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An Introduction to Binary Economics
(Academic)
Guest Lecture by Robert Ashford, Professor of Law, Syracuse University College of Law
"An Introduction to Binary Economics: A New Approach to Addressing Inequality, Creating Demand for Employment, and Funding Sustainable Development"
Sponsored by the Department of Political Science and the School of Public and International Affairs.
Description: In general, earning capacity can be enhanced by some combination of two contributions: (1) increased wages earned through employment; and (2) money earned through the ownership of productive capital (e.g., land, technology, patents, etc.). Usually, only people who already own capital are able to acquire capital with the earnings of capital; and they do so substantially in proportion to their existing wealth, which helps to explain how wealth tends to concentrate in a capital intensive economy like the USA. Binary economics reveals practical ways of extending effective market opportunities to poor and middle-class people so that they can also acquire capital with the earnings of capital. In this way, as production becomes ever more capital intensive, poor and middle class people can earn not only by working but increasingly as owners of productive capital. In this talk, Prof. Ashford will introduce the binary economic approach and explain how it can enhance not only an individual's capital earning capacity (addressing inequality), but also the demand for employment and the prospects for achieving sustainability.
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540-231-7332