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Items tagged with: economics
Self-interest + shortermism + monopoly power = whatever this shit is:
"Frontier knew that it could make a billion dollars in profit over a decade by investing in fiber build-out, but it chose not to, because stock analysts will downrank any carrier that made capital investments that took more than five years to mature. Because Frontier's execs were paid primarily in stock, they chose... to leave a billion dollars sitting on the table..."
https://pluralistic.net/2024/05/16/symmetrical-10gb-for-119/#utopia
Biden's tariffs on Chinese imports are understandable politically. Sadly, they pit workers against middle-class consumers and against the planet.
There's a better way to accomplish just the same goals — and it aligns politics, industrial policy, and climate coals:
#climate #EVs #tariffs #economics #USpolitics
Toothsome 1995 paper.
Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis"
Minus the math, which can be skipped over, for his discussion, the paper lays out the basics of modern economics wrt to economic cycles and labor v capitalist v creditor (banks) income.
It’s the basic model to reason about our economy and its state.
https://keenomics.s3.amazonaws.com/debtdeflation_media/papers/JPKE1995PageImage9509152794.pdf
also on JSTOR
https://www.jstor.org/stable/4538470
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Ready for news that will shock nobody? It turns out globalization mostly helps out the richest 10% and has little to no impact on the poorest.
"The influence of globalization on income inequalities worldwide was greater than we had expected. We were particularly surprised that these differences were mainly due to the gains of the richest and that the lower income groups benefited little or not at all."
https://phys.org/news/2024-05-main-beneficiaries-globalization.html
#economics #inequality #globalization
The top 10% are the main beneficiaries of globalization, says study
The income of many people around the world has considerably increased due to the economic globalization of the last 50 years. However, these income gains are unevenly distributed. A study by Dr.Linda Schädler (Phys.org)
Parallels Between Archaic Entrepots and Modern Offshore Banking Centers
By Michael Hudson, originally published by Resilience.org May 10, 2024
"...To create such enclaves has been an objective of mercantile capital through the ages. It patronizes the world’s politically weakest areas as long as they do not do what real governments do: regulate their economies. The search for “neutral territory” expressed itself already in the chalcolithic epoch, many millennia before private enterprise developed as we know it. The result of this impetus is that neolithic towns...and the biblical cities of refuge share the following important common denominator with today’s offshore banking centers: Instead of being centers of local governing, legal, and military power, they were politically neutral sites established outside the jurisdictions of local governments..."
#Economics #Taxes #Sustainability #Oligarchs
Immigrants are not stealing jobs, or mooching off of the government.
Immigrants tend to work in fields with the most unmet demand for workers, and are more likely to have jobs than US-born Americans
https://theconversation.com/immigrants-do-work-that-might-not-otherwise-get-done-bolstering-the-us-economy-222580
#immigration #USpolitics #economics
Immigrants do work that might not otherwise get done – bolstering the US economy
Despite widespread fears about immigrants being a burden, even those arriving as asylum applicants are more likely to work than the US-born population.The Conversation
There’s a surprising connection between super-competitive workplaces and gender inequality at work. Two behavioral economists looked at the differences between men and women in how they respond to the chance of getting a bonus.
They found that women are less willing to persist in high-stakes tournaments, although they’re equally motivated to start in hopes of a bonus.
https://theconversation.com/competitive-workplaces-dont-work-for-gender-equality-222689
#genderequality #business #economics
Competitive workplaces don’t work for gender equality
Wall Street and big law firms are famous for their hard-charging, cutthroat work cultures. Here’s one reason they should reconsider.The Conversation
Just read @pluralistic's latest and now I'm angry all over again about how I can no longer call myself a Realist or a Rationalist because assholes have appropriated those terms to justify their bigotry and greed.
> Ostromizing democracy. https://pluralistic.net/2023/05/04/analytical-democratic-theory/#epistocratic-delusions
FWIW? A true Realist believes in full equality and rights for all without favor – because, realistically, any alternative system might get applied to YOU. It's irrational to think you are special.
Science finally catching up with what I've been raving about for years.
From the article:
"At $190 a ton, the utility industry averaged damages more than twice its profits. Materials manufacturing, energy and transportation industries all had average damages that exceeded their profits."
There is no profit when we account for negative externalities -- all of capitalism is premised on an accounting lie that doesn't work if, you know, we *actually account* for the pollution. Capitalist economics have always been premised on destroying our biosphere for free.
If you can't destroy the biosphere by using it as your own free cesspool -- you can't profit.
It's fucking physics. Balance the equations.
#climate #ClimateCrisis #Accounting #economics
Study reveals how much carbon damage would cost corporations if they paid for their emissions
Economists calculate that the world's corporations produce so much climate change pollution, it could eat up about 44% of their profits if they had to pay damages for what they put out.SETH BORENSTEIN (AP News)
Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.
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https://annpettifor.substack.com/p/how-money-flows-uphill
How Money Flows Uphill
The Lucas Paradox, Anthony Minghella and the worst ever global debt crisisAnn Pettifor (System Change)
When you think #greedflation, the image that comes to mind should be #Amazon.
"Amazon now makes up about 40% of all online retail — the company started raising prices on the products it sells directly."
"Nearly 50% of sellers' revenue goes to Amazon in fees," much of which is passed on as higher prices.
This is a prime example of Monopoly rent as Corey Doctorow, @pluralistic, discussed in a recent piece.
https://www.axios.com/2024/04/22/amazon-price-inflation
https://locusmag.com/2024/03/cory-doctorow-capitalists-hate-capitalism/
Cory Doctorow: Capitalists Hate Capitalism
In conflict, we find clarity. We all hold contradictory views: We love our families, but they drive us crazy. We want more housing in our cities, but we don’t want our property values to decrease w…Locus Online
@economics-that-works #SteveKeen #economics #uspol
Clipped from an interview that took place 1+ years ago, 170% private debt v GDP in US is a huge vulnerability. Per his work regarding debt’s role in financial instability, we’re in a crazy place, as the safe limit is 30% . Wages suffer from the debt overhang in the wake of a crisis as companies pay down debt.
mainstream economics is blind to all this, yet their theory guides US policy. It has to go.
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(Neoliberal) Evonomic Theory: the pursuit of profits will ensure resources are put to their most efficient use, best meeting the needs of society.
Capitalism in Practice: potato-chip-holster-boots.
https://www.axios.com/2024/04/16/pringles-crocs-swicy-chips
#economics #capitalism #TeachEcon
