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Golden Rule: The Investment Theory of Politics (2009)

Not Rated | | Documentary | Video 2009


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Credited cast:
Michael Albert ...
Himself (archive footage)
Thomas Ferguson ...
Chris Johnson ...
Himself - Narrator


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Economics for the rest of us
27 December 2011 | by See all my reviews

Economics courses in universities tend not to include a history of the development of the subject of economics itself. Viewers of this documentary will soon understand why.

The documentary presents a picture of today's political economy, interpreted through the framework of University of Massachusetts professor Thomas Ferguson's 'Investment Theory of Political Parties'.

Sounds dry, but it's anything but. The theory, first articulated in 1983 is largely based on quantitative analysis of activity in the stock market & its relationship to politics. The documentary takes Ferguson's findings and tests them against developments in the political and social spheres, up to the election of Obama in 2008.

Speaking as an economics graduate, I wish a documentary like this had been available to me before I took my degree in the 90's. Economics, as a subject area, struggles to find scientific data to backup core assumptions that it rests on, even though the techniques that unpin the kind of analysis that T Ferguson's work, are taught as part of econometrics.

By the end of the documentary it's apparent why Ferguson's work is not a core text in every economics course.

If you'd like to understand more about the economy and politics, this documentary will leave you with a far better 'big picture' view than a 4 year economics degree will. It's accessible, comprehensive and well produced.

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