George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)



Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 3: Mass Production, Income, Exports, and Debt

Chapter 3: Mass Production, Income, Exports, and Debt examines the historical relationship between the rise of mass-production technologies in the United States over the past one hundred years and 1) the current account surplus, 2) the concentration of income, 3) the creation of mass markets, 4) changes in debt, and 5) economic instability. It also explains the fundamental thesis of this work. Namely, the extent to which a society is able to take advantage of mass-production technology is limited by the extent of its mass markets which, in turn, are limited by 1) the distribution of income within that society, 2) the extent of its current account surplus, and 3) the extent to which it is possible to increase debt relative to income. 

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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