Tag: Income disparity

Work of the Past, Work of the Future

By David Autor, Ford Professor, MIT Department of Economics. Originally published at VoxEU Labour markets in US cities today are vastly more educated and skill-intensive than they were 50 years ago, but urban non-college workers now perform much less skilled work than they did. This column shows that automation and international trade have eliminated many […]

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The #MMT Case for Progressive Taxes

By Steve Roth, the Publisher of Evonomics. He is a Seattle-based serial entrepreneur, and a student of economics and evolution. He blogs at Asymptosis, Angry Bear, and Seeking Alpha. Twitter: @asymptosis. Originally published at Evonomics There’s a curious fact among the current crop of discussions surrounding Modern Monetary Theory: Leading figures in the MMT world […]

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“Middle Class” Once Meant Stability and Now Means Fragility

By Alissa Quart, Executive Editor, Economic Hardship Reporting Project. Cross posted from the Institute for New Economic Thinking website feel that being middle class is not what it once was and that we are all running in place as fast as we can to stay the same, to quote Alice in Wonderland’s Red Queen,” Brenda […]

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A Way-Too-Early Handicapping of the 2020 Presidential Race

By Thomas Neuburger. Originally published at DownWithTyranny! [embedded content]A cigarette, martini, a staircase and Bette Davis — the 2020 election in a nutshell There are two groups of candidates in the Democratic candidate field. The first group contains people like Bernie Sanders. The second group contains all other candidates whom corporate Democratic power brokers will […]

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Economic Consequences of the U.S. Convict Labor System

By Michael Poyker, Postdoctoral Researcher, Columbia University Graduate School of Business. Originally published at the Institute for New Economic Thinking website hile labor coercion in agricultural and preindustrial economies is well-studied, few papers address the effects of coercive institutions in an industrial setting (Naidu and Yuchtman, 2013). The most common […]

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Do Real Estate Markets Make Our Cities Less Livable?

By Aaron Freedman, Communications Strategist & Economics Editor, Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Economics Editor Aaron Freedman talks to Samuel Stein, a geography PhD candidate at the City University of New York Graduate Center and an Urban Studies instructor at […]

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China Syndrome Redux: New Results on Global Labour Reallocation

Yves here. This article has a significant finding. It contends that while the shift of manufacturing jobs from the US to China did create a tremendous number of jobs in China, it did not lead to an increase in manufacturing wages. This would seem implausible until you remember that China […]

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Bezos Admits His Fortune Is Due to Public Infrastructure….Even as He Fought Paying a Homeless Tax in Seattle, Shakes Down Cities for Subsidies

As the lawyers like to say, res ipsa loquitur, or the thing speaks for itself. But I wanted to add a comment to this section of a section from a lightly edited Q&A held with Jeff Bezos at the Yale Club, published in Business Insider. Another factor that helped boost […]

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Randy Wray: Response to Doug Henwood’s Trolling on MMT in Jacobin

Yves here. Wray saves one of his best lines for late in the article: “As Kelton puts it, people like Henwood think money grows on rich people.” But boy, is it a hard slog to deal with people who refuse to deal with MMT in good faith. By Randy Wray. […]

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Nomi Prins: Survival of the Richest, The March of Inequality

Yves here. Keep in mind that historically, the levelers of inequality have been war, financial crises, protracted battles by workers to get better incomes and workplace protections, and, of course, revolutions. By Nomi Prins, a former Wall Street executive, whose latest book is Collusion: How Central Bankers Rigged the World […]

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The Yellow Vest Phenomenon and the Radical Right

Yves here. While imitation is the sincerest form of flattery, the gilet jaunes may not be so happy to have right wing yellow vest copy-cats. By Rob May, who is currently completing a PhD. on the radical right at Sheffield Hallam University. His work focuses on British fascism’s links and […]

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Why Did Trump Choose to Be Such an Unpopular President?

By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives Donald Trump promisedto deliver a middle-class tax cut of epic […]

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Skilling Released from Prison After A Decade of Doing Time : A Reminder of a Not So Distant Past, When the Rule of Law Applied to Corporate CEOs

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. On Friday, the Grey Lady reported:  Jeffrey Skilling, Former Enron Chief, Released After 12 Years in Prison: Jeffrey K. Skilling, the former chief executive of Enron whose […]

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How Stupid Do They Think We Are? – Plutocrats Using Logical Fallacies to Defend the Health Care Status Quo

By Roy Poses, MD, Clinical Associate Professor of Medicine at Brown University, and the President of FIRM – the Foundation for Integrity and Responsibility in Medicine. Originally published at Health Care Renewal In the early 21st century, the debate about health care reform in the US ramped up.  The result […]

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Striking Teachers in Denver Shut Down Performance Bonuses – Here’s How That Will Impact Education

Yves here. While in theory, measuring and paying for performance is desirable, once you get outside areas like sales, it is very difficult to measure performance (trust me, there are academic papers which explicitly say that 100 years+ of experience with performance review systems shows them to have failed). By […]

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Don’t “Buyback” Fair Labor Standards

By William Lazonick, Professor of Economics, University of Massachusetts Lowell. Originally published at the Institute for New Economic Thinking website For over three decades, trillions of dollars in corporate stock buybackshave contributed to unstable employment, inequitable income, and diminished innovation in the U.S. economy. Enabling, and even encouraging, this “legalized […]

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Wolf Richter: My Fancy-Schmancy “Fed Hawk-o-Meter” Ticks Down, Still Red-Lines. In Passing, Fed Plants Seed for Removing “Patient”

Yves here. It is disheartening to see the degree to which the Fed has embraced mission creep and then has proven not to be very good at it. It was bad enough that Paul Volcker weakened the Fed’s commitment to full employment by taking the position that any inflation is […]

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Opioid Crisis Shows How Economic Inequality Kills

By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Pharmaceutical pushers like Purdue Pharma “couldn’t have done their dirty work” without America’s increasingly unbalanced economy America’s growing rate of economic inequality is more than a numerical […]

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France’s Institutional System Favours Rebellion Against Its Leader

Yves here. This article describes some key elements of France’s political system that have stoked the gilet jaunes movement. By André Sapir, a Senior Fellow at Bruegel, University Professor at the Université libre de Bruxelles, and Research Fellow of the London-based Centre for Economic Policy Research. Cross posted from Bruegel; […]

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Amazon Drops New York City Headquarters Plan in a Snit

When Alexandria Ocasio-Cortez and Michael Bloomberg agree on something, it’s worth taking seriously. Particularly if it involves New York City. Both New York City pols objected to the corporate welfare plan for Amazon, in the form of nearly $3 billion in subsidies, detailed in the Financial Times chart below, for […]

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