of GDP.
 * Part 2, Chapter 9, Reproduction (for Economists), p. 114 (Case as per text.)


 * Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.
 * Part 2, Chapter 10, Closing The Little Circle, p. 121


 * Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.
 * Part 3, Chapter 11, Competition, p. 129


 * We know that investment causes growth. But it is also true that growth causes investment.
 * Part 3, Chapter 12, Investment and Growth, p. 144 (See also: Government spending.)


 * This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.
 * Part 3, Chapter 13, Employment and Unemployment, p. 158


 * One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.
 * Part 3, Chapter 14, Dividing the Pie, p. 168


 * Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.
 * Part 3, Chapter 15, Capitalism and the Environment, p. 183
 * Try this: say the words "global, global, global" aloud several times, as fast as you can. You'll find yourself sounding like a turkey ("gobble, gobble, gobble").
 * Part 4, Chapter 21, Globalization, p. 254


 * The problem is not scarcity; the problem is power.
 * Part 4, Chapter 22, Development(and Otherwise), p. 270


 * The only factor that poses a genuine challenge to the current order is the willingness of human beings to reject the injustice and irrationality of this economy, and stand up for something better. Capitalism will not fall-rather, it must be pushed.
 * Part 5, Chapter 25, Evaluating Capitalism, p. 314


 * Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist!
 * Part 5, Chapter 27, Replacing Capitalism?, p. 328