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Tag: Economics


The Insider’s Economic Dictionary: R Is for Rentier

Race to the bottom: A term for dog-eat-dog competition by which countries compete by cutting wage levels so as to produce in the cheapest market, not by raising wages and labor productivity.

Posted on Apr 14, 2014 READ MORE



The Insider’s Economic Dictionary: P Is for Ponzi

Parasitism: In biology, parasites develop a strategy of gaining control of the host’s brain in order to obtain nourishment by masquerading as its natural progeny or as a part of its body. For economies, the brain in question is the government.

Posted on Apr 13, 2014 READ MORE



Neoliberalism and the Machinery of Disposability

What has emerged in the new America is an intensification of the practice of disposability in which more and more individuals and groups are now considered excess, consigned to zones of abandonment, surveillance and incarceration.

Posted on Apr 10, 2014 READ MORE



Are Corporations Really Hogging Workers’ Wages?

Some of the most respected economists in the world are telling Americans their employers have been taking an increasing share of their earnings over the past four decades. The truth is a bit more complex.

Posted on Apr 9, 2014 READ MORE



Capital in the 21st Century

In his new book, French economist Thomas Piketty reminds us that within the dynamics of capitalism is a natural and destabilizing tendency toward inequality of income, wealth and opportunity.

Posted on Apr 4, 2014 READ MORE



Climate Scientists 3, Economists 0

According to a recent study, when it comes to the accuracy of forecasts and projections, climate scientists are much better at the game than economists.

Posted on Mar 14, 2014 READ MORE



The Inevitability of Income Inequality

Inequality is endemic to the core structure of an America that operates more as a plutocracy than a democracy. It is an inherent result of the consolidation of a substantial amount of both financial power and political influence in the hands of a few families.

Posted on Mar 11, 2014 READ MORE



Suffering? Well, You Deserve It

An Oxford scholar warns that our outmoded economic model is a “warrant for inflicting pain” first on the poor and minorities and eventually on most of society.

Posted on Mar 2, 2014 READ MORE



Gage Skidmore (CC-BY-SA)

How a Couple of Austrians Messed Up Washington

One of my favorite moments during the 2012 Republican presidential contest came when Ron Paul, fresh from his strong showing in Iowa, triumphantly told his supporters: “We’re all Austrians now!”

Posted on Feb 12, 2014 READ MORE



Robert Gourley (CC BY-NC 2.0)

Why the Three Biggest Economic Lessons Were Forgotten

Why has America forgotten the three most important economic lessons we learned in the 30 years after World War II?

Posted on Feb 12, 2014 READ MORE


Debt Is a Weapon for Taking Your Things Away

The treasured University of Missouri, Kansas City economics professor Michael Hudson explains to RT how debt is used “as a means of foreclosing on property and transferring” it “from the debtor to the creditor.”

Posted on Jan 20, 2014 READ MORE


Believe

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Don't laugh...You still believe in trickle-down economics.
Posted on Dec 12, 2013 READ MORE



Pink Sherbert Photography (CC BY 2.0)

The Insider’s Economic Dictionary: I Is for Ideology

Ideology: A set of assumptions so appealing that one looks at their abstract logic rather than how the world actually works. (See Insanity.)

Posted on Nov 29, 2013 READ MORE



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Obamacare’s 787 Moment

The problems of the Affordable Care Act’s health care exchanges will not be solved by a new round of outsourcing. Just ask Boeing.

Posted on Nov 6, 2013 READ MORE



i am real estate photographer (CC BY 2.0)

Nobel Prize-Winning Economist Says Buying a House Is a Bad Idea

If the housing crisis wasn’t enough to turn you off of buying real estate, listen to economist Robert Shiller: Houses are poor investments, and they pretty much always have been.

Posted on Oct 16, 2013 READ MORE



Poverty Is Digging Deep

Almost half of Americans classified as poor earn an income that’s 50 percent below the poverty line; the Internet is adding to the destruction of the creative class, musician David Byrne argues; and North Dakota has suffered one of the worst onshore oil spills in recent history, courtesy of fracking. These discoveries and more after the jump.

Posted on Oct 15, 2013 READ MORE



theimpulsivebuy (CC-BY-SA)

Taco Bell’s Disgusting Tacos Created 15,000 Disgusting Jobs

Taco Bell’s CEO is bragging that his company’s wildly popular Doritos Locos Tacos have created thousands of (low-paying) jobs, an example of what he calls, “having a social conscience.”

Posted on Oct 14, 2013 READ MORE



josh.ev9 (CC BY-SA 2.0)

The Insider’s Economic Dictionary: E Is for Earned Income

Economist: Originally a member of the Physiocratic School (L’Économistes) who sought to replace France’s proliferation of excise and income taxes with a land tax. For modern economists’ general methodology, see Junk Science.

Posted on Sep 20, 2013 READ MORE



kevin dooley (CC BY 2.0)

Growth and Low Carbon ‘Can Co-Exist’

Carbon cuts and economic growth may not be mutually exclusive, allowing us to maintain energy supplies without worsening climate change, researchers say.

Posted on Sep 20, 2013 READ MORE



Bob Jagendorf (CC BY 2.0)

A Lesson for Future Presidents and Children

The No. 1 problem we face is inequality, and the beginning of a new school year is the appropriate moment to ask what role education plays. Are schools part of the solution or are they part of the problem?

Posted on Sep 19, 2013 READ MORE



mtume_soul (CC BY-SA 2.0)

Abracadabra: You’re a Part-Timer

The truly mysterious aspect of this “recovery” is that 21% of the jobs lost during the Great Recession were low wage, meaning they paid $13.83 an hour or less, but 58% of the jobs regained fall into that category. The lost jobs with better wages, benefits and long-term security have completely vanished.

Posted on Aug 22, 2013 READ MORE



Horia Varlan (CC BY 2.0)

The Insider’s Economic Dictionary: C Is for Camouflage

Capitalism: The term used to describe the social system based on promoting the accumulation of capital. Long used mainly as an economic invective, the term only recently has become more glorified by neoliberals, referring mainly to finance capitalism.

Posted on Aug 11, 2013 READ MORE



jDevaun (CC BY-ND 2.0)

The Insider’s Economic Dictionary: Part A

Unlike psychological terminology—which consists mainly of terms of invective (try to think of a desirable personality complex)—today’s economic vocabulary is euphemistic. One rarely hears the terms “rentier” or “usury” that played so central a role in the debates of past centuries.

Posted on Aug 9, 2013 READ MORE



The Cleveland Kid (CC BY 2.0)

A Solution to the Problem of Corporate Money Hoarding

At the core of the non-recovery in America’s economic crisis is the stockpiling of enormous sums of untaxed cash—totaling almost $1.5 trillion at the end of last year—by corporations that refuse to invest in new businesses and projects that would serve the public good.

Posted on Aug 8, 2013 READ MORE


Middle Out Economy

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Posted on Jul 31, 2013 READ MORE



The Rachel Maddow Show (CC-BY)

Krugman Battles the GOP’s ‘War on the Unemployed’

New York Times columnist Paul Krugman eviscerated the GOP on Monday for acting on the falsehood that life is “too easy” for millions of out-of-work Americans who can’t find jobs by punishing them in the party’s effort to “cure unemployment by making the jobless even more miserable.”

Posted on Jul 1, 2013 READ MORE


Great Gatsby Economics

Those who defend our economic status quo have other alibis. We don’t need to make any structural changes in our economy, the argument goes. People who want to advance just need to understand that our new economic circumstances place a very high premium on education. Get a good education, and you will do OK.

Posted on Jun 16, 2013 READ MORE



RL Hyde (CC BY-SA 2.0)

Not ‘A Shred of Evidence’ to Support Reinhart and Rogoff

The Harvard professors who led much of the Western world into austerity with their 2010 paper “Growth in a Time of Debt,” debunked in April by a University of Massachusetts grad student, have taken another hit, this time from two economists with the University of Michigan.

Posted on May 31, 2013 READ MORE



artist in doing nothing (CC BY-SA 2.0)

Three Economic Myths Busted

As a share of national income, federal spending peaked during the Reagan administration; spending has increased only half as fast under President Obama as under President Bush; and declining revenues, not rising spending, accounts for the swelling federal deficit overseen by the Bush and Obama administrations.

Posted on May 31, 2013 READ MORE



Screenshot

Krugman Exposes the Hypocrisy of Fiscal Conservatives

In his latest column for The New York Times, the Nobel Prize-winning economists notes that before President Obama took office in 2009, seven of the 10 previous presidents left the Oval Office with debt ratios lower than when they entered it. The three who did not: Ronald Reagan, George H.W. Bush and George W. Bush.

Posted on May 6, 2013 READ MORE


Have You Heard of Bitcoin?

It’s a virtual currency that travels beyond the reach of banks and centralized regulatory institutions and allows you to transfer money to anyone with an Internet connection, anywhere at any time.

Posted on Mar 23, 2013 READ MORE



flickr/Loren Sztajer

Conservatives and American Power

Do conservatives still believe in American greatness? The question is not intended to discourage the healthy debate being pushed by Rand Paul and his allies over whether Republicans in the George W. Bush years were too eager to deploy our country’s armed forces overseas. After the steep costs of the Iraq War, it is a very necessary discussion.

Posted on Mar 17, 2013 READ MORE



banspy (CC BY 2.0)

The Free Market That Isn’t

“Since 1980, the U.S. government has reduced its intervention in the U.S. economy, which has become much more of a free market.” True or false?

Posted on Mar 9, 2013 READ MORE


How a Higher Minimum Wage Helps the Whole Economy

Economist Richard Wolff tells Bill Moyers the argument that a higher minimum wage kills jobs makes no sense.

Posted on Feb 22, 2013 READ MORE



ISLET

Productivity, Compound Interest and Poverty

“Today’s economy is based on theft under the euphemism of ‘free enterprise,’ ” writes Michael Hudson in the first chapter of his new book “Finance Capitalism and its Discontents.” “It’s sometimes called ‘socialism for the rich’ because they receive most government subsidy. But it’s not the kind of socialism that people talked about a hundred years ago. It is a travesty of social democracy and socialism. In a word, it’s oligarchy.”

Posted on Feb 9, 2013 READ MORE



CIAT International Center for Tropical Agriculture (CC BY-SA 2.0)

Economist Stern: ‘I Got It Wrong on Climate Change—It’s Far, Far Worse’

Lord Nicholas Stern, the widely respected author of a landmark 2006 government-commissioned report on global warming’s effect on the world economy, says he underestimated the risks and should have been more “blunt” about the dangers posed by rising temperatures.

Posted on Jan 27, 2013 READ MORE



ms.akr (CC BY 2.0)

Karl Marx Is More Relevant Than Ever

“For many in my generation, the ideological underpinnings of capitalism have been undermined,” writes Jacobin editor Bhaskar Sunkara at The Guardian. “That a higher percentage of Americans between the ages of 18 and 30 have a more favorable opinion of socialism than capitalism … signals that the cold war era conflation of socialism with Stalinism no longer holds sway.”

Posted on Jan 25, 2013 READ MORE


‘It Doesn’t Have to Be This Way’

“How do you expect this to play out over the next few years?” host Thom Hartmann asked economist Michael Hudson on “The Big Picture” this week. “That’s what everybody’s wondering,” Hudson replied. “The economy is going to shrink and shrink and shrink, and the question is whether people are going to go out in the streets ... or whether there’s going to be an actual response saying it doesn’t have to be this way.”

Posted on Jan 12, 2013 READ MORE



Infrogmation (CC BY 2.0)

How Banks Capture the Economy

The second installment of Michael Hudson’s status report on the U.S. economy identifies debt as the financial sector’s key weapon in the push to extract wealth from governments, companies and families.

Posted on Jan 2, 2013 READ MORE


Fiscal Cliffs and Fiscal Realities

“What do you both think the public needs to know about this economic debate going on right now?” Bill Moyers asked Naked Capitalism editor Yves Smith and Reagan and Bush economic adviser Bruce Bartlett.

Posted on Dec 19, 2012 READ MORE



Image from "Economix: How and Why Our Economy Works (and Doesn't Work), in Words and Pictures"

Understanding Economics in Plain English

Fedspeak, vague and convoluted answers to economic questions, was popularized by Alan Greenspan, chairman of the Federal Reserve from 1987 to 2006. It allowed him to essentially say “no comment” without admitting that he was avoiding questions.

Posted on Dec 14, 2012 READ MORE


Sisyphus in Economics

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Posted on Dec 14, 2012 READ MORE



Danielle Walquist Lynch (CC BY 2.0)

Ensuring Scottish Sovereignty: Exploring the Public Bank Option

Will a publicly owned bank help Scotland avoid unnecessary debt and take control of its economic destiny as North Dakotans did in the U.S.?

Posted on Dec 7, 2012 READ MORE


The Fiscal Slope

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Posted on Dec 3, 2012 READ MORE



vicmontol (CC BY 2.0)

Truthdiggers of the Week: Iceland’s Leaders

One country refused to bail out its derelict banks and slash social spending amid the financial crisis. And guess what? Unlike the eurozone and the United States, it’s making a sturdy comeback.

Posted on Dec 1, 2012 READ MORE



salady (CC BY 2.0)

An ‘Impossible’ France?

A bold experiment is under way in the world’s fifth-largest economy: French President Francois Hollande has announced his intent to tax the rich. What happens next could deliver a blow to one of global capitalism’s most persistent myths.

Posted on Oct 2, 2012 READ MORE



Abhisit Vejjajiva (CC BY 2.0)

Mitt Romney: ‘Tax Avoider on a Grand Scale’

Joseph Stiglitz, “one of the few members of the economics profession committed to scientific empiricism, not ideology or servitude to the rich,” as one reader put it, writes that the habit of tax avoidance typical of Mitt Romney’s class makes it difficult to publicly fund things like education, technology, and infrastructure, upon which modern economies depend to flourish.

Posted on Sep 4, 2012 READ MORE



DonkeyHotey (CC BY 2.0)

Eurozone Headed for a New Recession

The eurozone is headed for another recession as its economic output shrinks again in 2012’s third quarter, economists say.

Posted on Aug 23, 2012 READ MORE



Fey Ilyas (CC BY-SA 2.0)

We Told You So

Two months before the collapse of Lehman Brothers in 2008, a group of experts and I warned the Obama campaign about the likelihood of a global economic crisis. Not the slightest word came back.

Posted on May 18, 2012 READ MORE


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