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April 10, 2026

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"The later Morishima’s dissatisfaction with the false sense of completed achievement―and the related smugness―of many pure theorists did make sense, and he was right to emphasize the need to seek constantly a fuller picture which could do justice to the reality around us, rather than seeing their separated investigations as the end of their task. All the constructive insights that the later Morishima offers become relevant when that exercise of broadening is undertaken. And yet, this does not require us to dismiss the nature of the contribution that the early Morishima made, or discard the contributions that old-fashioned economic theory has made and still makes to our understanding of the world. In defence of the latter claim, I offer the fact that even the highly oversimplified General Theory of Employment, Interest and Money of that great abstractionist, John Maynard Keynes (1936), made a significant difference to public policy. I could refer also to the fact that, when Michio was trying to expand the education of the Archbishop of Canterbury, he had no hesitation in bringing in some results of fairly pure Marxian economic theory to the attention of a person with a very powerful voice in the real world; and Robert Runcie himself appreciated this fully. The relation between useful abstraction and underlying reality requires, I would argue, an enduringly dual approach."

- Michio Morishima

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"The American right has always hated social security, from its origin in the New Deal of the 1930s. Social security is based on an ethic of solidarity: we are all in this together, so it is in our collective and individual interest to pay into a social insurance fund when we are young, healthy and working, and draw upon it when we need it. This does not fit well with the rightwing narrative of society as a collection of atomized, self-interested individuals. In the 90s... many liberals began to accept, and even promote, the arithmetically false, rightwing talking points that social security was going broke. The verbal and accounting tricks were swallowed by much of the media and proved effective... Hardly anyone, outside of those of us who looked at the numbers, seemed to notice that this is just one side of the balance sheet. The other side shows that productivity and wages also grow, and hence it takes fewer workers per retiree to finance any given level of benefits. That’s one reason why, for example, the ratio of workers to retirees fell from 8.6 in 1955 to 3.3 in 1999 and nobody missed a social security check. And people accepted that payroll taxes increased, because their wages increased vastly more. The “granny-bashers”, as we affectionately called them, created a phony intergenerational war out of something that was very much a war waged by the rich against all generations"

- Mark Weisbrot

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