Marc Morgan

“If I have seen a little further, it is by standing on the shoulders of giants.” (Isaac Newton, 1676)

A simple idea, embodied in a proverb, has been at the core of mainstream economic theory since the conservative-libertarian economist Milton Friedman popularised it in 1975. This is that “there is no such thing as a free lunch”. Essentially what this proverb intends to say is that one cannot get “something for nothing”. The first reference to this idea originated in 19^th century US saloons whereby free lunches were offered to customers who purchased at least one drink. The foods, being high in salt, would entice customers to consume more drink, usually beer. As such the “free lunch” carried a hidden cost, namely the price paid for each extra unit of drink, which effectively ended up paying for the lunch. In economic terminology “no free lunch” represents the trade off (or opportunity cost) that must be made between two things that one values.

Inside Job II: ‘One unit of currency, one vote’

By socialjusticefirst

October 16, 2012

Marc Morgan

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By Marc Morgan

The IFSC: where the decisions are really made?

Earlier this year, formal records were released under the Irish Freedom of Information Act which revealed the intertwined relationship between the Irish Government and the Irish Financial Services Centre (IFSC). These records become known to the general public on Monday October 8^th in an article by The Irish Times. The relationship between the two parties has been, and continues to be, played out within the IFSC Clearing House Group, a lobbying group, chaired by Martin Fraser, the secretary general of Government. The group comprises of civil servants from state agencies like the Industrial Development Agency (IDA) and Enterprise Ireland, as well as representatives from the principle financial corporations in the country; JP Morgan, Citigroup, State Street, Barclays, KPMG, Bank of America, Bank of Ireland, among others. Meetings between the two parties take place in Government Buildings, so it is no surprise that the Government’s policy bears striking resemblance to the Group’s position in two related areas: tax incentives for the financial industry and the stance on the EU’s proposal of a European-wide financial transactions tax (FTT).

Money, finance and the structure of a new world order

By socialjusticefirst

July 13, 2012

Marc Morgan

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By Marc Morgan

Is there a single small, secret group that controls almost all major world events?

In our economically centred world money is the primary conditioning factor of life. Its abundance guarantees an individual a higher quality healthcare and education, a dignified employment, and the possibility of following whatever personal pursuits an individual may have. Wealth is the turning of money from income to asset; from something you receive to something you accumulate. Therefore, the more money at the disposal of an individual the wealthier that individual can become.

Keynes and financial blood transfusion: understanding the doctor’s prescription

By socialjusticefirst

June 26, 2012

Marc Morgan

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by Marc Morgan

A complement to From Dr Keynes to Financial Bloodletting

“I work for a Government I despise for ends I think criminal” (John Maynard Keynes, 1917).

This would certainly be Keynes’ position today if he were unfortunate enough to work under the current British Government, or any EU government for that matter. The criminal ends can be attributed to contemporary ‘financial bloodletting’, whose practice can indeed be heralded as criminal. The earlier piece which Antoine Cerisier and I wrote deals broadly with the ideological change from Keynesianism to neo-liberal ‘austerianism’ that occurred in the latter half of the 20^th century. But what was Dr Keynes’ idea, which gave rise to ‘Keynesianism’ and which has now been replaced by financial bloodletting? Read More

From Dr Keynes to Financial Bloodletting

By socialjusticefirst

June 20, 2012

Antoine Cerisier, Marc Morgan

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by Antoine Cerisier & Marc Morgan

“There is no alternative” (Margaret Thatcher)

“Doctors often invent diseases which do not exist” (Eugène Ionesco, Rhinocéros)

Bloodleting in the Middle Ages

Bloodletting was a common medical practice until the late 19^th century, involving the withdrawal of blood from patients to prevent illness. Despite its inefficacy, this custom was very popular in Europe, the United States and the Middle East for more than 2000 years. Leeches were often used to remove so much blood that patients usually fainted; some died from this dangerous and ignorant treatment. Crooked doctors who practised bloodletting were often mocked and condemned by French playwright Molière in his 17^th century theatre plays. In 21^st century public policy, the medical removal of blood gave way to what could be described as financial bloodletting – or in other words, neoliberal austerity measures. The analogy seems a bit far-fetched but is worth looking into. Like bloodletting, austerity remains a common practice despite poor social and macroeconomic results around the world: recession, poverty, debt increases. Like bloodletting, painful solutions are considered more efficient; the more patients suffer the better. Replace blood with welfare and leeches with spending cuts and the analogy is complete.

What the Irish electorate voted for (and what the European people didn’t)

By socialjusticefirst

June 10, 2012

Marc Morgan

4 Comments

by Marc Morgan

On May 31^st Ireland grounded further its position as the poster child of the EU. In a referendum on whether to ratify the Union’s ‘Treaty on Stability, Co-ordination and Governance in the Economic and Monetary Union’, otherwise known as the Fiscal Treaty, the Irish people voted 60% in favour of the new European provisions thereby becoming the first country to ratify them. However, the ‘Irish people’ might well be an overstatement since only half of the electorate went out to vote in the referendum .

Why private schools are better than state schools: a theoretical Ponzi scheme

By socialjusticefirst

May 30, 2012

Marc Morgan

2 Comments

By Marc Morgan

Are private schools something Charles Ponzi could have dreamt up?

A traditional Ponzi scheme “is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.” (U.S Securities and Exchange Commission)

A ‘theoretical Ponzi scheme’ is a theoretical fraud that involves the belief in something because others believe in it.

Dogmatic Hypocrisy

By socialjusticefirst

May 11, 2012

Marc Morgan

5 Comments

by Marc Morgan

“It is about time that the Vatican adhere to social justice in human affairs, and leave its pseudo-dogmatism as a feature of its past.”

In very recent times we have been reminded of the sacredness of the Catholic Church’s orthodoxy. We have also learnt that there are two sides to the dogma the Church seeks to profess. Indeed, as Paddy Agnew writes in the Irish Times, what recent Vatican revelations highlight is a division between “church law” and “God’s law”. Putting this into context, the Vatican’s latest censuring of the Irish priest, Fr. Brian D’Arcy, depicts an institution struggling to preserve its dogmatic teaching even among individuals of the Church’s own making. Fr. D’Arcy is the fifth Irish priest to have been censured by the Vatican this year.

Uncovering our ignorance: what we became accustomed to

By socialjusticefirst

February 16, 2012

Marc Morgan

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Advocates for social justice.

Archive

Marc Morgan

There is such a thing as a “free lunch” in economics…and it should be shared

Inside Job II: ‘One unit of currency, one vote’

Money, finance and the structure of a new world order

Keynes and financial blood transfusion: understanding the doctor’s prescription

From Dr Keynes to Financial Bloodletting

What the Irish electorate voted for (and what the European people didn’t)

Why private schools are better than state schools: a theoretical Ponzi scheme

Dogmatic Hypocrisy

Uncovering our ignorance: what we became accustomed to

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