Like a forensic accountant trying to solve a corporate fraud, following the trail of money around the circle is a good way to understand what actually happens as capitalism unfolds.

Proving that profit is economically and morally justifiable, rather than the result of exploitation, has been a central preoccupation of neoclassical economists.

We know that investment causes growth. But it is also true that growth causes investment.

The total dividend income declared in 1995 by the bottom 9.7 million Canadian tax-filers (47% of all those submitting tax returns) was $310 million. The estimated dividend income received by the Thomson family in 1995 from its 72% ownership share of the Thomson Corporation and its 22% ownership share of the Hudson's Bay Company was $310 million.

Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.

Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.

The problem is not scarcity; the problem is power.