Summary
Phil Anderson shares a Michael Hudson interview that exposes how mainstream economics was corrupted to serve the interests of landowners and finance, reinforcing the theoretical foundation of the PSE framework. Michael Hudson’s work on land rent and the FIRE sector (Finance, Insurance, Real Estate) complements the cycle analysis.
Key Claims
- Michael Hudson interview recommended as essential viewing on the corruption of mainstream economics
- Hudson’s work documents how the FIRE sector (Finance, Insurance, Real Estate) extracts rent from the productive economy
- Understanding this “economic conspiracy” is necessary to understand why the real estate cycle persists
- Land economics and rent theory have been deliberately suppressed from mainstream education