Profit: The Stupid View of President Donald Trump.
Philip
McShane
(D.Phil., Oxford University, 1965–68) was trained in mathematical physics, and
later studied philosophy, theology, and economics. He has written
extensively in diverse areas, including evolutionary theory, linguistics,
economics, and methodology. Twice nominated for the Templeton Prize for
his innovative and compelling work in methodology, economics, and philosophy of
science, McShane has lead numerous workshops on economic theory, cognitional
theory, educational reform, advanced methodology, and other topics. On
various occasions and in various countries—including India, Mexico, Korea,
Australia, Canada, and the U.S.—he has presented the key issues underlying the
transition from Marxist, neo-Marxist, Keynesian, and neo-Keynesian analyses to
a democratic economics.
1. What really inspired you to write your book, to force you
from taking an idea or experience and conveying it into a book? More
than a decade ago I edited the neglected work of the Canadian thinker Bernard
Lonergan in a volume titled For
a New Political Economy (Toronto:
University of Toronto Press, 1998). It grounds the establishment of economics
that is a sublation of Capitalism and Marxism and that would meet the needs of
the global situation that we find today. More recently, the decision to
write the book emerged from my work in the general area represented by Thomas
Piketty’s Capitalism in the Twenty First Century, a hit when published, but now of fading interest. The problems it
identified, however, persist, and indeed became central to the intelligent side
of debates in the race for the next President of the U.S.
2.
What is it about and whom do you believe us your targeted reader? The book deals with a massive
needed shift in economic theory and practice. This need is generally recognized
but very few clues to it are present in the current culture of politics or
economics, financial analyses or public discourse. The problem of profit
and its distribution, indeed, lurked behind most of the rhetoric prior to the
nominations and in the subsequent debates between Hillary Clinton and Donald
Trump. But while profit is recognized by all as being the heart of current
economic problems--think of election or government promises regarding minimum
wages or women’s wages, or general increasing of purchasing power--there are
flaws that continue to haunt the policies and practices and detailed dynamics
of the U.S. government, and related financial institutions, corporations, and
unions. There are relevant strategies that would lift the commitment to
economic equality to new refinements, and indeed point to a larger fulfillment
of Clinton’s dream regarding the place of women in the economy.
The book is addressed to President Trump
because significant change calls for direct confrontation with public
figures. Realistically, President-elect Trump has a tough and busy road
ahead. But as I mention in the beginning of the Preface, he might give a
nudge or two. It would be no harm at all if the Republicans found their way
into sane economics. While addressed to President Trump, the book was
written for the mass of discontented voters, workers, and citizens to attract
popular attention. At the same time, however, the book is a pointer to a new
tradition of introductory texts to economics from grade 11 right on through
graduate work. That tradition is to be nudged into existence by a journalism
that picks up on some basic questions posed in this book, which challenges the
policy making of both the Republican and the Democratic parties and their
parallels round the world.
3.
What do you hope will be the everlasting thoughts for readers who finish your
book? What should remain with them long after putting it down? The
success of the book depends to a large extent on its annoying title, and
obviously on the courage of disgruntled academics and non-academics alike to
take the book seriously. I should note that the needed shift in economics
is significant not only for climate rescuing but for a de-bureaucratizing of
economic activity. The great benefit of reading this book is that the
attentive reader will grasp the key issue missed by Karl Marx, John Maynard
Keynes, and President-elect Trump, as well as Trump’s recently appointed
advisors. The key issue is also missed by the staid and settled establishment
that is the contemporary economics professoriate.
4. What advice or words of wisdom do you have for fellow writers? For writers focused on political economics,
I recommend striving for a blend of seriousness (analysis/critique) with humor
and satire, both of which are great ways to communicate difficult
challenges. While humor laughs with, satire laughs at. Both are
important for maintaining a humble perspective about the current situation, not
just the results of the elections in the U.S. but many other current events as
well.
One challenge for many if not most writers is to
come to grips with how each one of us understands "current." In
the book, in chapter 11 "America Great, Humanity Great," I propose an
Amendment A, which asks us to think of the total future, something that at
first might seem quite odd, although it is less odd to think of the past in a
somewhat similar way. Democratic Convention talk in Philadelphia weaved
its way occasionally round the glory of the creation there, 240 years ago, of
America, by its founding fathers. But should we not ask about these
fathers and their community’s place and poise in the full story of humanity if
we are thinking of American greatness as someway paradigmatic? So, one
bit of advice I would give to fellow writers is to think about the total future
as best they can.
5. What trends in the book world do you see and where do you think the book
publishing industry is heading? More
people are reading books on Kindles or some other reading device than ever
before. While I do not believe these devices will replace hard copies any
time soon, the trend shows an increase in ebook purchases coupled with a
decrease in hardback purchases. The social media is also playing a
role in how books are being promoted and marketed. Many writers who do
not have the budget to hire full-time team of marketers, agents, and publicists
are having to learn how to divide their time between crafting their message
(book, essay, article) and engaging in messenger activities, e.g., book
launches, podcasts, and interventions in social media. Of course if you
are Danielle Steel or Thomas Piketty you do not have to worry so much, but
for the majority of writers we have to make prudent decisions about how often
and to what extent we invest energy in messenger activities.
6.
What great challenges did you have in writing your book? That
is a marvellous question. One challenge is related to my advice regarding
the role of humor and satire in communicating basic insights that I
mentioned above. In trying to publish in areas like economics and
physics, engaging in narrative can be risky because it runs counter to a supposed
divide between "hard sciences" and "arts and humanities."
I was trained in mathematical physics and have great respect for what the
history of mathematics and physics, including the emergence of highly complex
symbols that are beyond the reach of common sense, can teach us about our
humanity. At the same time, however, the efficiency and beauty of applied
mathematics and applied physics pivot on glocal communications that are not
cold and static but very much alive with poetic wit.
Even the divide between so-called fiction and
nonfiction is somewhat artificial. We tend to think that you are
doing one or the other, but I would claim that without fantasy scientific
research remains trapped in static, deductivist models. So while my book
is a serious effort to communicate basic insights, e.g., that there are two
firms in sane economics, not one, the way to do this is not by offering
"basic definitions" about the GDP or rates of employment, but by
asking basic questions about what happens when innovation occurs, for example
when a wise lady comes up with the idea of putting a plow behind a horse.
To glean the complex set of changes that might be set in motion when someone
has an innovative idea requires imagination.
Another challenge I faced while writing was to
organize the four parts of the book. At the end of each part of the book,
I offer a tentative meaning of "profit," one which is then expanded
in the following part of the book. In the "Epilogue; Profit IV"
the reader might be surprised to discover that I do not have the last word on
profit, our anything resembling a "clear definition." This is
common to fields of inquiry that are striving to be empirical and historical,
but it is not common in orthodox teaching or practice of micro- and macro-economics,
both of which are still static fields of inquiry.
7. If people can only buy one book this month, why should it be yours? That is another marvellous question.
People look for inspiring messages, they look for voices that are
uplifting and they buy books for any number of reasons. One of them is to
learn something new, about on an important and timely topic. It can be and
indeed is very liberating to understand key issues, not just in economics
but in any field. This book does not delve into all of the issues
surrounding President-elect Trump's campaign discourse and promises, but it
does present a new angle on the foundations of sane economic policy. It
requires thinking about common things, e.g., flows of goods and services, flows
of money, surplus income, credit, and innovation, from a different
perspective. People should buy this book because a patient reading might
very well prove enlightening. They should consider reading this book
because sane economics is fundamental for the long-term hope for America
and humanity.
All-New 2017 Book Marketing
& PR Toolkit
Brian Feinblum’s views,
opinions, and ideas expressed in this blog are his alone and not that of his
employer. You can follow him on Twitter @theprexpert and email him
at brianfeinblum@gmail.com. He feels more important when discussed in the
third-person. This is copyrighted by BookMarketingBuzzBlog 2016 ©. Born and
raised in Brooklyn, now resides in Westchester. Named one of the best book
marketing blogs by Book Baby
