Written by J. Michael Harrison   

Note to Marc Ash:

After three years of thorough research, I have finished my book "Reinventing Economics: The Failure of Capitalism and the Economics of Inequality." What I will tell you will not surprise you, I'm sure, but the surprising thing is that I now have a fairly complete explanation of how income and wealth inequality grows and how much damage it has done in the U.S. In effect, I can describe how the economy works.

I have reviewed the history of economics in detail, and developed a full description of "principles of distributional macroeconomics"

Here are some major highlights:
1. Classical economics (circa 1775-1890) was concerned with how to optimize social welfare; Neoclassical economics (circa 1890-2016) is mainstream economics -- its concern is profit maximization and protecting accumulated wealth by obfuscating taxation issues.
2. Keynes ws correct -- growth depends on "effective demand"
3. Stiglitz is right -- as inequality grows, it depresses income growth. This becomes a one-way downward trend as wealth concentrates at the top;
4. Marx and George were right (but for a slightly different reason) -- capitalism eventually destroys itself, because the decline gets to the point where too much money has been taken out of the system by rent-taking, and the economy collapses.

My thesis: The distribution of wealth and income is the controlling factor in economic growth and prosperity.

Some implications:

Inequality levels are controlled by the degree of tax progressivity, and the reductions of the top rates since the early 1980s has financed, to the tune of the $18 trillion of national debt, a major increas in top 1% wealth since 1980, which (including off-shore accounts) to range from $23-25 trillion. In other words, our national debt was raised to finance top 1% wealth (mostly concentrated in the top 0.1%)

What wasn't created through government debt (mortgaging our future) was taken from the American middle class, which has all but vanished.

The crash of 2008 was caused by decades of wealth concentration, which resulted in the toxic mortgage debt that defaulted, causing the Wall Street disaster magnified by the cross-betting describer in "The Big Short."

Our economy, as diverse sources from Harry Dent and Ron Paul to Thom Hartmann have surmised, is headed toward another crash.

Right now, Mr. Ash, I am looking for a publisher. I will also try to get an e-book out, post it on line in a blogsite, and record you-tube videos.

Plainly, this book will boost the Sanders campaign, because it shows that Sanders has the economics right, and it justifies the concerns of his supporters. It also shows that Hillary Clinton, who I believe is sincere about wanting to improve the economy for workers and the middle class, has been given some bad advice by Paul Krugman. There isn't enough time to wait things out and negotiate with the billionaires, even if she can do it. We're headed for more decline and, eventually depression -- not full employment "equilibrium."

I would like your help, because you may be able to provide contacts for people I should get my book to. I would like to contact Bernie's campaign directors.

Once my book is published, you'll no doubt want an article or two from me. Anything you want me to provide right now, I will be happy to write.

Please contact me with an e-mail address where I can send you a copy of my book.

Mr. Ash, I'm a former administrative law judge, a Michigan Law grad, and an Oberlin grad with honors in economics. I'm 71 years old, and I'm doing this for my children and grandchildren.

I'm looking forward to hearing from you. my e-mail address is This e-mail address is being protected from spambots. You need JavaScript enabled to view it , and my phone numbers are 518-496-8533 (cell) and 518-439-0420 (home). I have an active blog site with numerous posts setting forth my research results: acivilamericandebate.com

Thank you very much.
Sincerely,
J. Michael Harrison