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Thursday, March 31, 2016
The reign of the robots: economists getting it badly wrong The story of the rising robots should mean that we are seeing a rapid increase in the amount of output per hour of work. The logic is that the robots are doing work that humans used to do, so we have more output for every hour of human labor. In fact, we are seeing the exact opposite. The rate of productivity growth, which measures output per hour of work, has slowed sharply in recent years.
Thursday, March 31, 2016The reign of the robots: economists getting it badly wrong The story of the rising robots should mean that we are seeing a rapid increase in the amount of output per hour of work. The logic is that the robots are doing work that humans used to do, so we have more output for every hour of human labor. In fact, we are seeing the exact opposite. The rate of productivity growth, which measures output per hour of work, has slowed sharply in recent years.
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Tuesday, March 29, 2016
Think Trump's 45 Percent Tariffs Are Bad? Try Obama's 10,000 Percent Tariffs The Obama administration is pushing for stronger and longer patent and related protections in the TPP and other trade deals. Unfortunately most media outlets are perfectly happy with protectionism when the main beneficiaries are drug companies. It is only when someone proposes protectionist measures with the idea that they could help ordinary workers that they get upset.
Tuesday, March 29, 2016Think Trump's 45 Percent Tariffs Are Bad? Try Obama's 10,000 Percent Tariffs The Obama administration is pushing for stronger and longer patent and related protections in the TPP and other trade deals. Unfortunately most media outlets are perfectly happy with protectionism when the main beneficiaries are drug companies. It is only when someone proposes protectionist measures with the idea that they could help ordinary workers that they get upset.
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Monday, March 21, 2016
NYT Promotes Study by Private Pension Company That Says Not to Trust Public Pensions Economist Dean Baker shows why this is bunk and scare tactics. The only thing he got wrong is that even Detroit was not broke either, as I showed in my article "Detroit is Not Broke!" a couple of years ago. But the main point remains: corporate-bank funded studies are designed to make you distrust government & put your retirement savings in "trusty" big banks instead.
Monday, March 21, 2016NYT Promotes Study by Private Pension Company That Says Not to Trust Public Pensions Economist Dean Baker shows why this is bunk and scare tactics. The only thing he got wrong is that even Detroit was not broke either, as I showed in my article "Detroit is Not Broke!" a couple of years ago. But the main point remains: corporate-bank funded studies are designed to make you distrust government & put your retirement savings in "trusty" big banks instead.
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Monday, March 21, 2016
Is the "Gig Economy" Here to Stay? The gig economy operates over the Internet and involves workers in a wider range of occupations, some relatively skilled. However, just as some day-labor companies hope to profit by evading regulations and cheating workers, many gig economy companies hope to legally skirt labor laws that apply to other employers.
Monday, March 21, 2016Is the "Gig Economy" Here to Stay? The gig economy operates over the Internet and involves workers in a wider range of occupations, some relatively skilled. However, just as some day-labor companies hope to profit by evading regulations and cheating workers, many gig economy companies hope to legally skirt labor laws that apply to other employers.
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Friday, March 18, 2016
How to Fight Poverty Through Full Employment Although full employment is not the complete solution to poverty, reaching it would go a long way. It should also be an area of bipartisan agreement. After all, conservatives are supposed to like the idea of people working hard to lift themselves up. But they can only work hard if jobs are available, and they can only lift themselves up if their wages are just.
Friday, March 18, 2016How to Fight Poverty Through Full Employment Although full employment is not the complete solution to poverty, reaching it would go a long way. It should also be an area of bipartisan agreement. After all, conservatives are supposed to like the idea of people working hard to lift themselves up. But they can only work hard if jobs are available, and they can only lift themselves up if their wages are just.
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Tuesday, March 1, 2016
We Poisoned Kids in Flint to Keep Their Parents From Having Jobs when we ask why the federal government could not ensure that the people of Flint, Michigan had safe drinking water, or address the enormous infrastructure needs around the country, the answer is that our politicians didn't want more people to have jobs. That's a great reason for poisoning kids.
Tuesday, March 1, 2016We Poisoned Kids in Flint to Keep Their Parents From Having Jobs when we ask why the federal government could not ensure that the people of Flint, Michigan had safe drinking water, or address the enormous infrastructure needs around the country, the answer is that our politicians didn't want more people to have jobs. That's a great reason for poisoning kids.
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Sunday, February 28, 2016
The Trans-Pacific Partnership and Team Pfizer Obama and other proponents of the TPP speak of the stronger and longer patent and copyright rules in the deal as though these are provisions that offer benefits for the country as a whole. The reality is 180 degrees in the opposite direction. These protections offer benefits to the executives of these companies and to their shareholders, but they are likely to mean fewer jobs and lower income for the rest of the country.
Sunday, February 28, 2016The Trans-Pacific Partnership and Team Pfizer Obama and other proponents of the TPP speak of the stronger and longer patent and copyright rules in the deal as though these are provisions that offer benefits for the country as a whole. The reality is 180 degrees in the opposite direction. These protections offer benefits to the executives of these companies and to their shareholders, but they are likely to mean fewer jobs and lower income for the rest of the country.
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Thursday, February 18, 2016
NYT Invents Left-Leaning Economists to Attack Bernie Sanders Whatever standard of scrutiny the NYT chooses to apply to presidential candidates it should apply them equally. It is not good reporting to apply one standard to Senator Sanders, and even inventing credentials to press its points, and then apply lesser standards to the other candidates.
Thursday, February 18, 2016NYT Invents Left-Leaning Economists to Attack Bernie Sanders Whatever standard of scrutiny the NYT chooses to apply to presidential candidates it should apply them equally. It is not good reporting to apply one standard to Senator Sanders, and even inventing credentials to press its points, and then apply lesser standards to the other candidates.
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Tuesday, February 16, 2016
Bernie Sanders, Hillary Clinton, and the Money Suppose Bernie Sanders had spent four years in President Obama's cabinet during which time he did everything he could to try to break up the big banks and have corporate criminals put behind bars. Does anyone believe Goldman Sachs would pay him $250,000 to recount his experiences?
Tuesday, February 16, 2016Bernie Sanders, Hillary Clinton, and the Money Suppose Bernie Sanders had spent four years in President Obama's cabinet during which time he did everything he could to try to break up the big banks and have corporate criminals put behind bars. Does anyone believe Goldman Sachs would pay him $250,000 to recount his experiences?
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Thursday, February 4, 2016
New Yorker Shooting Blindly at Bernie Sanders we are seeing endless shots at Sanders' plans for financial reform, healthcare reform and expanding Social Security. Many of these pieces raise perfectly reasonable questions, both about Sanders' goals and his route for achieving them. But there are also many pieces that just shoot blindly. The view of many in the media is that Sanders is a fringe candidate. The New Yorker is clearly in this attack mode.
Thursday, February 4, 2016New Yorker Shooting Blindly at Bernie Sanders we are seeing endless shots at Sanders' plans for financial reform, healthcare reform and expanding Social Security. Many of these pieces raise perfectly reasonable questions, both about Sanders' goals and his route for achieving them. But there are also many pieces that just shoot blindly. The view of many in the media is that Sanders is a fringe candidate. The New Yorker is clearly in this attack mode.
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Tuesday, February 2, 2016
If Bill Gates Turned to Philanthropy: Publicly Funded Clinical Drug Trials There are serious questions about the industry's actual research spending. Much money goes to marketing, since the industry has enormous incentive to promote the sale of a drug selling for 300 times the cost of production. So, will any philanthropic types among the wealthy step for a free market and better health care system?
Tuesday, February 2, 2016If Bill Gates Turned to Philanthropy: Publicly Funded Clinical Drug Trials There are serious questions about the industry's actual research spending. Much money goes to marketing, since the industry has enormous incentive to promote the sale of a drug selling for 300 times the cost of production. So, will any philanthropic types among the wealthy step for a free market and better health care system?
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Thursday, January 28, 2016
Washington Post's Wild Swings at Sanders The Washington Post tells you to disbelieve in Bernie Sanders' "future to believe in."
Thursday, January 28, 2016Washington Post's Wild Swings at Sanders The Washington Post tells you to disbelieve in Bernie Sanders' "future to believe in."
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Tuesday, January 26, 2016
Mission Possible: Breaking Up the Big Banks and Universal Medicare Senator Bernie Sanders is getting a lot of heat from political establishment types for proposals they view as outlandish. The top of the list is breaking up the big banks and universal Medicare. The complaint is that these proposals are so far off the political agenda, Sanders is wasting everyone's time by raising them.
Tuesday, January 26, 2016Mission Possible: Breaking Up the Big Banks and Universal Medicare Senator Bernie Sanders is getting a lot of heat from political establishment types for proposals they view as outlandish. The top of the list is breaking up the big banks and universal Medicare. The complaint is that these proposals are so far off the political agenda, Sanders is wasting everyone's time by raising them.
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Tuesday, January 19, 2016
Wall Street Rocks! As economic theory tells us, the remedy for weak demand is more demand. The quickest way to get more demand is to have the government spend money on things like infrastructure, clean energy, education, health care and all sorts of other goodies. That would create jobs today and make the economy stronger in the future.
Tuesday, January 19, 2016Wall Street Rocks! As economic theory tells us, the remedy for weak demand is more demand. The quickest way to get more demand is to have the government spend money on things like infrastructure, clean energy, education, health care and all sorts of other goodies. That would create jobs today and make the economy stronger in the future.
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Wednesday, January 6, 2016
Making America safer for predatory capitalism In today's economy, getting rich does not necessarily require better serving your customers. A series by the New York Times on arbitration clauses in contracts shows that one of the best ways to make money is to find ways to rip off your customers. The point of these arbitration clauses is to take away the right of consumers to bring class action lawsuits against improper practices.
Wednesday, January 6, 2016Making America safer for predatory capitalism In today's economy, getting rich does not necessarily require better serving your customers. A series by the New York Times on arbitration clauses in contracts shows that one of the best ways to make money is to find ways to rip off your customers. The point of these arbitration clauses is to take away the right of consumers to bring class action lawsuits against improper practices.
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Friday, January 1, 2016
Why Your Retirement Prospects are Bleaker Than Ever It's increasingly obvious that there's a major hole in the retirement system, and that the government can help fill it. That's why President Obama asked the Treasury Department to set up a new low-cost, low-maintenance savings plan for workers -- called myRA for "my retirement account."
Friday, January 1, 2016Why Your Retirement Prospects are Bleaker Than Ever It's increasingly obvious that there's a major hole in the retirement system, and that the government can help fill it. That's why President Obama asked the Treasury Department to set up a new low-cost, low-maintenance savings plan for workers -- called myRA for "my retirement account."
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Tuesday, December 22, 2015
The Federal Reserve Board and the Presidential Candidates If the presidential candidates have not incorporated the Fed's reactions into their economic plans, then they really don't know what they are talking about. They will have no hope of boosting growth if they have a Fed determined to prevent the economy from creating more jobs.
Tuesday, December 22, 2015The Federal Reserve Board and the Presidential Candidates If the presidential candidates have not incorporated the Fed's reactions into their economic plans, then they really don't know what they are talking about. They will have no hope of boosting growth if they have a Fed determined to prevent the economy from creating more jobs.
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Monday, December 21, 2015
The Fed's premature rate hike The prospect of higher interest rates in the United States and economic weakness elsewhere has caused the dollar to rise against most other currencies. This makes our goods and services less competitive in the world economy. The Fed should be much more concerned about the economy's continuing weakness than the prospect its strength will lead to spiraling inflation.
Monday, December 21, 2015The Fed's premature rate hike The prospect of higher interest rates in the United States and economic weakness elsewhere has caused the dollar to rise against most other currencies. This makes our goods and services less competitive in the world economy. The Fed should be much more concerned about the economy's continuing weakness than the prospect its strength will lead to spiraling inflation.
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Sunday, December 13, 2015
Hillary Clinton, Bernie Sanders, and Cracking Down on Wall Street Sanders FTT would almost certainly do more to change behavior on Wall Street then everything that Clinton has proposed taken together by a rather large margin. It's sort of like evaluating the New England Patriots' Super Bowl prospects without discussing their quarterback.
Sunday, December 13, 2015Hillary Clinton, Bernie Sanders, and Cracking Down on Wall Street Sanders FTT would almost certainly do more to change behavior on Wall Street then everything that Clinton has proposed taken together by a rather large margin. It's sort of like evaluating the New England Patriots' Super Bowl prospects without discussing their quarterback.
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Tuesday, December 8, 2015
Republicans attempt to weaken consumer financial protections If the Republicans want to have a public debate on allowing the financial industry to pursue deceptive practices, they can do that with freestanding bills. When Obama vetoes the bills, they will have the ammunition they need to make this issue play a central role in the 2016 elections. Then the public will get to decide.
Tuesday, December 8, 2015Republicans attempt to weaken consumer financial protections If the Republicans want to have a public debate on allowing the financial industry to pursue deceptive practices, they can do that with freestanding bills. When Obama vetoes the bills, they will have the ammunition they need to make this issue play a central role in the 2016 elections. Then the public will get to decide.
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