The Fictitious Economy: Hiding How the Economy Really Works

Photo by frankieleon | CC BY 2.0

Photo by frankieleon | CC BY 2.0


Michael Hudson, author of the newly released J is for Junk Economics, says the media and academia use well-crafted euphemisms to conceal how the economy really works

SHARMINI PERIES: Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City. He’s the author of many books including, “The Bubble and Beyond” and “Finance Capitalism and Its Discontents”, “Killing the Host: How Financial Parasites and Debt Destroy the Global Economy,” and most recently, of course, “Junk Economics”.

Michael, your book reminds me of Raymond Williams’ key words. That was an incredible contribution to cultural criticism, a criticism of society and cultural studies as a discipline. And I think your book is going to make a phenomenal contribution to the field of economics. It would be a reference for people to go back, especially students to go back, and look at your version of the definition of these terms and looking at economics from that critical prism. So, my first question to you is really about this book. Why did you write it?

MICHAEL HUDSON: I originally wrote it as an appendix to a book to have been called, “The Fictitious Economy.” That draft was written before the 2008 crisis. My point was that the way the economy is described in the press and in University courses has very little to do with how the economy really works. The press and journalistic reports use a terminology made…

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