asterisk2a + wages   18

Inequality and the Challenge of Employment - New Economic Thinking - YouTube
intrinsic motivation, fairness, social animal - social comparison (is encoded into the brain) - status anxiety // self-interest mostly wins over ethics/moral values? // trust between principle & agent // org structure and inventive - ie bonus variable attracts more selfish people and risk takers // justice and fairness is critically important - not only in orgs but also democracies //&! Natural rate theory (equilibrium) - service sector jobs (unskilled manual labour jobs) w minimum wage and not higher. and flexible wages with no minimum wage (USA) create working poor/inequality. institutional change - economists are not just analysts they also affect policy makers (think tanks). // austerity hurts equality/social mobility = economic long-run damage to potential (thus output gap and productivity loss) - lack of supply of able workforce to create added value products & services. trickle-down not helping. //&! tax code unfair, lower capital gains tax than on earned (labour) income
inequality  Gini  coefficient  social  mobility  income  mobility  intrinsic  motivation  fairness  human  resources  HR  management  people  management  well  being  philosophy  Alain  de  Botton  happiness  index  Selbstfürsorge  self-awareness  self-actualization  Maslow  socioeconomic  status  status  anxiety  social  status  workplace  work  environment  beyond  workplace  drama  chronic  stress  shareholder  value  profit  maximisation  shared  economic  interest  economic  damage  wage  growth  income  growth  income  gap  gender  pay  gap  glass  ceiling  glass  cliff  gender-based  discrimination  gender  inequality  trust  labour  economics  labour  market  microeconomic  policy  behavioral  economics  Organizational  behavior  organization  skill-biased  technological  change  job  market  minimum  wage  living  wage  equilibrium  sticky  wages  liberal  economic  reform  neoliberal  neoliberalism  underemployed  Workers  Union  macroeconomic  policy  unemployment  skills  gap  education  policy  vocational  education  poverty  trap  student  debt  student  loan  downward  mobility  welfare  state  Higher  income  inequality  Privileged  Middle  Class  Sozialer  Abstieg  squeezed  Public  Services  Services  child  poverty  poverty  American  Dream  output  gap  potential  output  added  value  value  creation  capital  skills  human  capital  dehumanisation  subhuman  trickle-down  economics  dogma  ideology  austerity  policy  error  policy  folly  UK  state  capital 
july 2015 by asterisk2a
Eurokrise ǀ Die ökonomischen Irrwege der Angela M. — der Freitag
Die Agenda 2010 - ein Name wie Donnerhall - ist bis heute eines der umstrittensten Projekte der rot-grünen Bundesregierung, denn sie war faktisch ein flächendeckendes Lohnsenkungsprogramm, indem die Lohnansprüche der Arbeitnehmer durch Hartz IV, Leiharbeit, Werkverträge u.ä. rapide gedrückt wurden. Und es ist geglückt: bis 2013 sind die Reallöhne bundesweit gesunken oder stagnierten trotz positiver Produktivitätsentwicklung. Angela Merkel versucht nun schon seit 5 Jahren, um jeden Preis das deutsche Modell der Lohnsenkung durch die Agenda 2010 auf ganz Europa zu übertragen, passender Weise mit der SPD. Sie wird scheitern. Aber nicht auf ihre Kosten, sondern auf de Kosten anderer, denn es gilt ein einfacher ökonomischer Mechanismus: Keine Nachfrage und Investitionen - Keine Wirtschaftsleistung - Keine Steuereinnahmen - Kein Schuldendienst. Diese Logik ist einfacher als eine schriftliche Division, zur Kenntnis scheint sie in Deutschland trotzdem nicht genommen zu werden.
Leiharbeit  Werkvertrag  Zeitarbeit  Agenda  2010  GroKo  hartz-iv  Lohnzurückhaltung  Niedriglohn  Niedriglohnsektor  contractor  self-employment  subsidies  subsidizing  ALG2  Aufstocker  labour  market  labour  economics  Exportweltmeister  Germany  China  competitive  advantage  competitiveness  competitive  competition  flat  world  borderless  industrial  policy  productivity  lobbyist  lobby  Lobbying  Workers  Union  Angela  Merkel  Wolfgang  Schäuble  Fiscal  Pact  Schuldenbremse  austerity  sovereign  debt  crisis  secular  stagnation  consumer  confidence  squeezed  middle  class  working  poor  precarious  work  Precariat  Proletariat  No  Representation  Career  Politicians  short-term  thinking  short-term  view  Europe  PIGS  microeconomics  microeconomic  policy  policy  Makers  policy  error  policy  folly  Revolution  2.0  working  class  middle  class  disposable  income  budget  deficit  social  cohesion  democracy  Protest  Partei  Protest  Party  Sozialer  Abstieg  Soziale  Marktwirtschaft  Wall  Street  profit  maximisation  shareholder  value  lohndumping  living  wage  minimum  wage  Service  Sector  Jobs  wage  stagnation  sticky  wages  economic  history 
may 2015 by asterisk2a
Autumn Statement 2014: Osborne's Cuts 'Will See Public Spending Fall To Lowest Level In 80 Years'
Tony Dolphin, senior economist at the Institute for Public Policy and Research, warned that Osborne's planned cuts were "implausible". "Given the scale of cuts in the public sector, [the OBR] can only make its growth forecast add up by assuming that consumer demand is boosted by households taking on more debt - and at an unprecedented pace. "Extraordinarily, the OBR thinks that by 2019 the household sector will have a financial deficit twice as big as in 2007 and 2008 when the financial crisis hit. As result, the household debt-to-income ratio is forecast 2 rise beyond its pre-crisis peak 2 over 180%. "This is pretty implausible. If the next government tries 2 follow the deficit reduction path set out in the Autumn Statement, it can only succeed in the short-term because the household sector takes on debt @ a faster pace than it did before the financial crisis. [this warning was heeded some years ago alrdy that consumer&corp would have to take on debt to spend to keep GDP # up!!!]
austerity  UK  George  Osborne  economic  history  David  Cameron  general  election  2015  fairness  Liberal  Democrats  Conservative  Party  Labour  Party  Super  Rich  1%  Privileged  Establishment  No  Representation  Toff  fiscal  policy  Democratic  Process  democracy  tax  free  income  Budget  Gerechtigkeit  Gini  coefficient  income  inequality  compromise  Career  Politicians  Debt  Super  Cycle  sovereign  crisis  recovery  GFC  Lohnzurückhaltung  working  poor  Services  Industry  service  economy  service  squeezed  middle  class  wage  growth  sticky  wages  Niedriglohn  Niedriglohnsektor  minimum  wage  productivity  output  gap  liquidity  trap  monetary  transmission  mechanism  zombie  banks  zombie  consumer  mortgage  market  ZIRP  NIRP  QE  Funding  for  Lending  Scheme  Help  to  Buy  Scheme  monetary  policy  Future  of  Work  Mobile  Creative  Mobile  Creatives  flat  world  globalisation  globalization  Year  of  Code  industrial  policy  job  creation  disposable  income  Precariat  precarious  Zero  Hour  Contract  economics  market  tax  evasion  tax  avoidance  GDP  economic  growth  zombie  corporations 
december 2014 by asterisk2a
BBC News - Long, long slog to mend public finances
So the job of mending the public finances is a long way from over. The best performing, big developed economy in the world - that's us by the way, as assessed by speed of GDP growth - is generating far less tax than expected. So this year, the Office for Budget Responsibility expects the harvest for the Exchequer from taxation to be £7.8bn less than it predicted in March. And by 2017-18, it says the shortfall will be an eye-watering £21bn. & the biggest shortfall, roughly half of it, is in income tax, which reflects the creation of lots of new low wage jobs & the absence of meaningful pay rises for millions. [...] reflecting a change in the structure of the economy, rather than a passing phenomenon. [AUSTERITY] The OBR calculates that spending per head in real terms in 2019/20 on the public sector minus health and schools would be £1,290, or 57% less than in 2009/10. [... edu & industrial policy not straight ahead towards econ of the future ...] [in this together?] &! bbc.in/1tqUjGz
tax  avoidance  tax  evasion  Gerechtigkeit  fairness  crony  capitalism  Budget  UK  Debt  Super  Cycle  sovereign  crisis  recovery  GFC  economic  history  Lohnzurückhaltung  working  poor  Services  Industry  service  economy  service  squeezed  middle  class  wage  growth  sticky  wages  Niedriglohn  Niedriglohnsektor  minimum  wage  productivity  output  gap  liquidity  trap  monetary  transmission  mechanism  zombie  banks  zombie  consumer  mortgage  market  ZIRP  NIRP  QE  Funding  for  Lending  Scheme  Help  to  Buy  Scheme  fiscal  policy  monetary  policy  Future  of  Work  Mobile  Creative  Mobile  Creatives  flat  world  globalisation  globalization  Year  of  Code  industrial  policy  job  creation  disposable  income  Precariat  precarious  Zero  Hour  Contract  labour  economics  labour  market  George  Osborne  David  Cameron  competitiveness  competitive  competition  comparative  advantage  Silicon  Valley  BRIC  Frontier  Markets  Developing  free  trade  global  trade  trade  agreements  TTIP  austerity  Structural  Impediments  unemployment  infrastructure  investment  deficit  imbalance  apprenticeships  education  policy  practical  skills  practical  skill  set  secular  stagnation  wage  stagnation  stagnation  stagflation  deflationary 
december 2014 by asterisk2a
Stephanie Hare on the UK economy - Newsnight - YouTube
>> how many jobs have been lost regarding to banking in london and adjoining businesses ... thousands. thousands of hours of productivity gone (high charges for the hours). forever. = productivity and output gap || and how many times had osborne now moved forward expected savings and targets in time ... every year. || it will not get better as they travel (still) on the same path that leads to nowhere safe. still heading to the cliff. same direction. same speed.
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august 2014 by asterisk2a
BBC News - UK unemployment total falls to 2.16m, wage inflation to remain low
[threat of wage inflation spiral far off because of multiple underlying factors not allowing it measured wholly across the uk (taking the other country called london out of the picture)] - "Weak pay growth and the 'cost of living crisis' remains the Achilles heel of the economic recovery," said Chris Williamson, chief economist at Markit. "But it should not be long until we see earnings growth accelerate as the labour market continues to tighten. Pay growth should pick up in coming months, perhaps significantly." +++ http://www.telegraph.co.uk/finance/10838393/Bank-of-Englands-slack-approach-leaves-economy-at-risk.html +++ http://www.economist.com/blogs/freeexchange/2014/03/monetary-policy-0 +++ http://youtu.be/fvTdWWUkUNM?t=2m10s
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june 2014 by asterisk2a
Breakingviews: Don't sink the pound, Governor Carney! - YouTube
UK inflation rises less than expected in June, but still jumps to its highest level in over a year. With prices rising faster than wages, the new BoE Governor Mark Carney mustn't push down the pound.
currency  debasement  monetary  policy  consumer  squeeze  currency  war  Mark  Carney  modern  monetary  theory  monetary  transmission  mechanism  liquidity-trap  BOE  deflation  greatrecession  QE  NIRP  2013  UK  recovery  unconventional  monetary  policy  austerity  ZIRP  greatdepression  sticky  wages  zombie  consumer  wage  inflation  inflation  GeorgeOsborne 
july 2013 by asterisk2a
The War on Wages in the West - YouTube
Dr. Heiner Flassbeck: If wages don't rise and the "pathological" power of finance is not pushed back, we will face a deep depression

-------------

Are we in a stage of Great Pain, where the Global Economy realigns, gets leveled.
On each side something gotta give, ... inflation in Emerging and Frontier world and deflation, stagnation in the developed world.

With hindsight ... in 20 years, things will be clearer.
sovereign  bubble  debt  recession  balancesheet  richardkoo  UK  Japan  economic-thought  fiscal  policy  competitiveness  productivity  Europe  USA  history  economic  debtoverhang  stagnation  deflation  income  wages 
december 2011 by asterisk2a
Dovish Bank of England MPC minutes-dismal unemployment figures | TradingFloor.com
no second round effects of inflation
growth remains depressed
austerity will be continued

‘there remained little evidence that above-target CPI inflation had begun to feed through to wages’.

 September’s meeting will be dovish in the extreme - with the reintroduction of QE a fifty/fifty chance-if it doesn’t come then, it will before Christmas.

Today also saw the release of U.K. unemployment figures, which were universally dismal
BOE  August  MPC  minutes  2011  MervynKing  UK  inflation  wages  disposable  income  austerity  economy  unemployment 
august 2011 by asterisk2a
Don't Expect Your Paycheck to Signal Inflation: Caroline Baum - Bloomberg
Empirically, prices lead wages. If it were the other way around, wages would be in some kind of leading inflation indicator, such as the one created by the Economic Cycle Research Institute.

- still, there is much slack in the system and in aggregate wage demands are hard to justify or to foresse
- except Germany which is rocking along.
infaltion  2011  wages  unemployment  ZIRP  Fed  monetary  policy 
april 2011 by asterisk2a
As Finances Tighten, Furloughs Give Way to Pay Cuts - NYTimes.com
Pay cuts are appearing most frequently among state and local governments, which are under extraordinary budget pressures and have often already tried furloughs, i.e., docking pay in exchange for time off. Warning that they will have to lay off people otherwise, many governors and mayors are pressing public employee unions to accept a reduction in salary of a few percentage points, without getting days off in exchange.

At the University of Hawaii, professors have accepted a 6.7 percent cut. Albuquerque has trimmed pay for its 6,000 employees by 1.8 percent on average, and New York’s governor, David A. Paterson, has sought a 4 percent wage rollback for most state employees. State troopers in Vermont agreed to a 3 percent cut. In California, teachers in the Capistrano and Pacheco school districts have accepted salary cuts.

General Motors is paying new employees $14 an hour, half the rate it pays its long-term workers.
usa  public  sector  wages  deflation  deflationary  2010  manufacturing  competitive  competitiveness  GM  generalmotors  europe 
august 2010 by asterisk2a
Video - Man With a Plan - WSJ.com
Finance professor Raghuram Rajan saw the global credit crisis coming. Now, he sees ways to avoid a repetition of the big meltdown, reports Barron's Clare McKeen
outlook  income  distribution  middleclass  usa  germany  wages  wage  future  trends  rich  taxation  policy  mistake  economic 
july 2010 by asterisk2a
We need to keep the stakes and garlic handy - Telegraph
The collapse in aggregate demand is putting sharp downward pressure on pay inflation. There have already been some cases where the workforce has agreed to significant wage cuts to preserve their jobs. The last time such a major change in the climate governing pay happened in the UK was in the early 1990s. Pay inflation came down sharply from 8pc-10pc to 3pc-4pc, where it has remained ever since – until now. To get into mild deflationary territory, pay does not have to fall; it merely needs to rise by less than the rate of productivity growth, with the result that unit labour costs fall. Once you reach that point you have the precondition for deflation, without any help from lower commodity prices or squeezed profit margins.

In most of the developed West, the underlying growth rate of productivity is about 2pc. Accordingly, if the average rate of pay increase falls below 2pc, the conditions will be in place for sustained deflation.
recession  demand  wages  income  scenario  uk  japan  monetary  policy  inflation  deflation  opinion  economist  economy  greatdepression  academic 
october 2009 by asterisk2a
Reuters Columns » Blog Archive » The perils of long-term unemployment | Blogs |
America’s army of long-term unemployed — those without work for six months or more — swelled to 5.4 million, according to today’s figures. This is roughly equal to the combined populations of Los Angeles, San Diego and Sacramento. (For the internationally minded, it is slightly more than the population of Finland.)
unemployment  USA  economics  wage  wages  recession  skill  long-term 
october 2009 by asterisk2a

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