My Comments: Last year, 2010, I ran for the U.S. Senate for Colorado. I spend very little money, and got a few votes per dollar spent, and only two news articles on my ideas. The one reproduced below came out of a telephone interview with the journalist; in includes the, up to now, only written commentaries from another economist–I have yet to meet him.
J. Moromisato, Nov 19, 2010.
Jorge Moromisato, independent candidate for Senate, running as a modern day Martin Luther
Jorge Moromisato is running for Colorado Senate as an independent, and whatever you think of his policies, criticism that his platform is short on specifics is not an accusation that will stick.The Denver Plan details Moromisato’s ideas on how to end unemployment and fix the myriad problems facing the economy. He’ll publish it as a 240-page book soon.
While Moromisato doesn’t have any illusions about his chances of winning, his true aim is to grab the attention of lawmakers. “I’m hoping that someone with some influence will pick up on these ideas and disseminate them further. That’s what my campaign is all about.”
The Peruvian native has an M.S. in physics, a PhD in High Energy Physics and an M.A. in Economics. In 2006, he retired from a research position at Northeastern University in Boston and moved to Denver, where he has published two books, The Origin of Wealth and Poverty and The Coming Age of Freed Money.
In August, Moromisato launched the Reformed Economics Institute, which he uses as a one-man platform to disseminate his outsider economic policy. He acknowledges that the ideas presented here are often dismissed for falling on the fringe. “If I was another economist, I wouldn’t know what to make of my theories, either,” he said. “They’re completely different from the current paradigm.”
Take University of Denver Associate Professor of Economics, Markus Schneider, for instance. “[Moromisato] has latched onto a causal story that seems hard to sustain. I am dubious that you can really claim that unemployment causes all of society’s other ills,” he says. “For one, this storyline ignores the effects of poverty faced by the working poor and underemployed. Perhaps it’s appealing politically to say, ‘If we solve this, all our other problems will go away,’ but it’s utterly unrealistic.”
Schneider also has qualms with some of the more technical aspects of The Denver Plan. He says a salary cap on private employees is “among the politically least feasible ideas out there,” and that it’s “naive to political realities as well as dubious on some of the economics.”
However, Schneider does think that Moromisato might be on to something with his tax revision policies. He also says that a balanced trade agreement and zero-interest federal lending to all levels of government are items that should at least be debated.
Moromisato has one hundred pieces of reform and says he intends to post one a day on the Reformed Economics Institute website, linked above. He likens his plight to Martin Luther nailing the 95 Theses on the Power and Efficacy of Indulgences to the church door. “But I have 100. I don’t know why he didn’t make it a more round number.”
My Reply: All in all, Prof. Schneider remarks were as kind as one could’ve expect. I disagree with him on a few points:
1. My economic thoughts, presented already in three earlier books are sounder and more scientifically structured as any that exists. It is definitely not a ‘causal story’.
2. In a full employment society there would be no ‘working poor’ nor ‘underemployed people’; every job will pay a decent salary.
3. The salary cap proposal is based on solid economic arguments, and not on whether it is politically feasible. Also, I do not believe that it is unrealistic, let alone ‘utterly’ so.
J. Moromisato, Nov 19, 2011