dunnettreader + wages   100

A New Study of Labor Market Concentration - Roosevelt Institute
Labor economists have traditionally focused on worker-side characteristics, such as education, as the crucial causal variable for explaining outcomes like…
Labor_markets  antitrust  monopsony  unemployment  skills  human_capital  wages  Evernote  from instapaper
march 2018 by dunnettreader
New Study Shows Just How Bad the US Labor Market’s Competition Problem Really Is -
In recent decades, antitrust policy has all but ignored the issue of monopsony power. Yet a new paper shows that across the US economy, labor markets are highly…
Labor_markets  monopsony  labor_share  antitrust  industry_concentration  Evernote  wages  from instapaper
march 2018 by dunnettreader
Antitrust in the Labor Market: Protectionist, or Pro-Competitive? -
Redirecting antitrust enforcement to confront monopsony power would be a substantial departure from the way it has been conducted in recent decades, but just…
Labor_markets  wages  monopsony  antitrust  competition  industry_concentration  Evernote  from instapaper
march 2018 by dunnettreader
Strong Employers and Weak Employees: Study Sheds New Light on How Labor Market Concentration Hurts Workers -
New study finds that wages are significantly lower in concentrated labor markets—and even lower in labor markets where unionization rates are low. Strikers and…
Labor_markets  wages  unions  human_capital  monopsony  antitrust  competition  industry_concentration  Evernote  from instapaper
march 2018 by dunnettreader
Apparently I Have Strong Thoughts About the Teacher Strike in WV – Balloon Juice
Much like Twitler, I sometimes see things on the intertrons that infuriate me: I then went on a lengthy rant, but I will clean it up for you. First, the New…
labor  wages  health_care  from instapaper
march 2018 by dunnettreader
Adair Turner - The Skills Delusion | Project Syndicate - Oct 2016
LONDON – Everybody agrees that better education and improved skills, for as many people as possible, is crucial to increasing productivity and living standards…
economic_growth  economic_models  economic_history  inequality  social_mobility  education-higher  education-training  skills  Labor_markets  wages  student_debt  from instapaper
october 2016 by dunnettreader
James Tobin - The Monetarist Counter-Revolution Today - An Appraisal (1981) | The Economic Journal on JSTOR
The Monetarist Counter-Revolution Today-An Appraisal
James Tobin
The Economic Journal
Vol. 91, No. 361 (Mar., 1981), pp. 29-42
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2231692
Stable URL: http://www.jstor.org/stable/2231692
Via Anne @ Thoma re Krugman returning to Tobin and seeing his counterblast as not the last feeble defense against the new kids on the block - Tobin was right!
Downloaded via iPhone to DBOX
RBC  20thC  downloaded  central_banks  Volker  article  social_sciences-post-WWII  wages  monetarism  Friedman_Milton  intellectual_history  economic_theory  monetary_policy  Tobin  inflation  interest_rates  oil_price  Fed  unemployment  post-WWII  Keynesianism 
september 2016 by dunnettreader
Paolo Malanima - When did England overtake Italy? Medieval and early modern divergence in prices and wages - European Review of Economic History
When did England overtake Italy? Medieval and early modern divergence in prices and wages PAOLO MALANIMA Institute of Studies on Mediterranean Societies (National Research Council), ISSM-CNR, malanima@issm.cnr.it According to Allen, between 1500 and 1750, a “great divergence” among countries in the level of wages occurred in Europe. Italian real wages were already among the lowest in the late medieval and early modern age. Their relative level diminished even more from the seventeenth century. An analysis of prices and wages in Italy and England does not support this view. Actually, until the beginning of the eighteenth century, Italian real wages were either higher than in England (fourteenth and fifteenth centuries) or more or less equal (sixteenth and seventeenth). It was not until the eighteenth century that England began to overtake Italy. However, the disparity in wages before 1800 was modest. It increased fast from then onwards. Downloaded via iPhone to DBOX
labor_history  Italy  15thC  medieval_history  labor_force_structure  competiveness-labor  wages  economic_history  British_history  14thC  economic_growth  downloaded  Renaissance  16thC  Labor_markets  17thC  article  prices  18thC  England 
september 2016 by dunnettreader
Paolo Malanima - Serfdom in Eastern Europe after the Revisions (2013), in S. Cavaciocchi (ed.), Serfdom and Slavery in the European Economy 11th-18th Centuries
Serfdom in Eastern Europe after the Revisions, in S. Cavaciocchi (ed.), Serfdom and Slavery in the European Economy 11th- 18th Centuries, Firenze, Firenze University Press, 2014, II, pp. 677-88. - Multi-day conference - pdf of the paper contains schedule and Table of Contents - Downloaded via iPhone to DBOX
wages  social_order  legal_system  agriculture-surplus  downloaded  Eastern_Europe  labor  jurisdiction  elite_culture  prices  agriculture  nobility  Black_Death  agriculture-productivity  landowners  medieval_history  property_rights  peasants  Europe-Early_Modern  Western_Europe  conference  serfs  agriculture-markets  dispute_resolution  rural  economic_history  access_to_courts  feudalism  contract_law  Labor_markets  tenants  social_history  improvement  food  chapter  political_economy 
september 2016 by dunnettreader
Eggertsson, Mehrotra, Singh & Summers - A Contagious Malady? Open Economy Dimensions of Secular Stagnation | NBER June 2016
Gauti B. Eggertsson, Neil R. Mehrotra, Sanjay R. Singh, Lawrence H. Summers - Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation.
economic_theory  interest_rates  stagnation  economic_growth  OECD_economies  paywall  capital_flows  paper  international_finance  global_economy  contagion  monetary_policy  FX-rate_management  international_political_economy  competition-interstate  fiscal_policy  fiscal_multipliers  trade-policy  Labor_markets  austerity  competiveness-labor  wages  labor_standards 
july 2016 by dunnettreader
Pawel Krolowkowski - Choosing a Control Group for Displaced Workers | Cleveland Fed
The vast majority of studies on the earnings of displaced workers use a control group of continuously employed workers to examine the effects of initial displacements. This approach implies long-lived earnings reductions following displacement even if these effects are not persistent, overstating the losses relative to the true average treatment effect. This paper’s approach isolates the impact of an average displacement without imposing continuous employment on the control group. In a comparison of the standard and alternative approaches using PSID data, the estimated long-run earnings losses fall dramatically from 25 percent to 5 percent. Model simulations reinforce these empirical findings. - Key words: Displacement, earnings, control group, treatment event. - available as pdf
wages  job_security  unemployment  US_economy  trade-job_loss  job_cuts  displaced_workers  training-job  trade_policy  paper 
june 2016 by dunnettreader
Leonid Bershidsky - Germany's Middle Class Is Endangered, Too - Bloomberg View - May 2016
Manufacturing jobs. Photographer: Sean Gallup/Getty Images Print Europe Leonid Bershidsky is a Bloomberg View columnist. He is a Berlin-based writer, author of…
Instapaper  Labor_markets  labor  middle_class  Germany  job_security  wages  precariat  hollowing_out  manufacturing  OECD_economies  from instapaper
may 2016 by dunnettreader
What It's Worth - Building a Strong Financial Future
Americans everywhere struggle to build strong financial futures for themselves and their families. The new book, What It's Worth, provides a roadmap for what families, communities and our nation can do to move forward on the path to financial well-being.
Collection of essays by people working on financial inclusion, asset-building etc. - downloaded via iPhone to DBOX
gig_economy  education-finance  philanthropy  credit  usury  financial_innovation  US_society  inequality-wealth  local_government  pensions  corporate_citizenship  mobility  banking  wages  health_care  access_to_finance  housing  financial_regulation  report  social_entrepreneurs  poverty  downloaded  welfare  US_economy  US_politics  families  mortgages  segregation  inequality  NBFI  unemployment  US_government 
april 2016 by dunnettreader
Andrew Haldane: Labour's Share - speech to TUC | Bank of England - Nov 2015 - via Brad DeLong
Good overview of recent work on last 300 years by economic historians and technology impact projections -- lots on internal structural shifts within "labor" and vis a vis capital -- downloaded pdf to Note
speech  economic_history  labor_history  labor_share  Labor_markets  wages  productivity  productivity-labor_share  unemployment  skills  services  AI  IT  unions  UK_economy  monetary_policy  macroeconomic_policy  public_sector  Industrial_Revolution 
november 2015 by dunnettreader
Guido Alfani, Wouter Ryckbosch - Income inequality in pre-industrial Europe | VOX, CEPR’s Policy Portal 06 November 2015
Thomas Piketty and others have prompted renewed interest in understanding long-term patterns of inequality. This column presents evidence from pre-industrial Europe. Inequality rose even during the success stories of early modern Europe, but it can hardly have been the sole requisite for growth. In both economic history and today’s economic theory, the idea of a universal trade-off between growth and inequality needs to be replaced by stronger attention to social processes and institutional developments. -- brief but extensive lit review of how thinking of economic historians has been evolving -- downloaded pdf to Note
paper  economic_history  early_modern  Europe-Early_Modern  16thC  17thC  18thC  19thC  economic_growth  inequality  capital_formation  new_institutionalism  institutional_economics  political_economy  state-building  nation-state  human_capital  urbanization  Innovation  Industrial_Revolution  consumer_revolution  consumer_demand  wages  growth-equity_tradeoff  bibliography  downloaded 
november 2015 by dunnettreader
Florence Jaumotte, Carolina Osorio Buitron - Union power and inequality | VOX, CEPR’s Policy Portal - 22 October 2015
IMF research department -- Inequality in advanced economies has risen considerably since the 1980s, largely driven by the increase of top earners’ income shares. This column revisits the drivers of inequality, emphasising the role played by changes in labour market institutions. It argues that the decline in union density has been strongly associated with the rise of top income inequality and discusses the multiple channels through which unionisation matters for income distribution. -- very interesting all the variables they looked at and excluded -- downloaded pdf to Note
paper  political_economy  economic_history  20thC  21stC  OECD_economies  post-Cold_War  labor_share  labor_law  unions  executive_compensation  inequality  wages  wages-minimum  downloaded 
october 2015 by dunnettreader
Robert Kuttner - America's Collapsing Trade Initiatives | HuffPost blog - Sept 2015
As Kuttner says, these deals are collapsing under their own (lack of) logic -- though the MNCs that would benefit will do their utmost to keep them alive. The ISDS problem is looking increasingly fatal in the EU - a proposal for a "better" dispute resolution forum is being rejected by both the Friends of the Earth and the US Chamber of Commerce. Kuttner also thinks Canada, regardless of who's the next PM, will struggle to swallow it. The most maddening claim is how the MNCs will accept the US "giving away the store" seen from an American angle of jobs and trade deficits, since their foreign manufacturing operations will benefit.
MNCs  Trans-Pacific-Partnership  investor-State_disputes  FX-rate_management  Labor_markets  wages  Pocket  EU_governance  trade  Transatlantic_Trade_and_InvestmentPartnership  US-China  capital_flows  Obama_administration  China-international_relations  trade-policy  trade-agreements  ISDS  unemployment  US_foreign_policy  FX-misalignment  from pocket
september 2015 by dunnettreader
Ravi Kanbur, Joseph Stiglitz - Wealth and income distribution: New theories needed for a new era | VOX, CEPR’s Policy Portal - 18 August 2015
Growth theories traditionally focus on the Kaldor-Kuznets stylised facts. Ravi Kanbur and Nobelist Joe Stiglitz argue that these no longer hold; new theory is needed. The new models need to drop competitive marginal productivity theories of factor returns in favour of rent-generating mechanism and wealth inequality by focusing on the ‘rules of the game.’ They also must model interactions among physical, financial, and human capital that influence the level and evolution of inequality. A third key component will be to capture mechanisms that transmit inequality from generation to generation. -- short and sweet summary of the various gaps in standard models and where both new explanatory and normative work needed -- also see references -- downloaded as pdf to Note
paper  economic_growth  economic_theory  economic_models  capital  productivity-labor_share  production  macroeconomics  distribution-wealth  distribution-income  inequality  inequality-wealth  labor_share  wages  inequality-opportunity  downloaded 
september 2015 by dunnettreader
Noeleen McIlvenna - The Short Life of Free Georgia: Class and Slavery in the Colonial South | UNC Press
For twenty years in the eighteenth century, Georgia--the last British colony in what became the United States--enjoyed a brief period of free labor, where workers were not enslaved and were paid. The Trustees for the Establishment of the Colony of Georgia created a "Georgia experiment" of philanthropic enterprise and moral reform for poor white workers, though rebellious settlers were more interested in shaking off the British social system of deference to the upper class. Only a few elites in the colony actually desired the slave system, but those men, backed by expansionist South Carolina planters, used the laborers' demands for high wages as examples of societal unrest. Through a campaign of disinformation in London, they argued for slavery, eventually convincing the Trustees to abandon their experiment. In The Short Life of Free Georgia, Noeleen McIlvenna chronicles the years between 1732 and 1752 and challenges the conventional view that Georgia's colonial purpose was based on unworkable assumptions and utopian ideals. Rather, Georgia largely succeeded in its goals--until self-interested parties convinced England that Georgia had failed, leading to the colony's transformation into a replica of slaveholding South Carolina. -- Noeleen McIlvenna is associate professor of history at Wright State University and author of A Very Mutinous People
books  British_history  US_history  British_politics  18thC  1730s  1740s  1750s  Georgia  colonialism  settler_colonies  slavery  labor_history  labor_standards  wages  Tories  Board_of_Trade  Parliament  planters  plantations  agriculture  hierarchy  elites  philanthropy  political_culture  economic_culture  American_colonies 
september 2015 by dunnettreader
Gill A. Pratt - Is a Cambrian Explosion Coming for Robotics? (2015) | AEAweb: Journal of Economic Perspectives, 29(3): 51-60.
Affiliation DARPA - About half a billion years ago, life on earth experienced a short period of very rapid diversification called the "Cambrian Explosion." Many theories have been proposed for the cause of the Cambrian Explosion, one of the most provocative being the evolution of vision, allowing animals to dramatically increase their ability to hunt and find mates. Today, technological developments on several fronts are fomenting a similar explosion in the diversification and applicability of robotics. Many of the base hardware technologies on which robots depend—particularly computing, data storage, and communications—have been improving at exponential growth rates. Two newly blossoming technologies—"Cloud Robotics" and "Deep Learning"—could leverage these base technologies in a virtuous cycle of explosive growth. I examine some key technologies contributing to the present excitement in the robotics field. As with other technological developments, there has been a significant uptick in concerns about the societal implication of robotics and artificial intelligence. Thus, I offer some thoughts about how robotics may affect the economy and some ways to address potential difficulties. -- downloaded pdf to Note
article  technology  technology-adoption  tech-mobile_phones  Tech/Culture  robotics  Labor_markets  labor_standards  labor_law  wages  social_process  change-economic  change-social  government-roles  military-industrial_complex  DARPA  investment-government  AI  IT  cloud  telecommunications  downloaded 
september 2015 by dunnettreader
Michael Cragg and Rand Ghayad - Growing Apart: The Evolution of Income vs. Wealth Inequality | The Economists' Voice - July 2015
Michael Cragg and Rand Ghayad are employed by The Brattle Group. -- The gap between the richest Americans and the rest of the nation has changed dramatically over the past three decades – becoming one of the most challenging political and economic trends for the nation. For decades prior to that, the distribution of wealth and income had been relatively stable, so much that a central problem posed in the economics literature was to explain this stability. But beginning in the early 1980s, inequality began to grow rapidly and has recently been attracting substantial attention from policymakers and researchers reflecting a widespread concern that reflecting a widespread concern that growing labor incomes of senior executives, finance professionals, and successful entrepreneurs is entailing large economic costs to society. The dominant paradigm in the media and Washington is that inequality is purely a matter of divergence in earned (labor) income inequality which can be ameliorated by making earned income taxes more progressive and shifting spending to help the poorer. However, this is not the story: wealth inequality, as it turns out, is much worse. This warrants emphasis for a variety of reasons: (1) a growing body of research that suggests that in the head-on comparison it is wealth inequality, rather than income inequality or poverty that has a negative, statistically significant effect on economic growth.1 (2) Historically societies have failed when wealth has become overly concentrated; and (3) the wedge between earned and unearned income tax rates reduces progressivity as capital income rises. We offer a number of solutions which should generate debate amongst economists as they test conventional wisdom.
paper  paywall  economic_history  economic_growth  inequality  inequality-wealth  labor_share  wages 
september 2015 by dunnettreader
New Deal Demodrat - Do rising child care costs & stagnant wages explain the decline in the Labor Force Participation Rate? - August 2015
Sure looks like it -- may be affecting participation rate of men as well -- stay-at-home dads increasingly accepted cultural option where wife making a better salary, but the additional income from the stay-at-home spouse won't cover the child care costs, which have been rising while wages have flat-lined or fallen at the lower and lower middle class segments
Pocket  US_economy  labor_history  unemployment  work-life_balance  child_care  access_to_services  wages  labor-service_sector  from pocket
august 2015 by dunnettreader
Charles A.E. Goodhart, Philipp Erfurth - Monetary policy and long-term trends | VOX, CEPR’s Policy Portal - 03 November 2014
There has been a long-term downward trend in labour’s share of national income, depressing both demand and inflation, and thus prompting ever more expansionary monetary policies. This column argues that, while understandable in a short-term business cycle context, this has exacerbated longer-term trends, increasing inequality and financial distortions. Perhaps the most fundamental problem has been over-reliance on debt finance. The authors propose policies to raise the share of equity finance in housing markets; such reforms could be extended to other sectors of the economy. -- downloaded page as pdf to Note
macroeconomics  global_economy  globalization  labor_share  Labor_markets  inequality-global  inequality  inequality-wealth  OECD_economies  wages  housing  mortgages  debt  debt-overhang  asset_prices  interest_rates  bubbles  real_estate  equity-corporate  equity_markets  central_banks  monetary_policy  financial_system  financial_crisis  LTV  downloaded 
may 2015 by dunnettreader
William Lazonick - Stock buybacks: From retain-and reinvest to downsize-and-distribute | Brookings Institution - April 2015
Stock buybacks are an important explanation for both the concentration of income among the richest households and the disappearance of middle-class employment opportunities in the United States over the past three decades. Over this period, corporate resource-allocation at many, if not most, major U.S. business corporations has transitioned from “retain-and-reinvest” to “downsize-and-distribute,” says William Lazonick in a new paper.
paper  US_economy  capital_markets  capitalism  investment  R&D  corporate_governance  corporate_finance  buybacks  shareholder_value  short-termism  incentives-distortions  labor_share  productivity  productivity-labor_share  inequality  wages  unemployment  downloaded 
may 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Zero matters — Money, Banking and Financial Markets - April 2015
What to conclude? Fears of deflation can surely be overdone: the economic impact of annual price changes of -0.1% would be difficult to distinguish from changes of +0.1%. It would take nearly 700 years for the price level to halve or to double at this pace! Yet, policymakers are warranted in taking the view that even mild deflations of 1% or 2% annually are meaningfully different from comparable inflations. Conventional monetary policy tools – adjusting nominal interest rates – are ill-suited to restoring price stability in the face of modest single-digit deflation. And the presence of downward wage rigidities makes things even worse. -- nice collection of historical and comparative data -- copied to Pocket
economic_theory  macroeconomics  monetary_policy  ZLB  wages  wages-sticky  inflation  inflation-expectations  deflation  interest_rates  economic_growth  economic_culture  Labor_markets  Great_Recession  Pocket 
april 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Residential real estate in China: the delicate balance of supply and demand — Money, Banking and Financial Markets - April 2015
Some observers believe that demand for housing in China is price-insensitive for cultural reasons. Among other things, housing is viewed as a “status good” for those wishing to get married. Another favorable factor is the preparedness of Chinese policymakers to intervene and support housing markets should they soften. Then there is the possibility that central bank policy will be adjusted in a manner designed to further support real estate lending. Yet, there remain grounds for skepticism. The role of big-city home ownership as a status good in Japan did not prevent the massive and destructive land and housing price boom and bust in the 1980s. And, government actions to support China’s housing prices will be fighting an uphill battle if private expectations of capital gains weaken. Not only that, but the day may come when China sees the need to implement a tax on property, if only to provide a better underpinning for municipal finances. This would almost surely drive prices down quickly. Finally, the government’s other objectives of liberalizing the financial system (as a step toward internationalizing the renminbi) and increasing housing supply to meet the needs of a migrating population may prove incompatible with supporting high house price-to-rent ratios. -- really fine update on what's been happening in urbanization, local governments, policies re financial sector liberalization, GNP and personal income growth (and slow down) etc -- copied to Pocket
China  China-economy  financial_system  housing  asset_prices  bubbles  urbanization  economic_growth  financial_regulation  financial_sector_development  financial_stability  banking  NBFI  shadow_banking  regulation-enforcement  tax_reform  taxes  local_government  infrastructure  wages  economic_culture  municipal_finance  Pocket 
april 2015 by dunnettreader
Ben Zipperer - How raising the minimum wage ripples through the workforce | Washington Center for Equitable Growth - April 2015
Summary of research by several economists -- the failure to index the minimum wage has been a big part of increasing inequality at the bottom of the income distribution, especially for wonen. Discusses the ripple effects that have fully dissipated by the 25th percentile -- charts and pdf available
US_economy  economic_history  20thC  21stC  post-Cold_War  wages  wages-minimum  gender_gap  inequality  Labor_markets 
april 2015 by dunnettreader
Alan Manning - Shifting the Balance of Power: Workers, Wages and Employers over the Next Parliament | Resolution Foundation - April 2015
Professor of Economics in the Department of Economics and Director of the Community Programme at the Centre for Economic Performance at the LSE -- 40 years ago an improving labour market and prices rising faster than wages would have led trade unions to march into the boardroom demanding higher wages and threatening strike action if those demands were not met. Pretty soon, union leaders would have been invited round to Number 10 for beer and sandwiches to be cajoled into wage moderation to prevent an inflationary spiral taking hold. A lot has changed in the past 40 years.These days the Prosecco remains in the fridge and David Cameron used a speech to the British Chambers of Commerce in February to urge pay rises for workers, a somewhat surprising sight. But, there is a simple explanation. Since the crisis began, the average British worker has suffered a fall in living standards deeper and longer than anything experienced for more than a generation. The recent drop in oil prices and the resulting lower inflation will offer some respite but not much. -- Comparing the situation now and 40 years ago, it is hard to escape the conclusion that there has been a fundamental shift in the balance of power from workers to employers and that perhaps this shift has gone too far and it is time to redress the balance somewhat. -- copied to Pocket
article  political_economy  UK_economy  labor_history  Labor_markets  unemployment  wages  profit  productivity  productivity-labor_share  inequality  unions  British_politics  standard_of_living  employers  working_class  competition  Pocket 
april 2015 by dunnettreader
Tom Walker - EconoSpeak: The Hours of Labour and the Problem of Social Cost - Jan 2015
Coase argued that the suggested courses of action in the Pigovian tradition – liability, taxation or regulation – were inappropriate and often undesirable.(..) However, Coase didn't consider the full range of Pigou's examples and analysis. While Coase’s restatement of the problem may have been appropriate to the specific externality problems discussed by Pigou in part II, it entirely overlooked the radically different labour market problem encountered in part III, in which competitive pressure compels an employing firm to inflict harm on both itself and its employees and thus regulatory restraint of the firm (and competing employers) may benefit both. -- downloaded pdf to Note
paper  economic_theory  economic_sociology  intellectual_history  welfare_economics  institutional_economics  Coase  markets  markets-structure  property_rights  transaction_costs  externalities  competition  Labor_markets  social_costs  cost-benefit  regulation-costs  collective_action  common_good  efficiency  labor_law  wages  labor_standards  downloaded  EF-add 
january 2015 by dunnettreader
Andrew Sprung - Reagan Revolution rollback | xpostfactoid - Jan 2015
Thanks largely to Piketty it's become increasingly clear that in the Reagan Revolution, middle class America sold its birthright for a mess of supply-side pottage. Dems willingness to credit GOP dogma -- raising taxes on high incomes and investment gains inhibits growth, deregulation spurs it -- are melting away. Post midterm losses, Dems are beginning to heighten rather than soft-pedal the policy contrasts between the parties. Wounded politically by perceptions that the ACA helps the poor at the expense of working people, they are looking for proposals attractive to the middle class. Emboldened by accelerating growth and employment gains, they are perhaps shedding inhibitions about leveling the playing field between workers and management. (..)To mess up my timeline a bit, Obama delivered a Pikettian narrative in Dec 2013 ..should have been a landmark speech on inequality (..) if he (and Dems) hadn't (tried to) protect their Senate majority. [In the Dec 2013 soeech] Obama zeroed in on policy choices. "As values of community broke down and competitive pressure increased, businesses lobbied Washington to weaken unions and the value of the minimum wage. As the trickle-down ideology became more prominent, taxes were slashes for the wealthiest while investments in things that make us all richer, like schools and infrastructure, were allowed to wither. And for a certain period of time we could ignore this weakening economic foundation (..) But when the music stopped and the crisis hit, millions of families were stripped of whatever cushion they had left. And the result is an economy that’s become profoundly unequal and families that are more insecure. -- terrific links roundup
US_economy  US_politics  Obama  Obama_administration  Reagan  supply-side  trickle-down  neoliberalism  inequality  middle_class  wages  wages-minimum  labor  labor_law  labor_share  labor_standards  Labor_markets  investment  executive_compensation  1-percent  infrastructure  education  education-higher  civic_virtue  common_good  Piketty  economic_growth  economic_culture  distribution-income  distribution-wealth  unemployment  health_care  public_goods  public_opinion  public_policy  elections  political_culture  political_economy  political_discourse  political_participation  Pocket 
january 2015 by dunnettreader
Robert C. Allen - Progress and Poverty in Early Modern Europe | JSTOR - The Economic History Review, New Series, Vol. 56, No. 3 (Aug., 2003) , pp. 403-443
An econometric model of economic development is estimated with data from leading European countries between 1300 and 1800. The model explores the impact of population, enclosure, empire, representative government, technology, and literacy on urbanization, agricultural productivity, proto-industry, and the real wage. Simulations show that the main factors leading to economic success in north-western Europe were the growth of American and Asian commerce and, especially, the innovations underlying the export of the new draperies in the sixteenth and seventeenth centuries. The enclosure of the open fields, representative government, and the spread of literacy did not play major roles. -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  Great_Divergence  North-Weingast  agrarian_capitalism  literacy  14thC  15thC  16thC  17thC  18thC  British_Empire  Dutch  colonialism  trade  Asia  textiles  Innovation  agriculture  urbanization  wages  labor_history  manufacturing  productivity  export-led  Industrial_Revolution  proto-industry  downloaded  EF-add 
january 2015 by dunnettreader
Branko Milanovic: Can Black Death explain the Industrial Revolution? | globalinequality - Jan 11 2015
re presentation by a young scholar at Santa Fe suggesting that Why England (and Dutch) due to higher wages in Northern Europe post Black Death in contrast with South where non market repression or property arrangements were able to push adjustment costs inti agricultural workers without impact on wage rates. Milanovic compares with other theoretical approaches ie Pomerantz, Acemoglu & Robinson, Robert Allen etc. Link to 2007 paper by Pamuk Milanovic thinks may be 1st work to seriously look at differential impact of Black Death on northern & southern Europe as distinct from the common story if Western vs Central and Eastern Europe.
economic_history  Great_Divergence  Industrial_Revolution  Black_Death  North-Weingast  landowners  demography  economic_sociology  labor  agriculture  wages  productivity  colonialism  medieval  14thC  15thC  16thC  17thC  18thC  institutional_economics  capital  capitalism  China  Japan  ancient_Rome  slavery  bibliography 
january 2015 by dunnettreader
Garicano, Luis and Rossi-Hansberg, Esteban (2014) - Knowledge-based hierarchies: using organizations to understand the economy - LSE Research Online
Via Economic Principals -- We argue that incorporating the decision of how to organize the acquisition, use, and communication of knowledge into economic models is essential to understand a wide variety of economic phenomena. We survey the literature that has used knowledge-based hierarchies to study issues like the evolution of wage inequality, the growth and productivity of firms, economic development, the gains from international trade, as well as offshoring and the formation of international production teams, among many others. We also review the nascent empirical literature that has, so far, confirmed the importance of organizational decisions and many of its more salient implications. - downloaded to iPhone
paper  lit_survey  economic_theory  economic_growth  productivity  inequality  labor  wages  supply_chains  teams  off-shoring  trade  emerging_markets  corporate_finance  development  MNCs  power  power-asymetric  firm-theory  organization  hierarchy  know-how  technology  innovation  superstars  middle_class  working_class  social_stratification  social_theory  institutional_economics  globalization  economy_of_scale  increasing_returns  IP  downloaded 
january 2015 by dunnettreader
Laurent Belsie - The Link between High Employment and Labor Market Fluidity | NBER Digest - Jan 2015
Declining rates of creative destruction and factor reallocation raise concerns about future productivity growth and youth employment. U.S. labor markets lost much of their fluidity well before the onset of the Great Recession, according to Labor Market Fluidity and Economic Performance (NBER Working Paper No. 20479). The economy's ability to move jobs quickly from shrinking firms to young, growing enterprises slowed after 1990. Job reallocation rates fell by more than a quarter. After 2000, the volume of hiring and firing - known as the worker reallocation rate - also dropped. The decline was broad-based, affecting multiple industries, states, and demographic groups. The groups that suffered the most were the less-educated and the young, particularly young men.
US_economy  economic_history  1990s  2000s  2010s  links  creative_destruction  labor_markets  unemployment  wages  competition  firm-theory  economic_growth 
january 2015 by dunnettreader
Chris Dillow - For worker control | Stumbling & Mumbling - Dec 2014
Neal Lawson is absolutely right. Social democracy is "hopelessly prepared for the 21st century." This is because it is yet another example of an idea that has outlived its usefulness. Social democrats used to think that they did not need to challenge the fundamental power structures of capitalism because, with a few good top-down economic and social policies, capitalism could be made to deliver increased benefits for workers and the poor in terms both of rising real wages and better public services. (..) Secular stagnation means real incomes mightn't grow much. Globalized (pdf) labour markets and mass unemployment might exacerbate the effect of this in depressing real wages. Job polarization and the degradation of once-good jobs means workers face deteriorating job quality. And (self-imposed) austerity means that what economic growth we do get won't translate into better public services. Times have changed. So the left must change. Neal says: "Instead of pulling policy levers, the job is to create the platforms so that people can collectively change things for themselves." There's one context in which this is especially necessary - the workplace.
21stC  political_economy  stagnation  labor  wages  social_democracy  left-wing  corporate_governance  worker_co-ops  unions  managrrialism  corporate_citizenship  common_good  profit  links  ideology  power-asymnetric 
january 2015 by dunnettreader
Paul Krugmam blog - Recent History in One Chart (Branko Milanovic global inequality trends) | NYTimes.com Jan 2015
A number of people have been putting up candidates for chart of the year. For me, the big chart of 2014 wasn’t actually from 2014 — it was from earlier work (pdf) by Branko Milanovic, which I somehow didn’t see until a few months ago. It shows income growth since 1988 by percentiles of the world income distribution (as opposed to national distributions): {chart} What you see is the surge by the global elite (the top 0.1, 0.01, etc. would be doing even better than his top 1), plus the dramatic rise of many but not all people in emerging markets. In between is what Branko suggests corresponds to the US lower-middle class, but what I’d say corresponds to advanced-country working classes in general, at least if you add post-2008 data with the effects of austerity. I’d call it the valley of despond, and I think it’s going to be a crucial factor in developments over the next few years.
economic_history  post-Cold_War  globalization  20thC  21stC  economic_growth  inequality  labor  wages  middle_class  OECD_economies  emerging_markets  LDCs  capital  profit  plutocracy  China  India  political_economy  poverty  stagnation  downloaded 
january 2015 by dunnettreader
Barry Bosworth - Sources of Real Wage Stagnation | Brookings Dec 2014
The new phenomenon is the decline in labor’s share of income for which we have no satisfactory explanation. It may reflect the huge rents that accrued to commodity producers during the boom of the last decade, and as that comes to an end labor’s share may rise toward the historical norm. However, some analysts point to the development of a highly competitive global market for labor combined with a more general reduction in product-market competition through reliance of mergers, IT patents, and regulations that suggest a reduced labor share may be a longer-lasting phenomenon.
rents  economic_growth  labor  inequality  productivity  21stc  wages  20thc  monopolies  profits  globalization  ip  economic_history  us_economy  Pocket 
january 2015 by dunnettreader
Home - Path to Full Employment | Project of Center on Budget and Policy Priorities
For most of the last few decades, the U.S. labor market has operated with considerable slack. Periods of full employment have been the exception, not the rule. In response, Jared Bernstein, Senior Fellow at the Center on Budget and Policy Priorities and previously Vice President Biden’s chief economic adviser, and the Center have begun a multiyear project to focus greater attention on the goal of reaching full employment and develop policy ideas to achieve this critical goal. To learn more about the project, visit our events page to watch our April 2 kick-off event at the National Press Club. To read a set of papers on policy ideas to get back to full employment, go to our papers’ page (this event was made possible thanks to a grant from the Rockefeller Foundation). -- Launched with big event and clutch of papers in April 2014 -- downloaded to Note pdf of Jared Bernstein's project overview paper -- as of October 2014 no new activity
US_economy  US_government  US_society  US_politics  Congress  Great_Recession  inequality  unemployment  labor  labor_law  labor_share  wages  wages-minimum  labor_standards  fiscal_policy  state_government  infrastructure  investment  downloaded  EF-add 
october 2014 by dunnettreader
Dave Johnson - The Cost To Our Economy From Republican Obstruction And Sabotage | Campaign for America's Future - September 2014
After listing key filibusters -- What would it have meant for the economy and jobs to launch a post-stimulus effort to maintain and modernize our infrastructure? How about reversing the tax structure that pays companies to move jobs out of the country? How about equal pay for women? How about a minimum wage increase? How about hundreds of thousands of teachers and first responders going back to work? How about being able to organize into unions to fight for wages, benefits and safer working conditions? How about relief from crushing student loan debt? -- In the House GOP leadership has been following the “Hastert Rule” to obstruct bills that would win with a majority vote. -- So instead of looking at what has been blocked in the House, we should look at what has passed. What has passed is a record of economic sabotage. Noteworthy is the GOP “Path to Prosperity Budget” (“Ryan budget”), described as “Cuts spending & implements pro-growth reforms that boost job creation.” It dramatically cuts taxes on the rich. It privatizes Medicare. It cuts spending on infrastructure, health care for the poor, education, research, public-safety, and low-income programs. It turns Medicaid, food stamps, and other poverty programs into state block grants. And lo and behold, this GOP budget that passed the House cuts taxes and cuts funding for even maintaining – never mind modernizing – our vital infrastructure needs. This is a budget of economic sabotage. Other GOP House “jobs” bills, listed at Boehner’s “jobs” page include: -- horrifyingly awful policies with Orwellian titles or red meat specials -- special attention to keeping oil & gas subsidies flowing and eviserating regulation, especially EPA -- Johnson stresses, the voters are unaware of all this thanks in part to the MSM which is ballanced re political parties, pro business & anti labor, and guilty of mindlessly peddling what Wren-Lewis calls mediamacro. Good links
US_economy  US_politics  Congress  Great_Recession  GOP  unemployment  public_finance  public_goods  state_government  welfare  social_insurance  poverty  infrastructure  Obama_administration  health_care  women-rights  women-work  wages  fiscal_policy  fiscal_drag  taxes  1-percent  energy  climate  regulation-environment  R&D  Senate  House_of_Representatives  polarization  student_debt  education-finance  education-privatization  corporate_tax  labor_law  unions  trickle-down 
october 2014 by dunnettreader
Charles Evans - Patience Is a Virtue When Normalizing Monetary Policy | Federal Reserve Bank of Chicago - September 2014
As I think about the process of normalizing policy, I conclude that today’s risk-management calculus says we should err on the side of patience in removing highly accommodative policy. We need to solidify our confidence that our ultimate exit from the zero lower bound will occur smoothly — and in a way that sustains our escape from it. A corollary to this is we should not shy away from policy prescriptions that generate forecasts of inflation that moderately overshoot our 2 percent target for a limited time. Such a policy strategy more properly balances expected costs and benefits. And it would leave me with much more confidence that inflation will not stall out below target once we start raising rates. I agree with Atlanta Fed President Lockhart in thinking that we ought to be “whites of their eyes” inflation fighters. The last thing we want to do is regress back into the ZLB. Indeed, such a relapse would be a sign there was something else going on that was preventing the economy from being as vibrant as we thought possible. To summarize, I am very uncomfortable with calls to raise our policy rate sooner than later. I favor delaying liftoff until I am more certain that we have sufficient momentum in place toward our policy goals. And I think we should plan for our path of policy rate increases to be shallow in order to be sure that the economy’s momentum is sustainable in the presence of less accommodative financial conditions. '- downloaded pdf to Note
US_economy  Fed  monetary_policy  unemployment  inflation  Phillips_curve  interest_rates  Labor_markets  wages  deleverage  financial_system  QE  Great_Depression  Eurozone  central_banks  downloaded  EF-add 
october 2014 by dunnettreader
Michael T. Kiley - An Evaluation of the Inflationary Pressure Associated with Short- and Long-term Unemployment - FEDS 2014-28 | Federal Reserve Board
Abstract: In the years following 2009, long-term unemployment has been very elevated while inflation has fallen only moderately, raising the question of whether the long-term unemployed exert less downward pressure on prices than the short-term unemployed, perhaps because such potential workers are disconnected from the labor market. However, empirical evidence is mixed. This analysis demonstrates that the typical approach, using national data, is incapable of discriminating the inflationary pressure exerted by short and long-term unemployment because the series are highly correlated, making inference difficult given the short-span of data used in Phillips-curve estimation. However, application of more data, through the use of regional variation, can discriminate the independent influences of short-and long-term unemployment on price inflation. We present a model illustrating these issues and apply the model to data for U.S. metropolitan regions. We find that that short- and long-term unemployment exert equal downward pressure on price inflation. -- Keywords: Short-term unemployment, phillips curve -- didn't download
US_economy  Great_Recession  unemployment  inflation  prices  wages  macroeconomics  economic_models  statistics  Phillips_curve 
october 2014 by dunnettreader
David H. Ciscel - The Living Wage Movement: Building a Political Link from Market Wages to Social Institutions | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 527-535
Plus çà change - even in the good times of the 1990s boom, low wages were not keeping up with maintaining minimum living standards without supplemental government assistance -- Looks at attempts in late 1990s to build political pressure for an increased minimum wage - already the low end service sector was seeing growing between their stagnant wages and growing GNP, with gains going to upper cohorts. Special issues already including (1) service sector jobs with lots of women, so degraded status, (2) outsourcing of jobs that would have been low end civil service, reducing both pay and benefits plus job security. Gives a history of the periodic movements for defining minimum wage levels to incorporate the costs of reproducing the labor force, from health care, child care, nutrition etc. Early 20thC movement was for a "family wage" pushed by unions, but problems for feminists that the focus on family defined women's roles in the home as part of determining what employment should produce as base compensation for maintaining the family, with women's work uncompensated. Short article, didn't download
article  jstor  economic_history  political_economy  economic_culture  US_economy  20thC  Progressive_Era  1990s  wages  wages-minimum  women-work  feminism  feminist_economics  unions  inequality  Democrats  productivity-labor_share  gender_gap  alliances-political  movements-political  US_politics  poor-working  poverty 
september 2014 by dunnettreader
Roy H. Grieve, ‘Right back where we started from’ | Real-World Economics Review Blog September 2014
Roy H. Grieve, “‘Right back where we started from’: from ‘the Classics’ to Keynes, and back again”, real-world economics review, issue no. 68, 21 August 2014, pp. 41-61, http://www.paecon.net/PAEReview/issue68/Grieve68.pdf -- We have indeed come round in a circle. The whole vision of the working of the macrosystem presented, in terms of the AD/AS model, by far too many contemporary textbooks, is essentially pre-Keynesian. Monetary spending may fluctuate, but whether or not such fluctuations affect employment and output is said to depend on reactions affecting real wages. Slow adjustment of money wages to price changes is held to account for cyclical variations in employment and output. With respect to the longer term, it is presumed that real wages return to their proper full-employment level. There are then no obstacles on the side of demand to prevent re-establishment of the ‘natural’ (full employment) level of activity. The pale shadow of Keynesian theory in the ADAS model – the AD curve – has nothing to do with the values of output and employment at equilibrium, only with the price level. -- downloaded pdf to Note
paper  economic_theory  economic_models  macroeconomics  neoclassical_economics  Keynes  Keynesianism  Labor_markets  wages  unemployment  prices  inflation  deflation  real_economy  economic_growth  business_cycles  equilibrium  downloaded  EF-add 
september 2014 by dunnettreader
theAIRnet.org - Home
The Academic-Industry Research Network – theAIRnet – is a private, 501(c)(3) not-for-profit research organization devoted to the proposition that a sound understanding of the dynamics of industrial development requires collaboration between academic scholars and industry experts. We engage in up-to-date, in-depth, and incisive research and commentary on issues related to industrial innovation and economic development. Our goal is to understand the ways in which, through innovation, businesses and governments can contribute to equitable and stable economic growth – or what we call “sustainable prosperity”.
website  economic_growth  industry  technology  Innovation  green_economy  development  business  business-and-politics  capitalism  global_economy  public-private_partnerships  public_policy  public_health  public_goods  urban_development  health_care  IP  Labor_markets  wages  unemployment  education-training  sustainability  financial_system  corporate_citizenship  corporate_governance  corporate_finance  CSR  firms-theory  management  plutocracy  MNCs  international_political_economy  human_capital  OECD_economies  emerging_markets  supply_chains  R&D  common_good  1-percent  inequality  working_class  work-life_balance  workforce  regulation  regulation-harmonization  incentives  stagnation 
september 2014 by dunnettreader
Chart of the day | occasional links & commentary -September 2014
Standard & Poor’s [pdf] finds a strong correlation between growing income inequality and the fiscal crisis of the states. The argument is pretty straightforward: rising income inequality since the late 1970s has been accompanied by two trends in the tax revenues received by the various states: a slowing in the rate of growth of tax revenues (from 1980 to 2011, average annual state tax revenue growth fell to 5 percent from 10 percent) and by a growing volatility in state tax revenues (from a standard deviation of 3.55 during 1950-1979 and 1.04 during 1990-1999 to 5.78 from 2000 to 2009). And the explanation for this relationship? - " the higher savings rates of those with high incomes causes aggregate consumer spending to suffer. And since one person’s spending is another person’s income, the result is slower overall personal income growth despite continued strong income gains at the top." On top of that, "Those at the top obtain more of their income from capital gains, which on the whole, fluctuate much more than income from wages. Tax revenues reflect this — both as a consequence of higher top-end tax rates and because the top end is where the income growth has occurred –- and are, therefore, more volatile." Thus, we should understand the following: when Standard & Poor’s downgrades the credit rating of one or another state, it’s actually downgrading the rise of income inequality within and across the states.
US_economy  US_government  state_government  taxes  tax_collection  fiscal_policy  public_finance  rating_agencies  inequality  1-percent  capital_gains  economic_growth  wages  savings 
september 2014 by dunnettreader
Lance Taylor - Maynard's Revenge: The Collapse of Free Market Macroeconomics (2011) | Harvard University Press
Taylor argues that the ideas of J.M. Keynes and others provide a more useful framework both for understanding the crisis and for dealing with it effectively. Keynes’s basic points were fundamental uncertainty and the absence of Say’s Law. He set up machinery to analyze the macro economy under such circumstances, including the principle of effective demand, liquidity preference, different rules for determining commodity and asset prices, distinct behavioral patterns of different collective actors, and the importance of thinking in terms of complete macro accounting schemes. Economists working in this tradition also worked out growth and cycle models. Employing these ideas throughout Maynard’s Revenge, Taylor provides an analytical narrative about the causes of the crisis, and suggestions for dealing with it. 1. Macroeconomics. 2. Macroeconomic Thought during the Long 19thC. 3. Gold Standard, Reparations, Mania, Crash, and Depression. 4. Maynard Ascendant. 5. Keynesian Growth, Cycles, and Crisis. 6. The Counterrevolution. 7. Finance. 8. The International Dimension. 9. Keynesianism and the
books  intellectual_history  economic_theory  economic_history  economic_models  18thC  19thC  20thC  social_sciences-post-WWII  entre_deux_guerres  political_economy  macroeconomics  classical_economics  neoclassical_economics  Keynes  Keynesianism  Post-Keynesian  finance_capital  financial_economics  microfoundations  EMH  rational_expectations  rationality-economics  rationality-bounded  behavioral_economics  business_cycles  Great_Depression  Great_Recession  financial_crisis  gold_standard  economic_growth  international_monetary_system  balance_of_payments  FX  uncertainty  liquidity  savings  Labor_markets  wages 
september 2014 by dunnettreader
Coen Teulings, Richard Baldwin - Secular stagnation: Facts, causes, and cures – a new Vox eBook | vox 10 September 2014
The CEPR Press eBook on secular stagnation has been viewed over 80,000 times since it was published on 15 August 2014. -- Six years after the Crisis and the recovery is still anaemic despite years of zero interest rates. Is ‘secular stagnation’ to blame? Introduction - Coen Teulings and Richard Baldwin **--** I. Opening the debate -- 1. Reflections on the ‘New Secular Stagnation Hypothesis’, Laurence H Summers. **--** II. Three issues: Potential growth, effective demand, and sclerosis -- 2. Secular stagnation: A review of the issues, Barry Eichengreen -- 3. The turtle’s progress: Secular stagnation meets the headwinds, Robert J Gordon -- 4 Four observations on secular stagnation, Paul Krugman. -- 5. Secular joblessness, Edward L Glaeser. **--** III. Further on potential growth. -- 6. Secular stagnation? Not in your life - Joel Mokyr. -- 7 Secular stagnation: US hypochondria, European disease?, Nicholas Crafts. **--** IV. Further on effective demand. -- 8. A prolonged period of low real interest rates?, Olivier Blanchard, Davide Furceri and Andrea Pescatori. -- 9. On the role of safe asset shortages in secular stagnation, Ricardo J Caballero and Emmanuel Farhi. -- 10. A model of secular stagnation, Gauti B. Eggertsson and Neil Mehrotra. -- 11. Balance sheet recession is the reason for secular stagnation, Richard C Koo. -- 12. Monetary policy cannot solve secular stagnation alone
Guntram B Wolff. **--** V. Further on sclerosis -- 13. Secular stagnation: A view from the Eurozone, Juan F. Jimeno, Frank Smets and Jonathan Yiangou -- downloaded pdf to Note
books  etexts  kindle-available  economic_history  18thC  19thC  20thC  21stC  economic_theory  economic_growth  Great_Recession  stagnation  international_political_economy  capitalism  financialization  productivity  investment  technology  Labor_markets  unemployment  demand-side  supply-side  infrastructure  welfare_state  sovereign_debt  fiscal_policy  monetary_policy  central_banks  leverage  risk  uncertainty  macroeconomics  macroprudential_policies  international_monetary_system  global_economy  global_imbalance  interest_rates  profit  wages  Eurozone  US_economy  downloaded  EF-add 
september 2014 by dunnettreader
Raphaele Chappe - Policy Debates In A Post-Piketty World | Schwartz Center for Economic Policy Research - New School
As the ratio of capital to income (which Piketty terms "beta") increases, Piketty argues there is no natural mechanism that would lead r (the rate of return on capital) to adjust downwards so as to perfectly compensate the impact on the distribution, placing emphasis on policies that might reduce r. Taxation is one way to reduce r and Piketty's proposal is a progressive world-wide tax on wealth although many agree that this may prove politically unfeasible, especially in the absence of international legal cooperation. Other tax possibilities for fighting inequality include increasing tax rates on capital gains and dividends (which have been getting favorable treatment in the tax code as compared with labor income), or simply combating tax evasion for the wealthy (see The Price of Offshore Revisited). [Downloaded] In my own research, I plan to run simulations to test the effectiveness of such tax proposals, and their impact on the wealth distribution. -- According to a study written for the Tax Justice Network by a former chief economist at the consultancy firm McKinsey, a global super-rich elite has accumulated an astronomical amount of financial investments hidden in tax havens, at least $21 trillion and as much as $32 trillion of private offshore wealth (as of the end of 2010).
economic_theory  economic_growth  Piketty  inequality  wealth  taxes  tax_havens  1-percent  labor  wages  profit 
september 2014 by dunnettreader
Special Series: Contract to Cheat - Misclassification of Labor in the Government Contracts Construction Industry | McClatchy September 2014
Across the country, roughly 10 million construction workers spend each day in a dangerous and fickle industry. They hang drywall, lay carpet, shingle roofs. Yet in the eyes of their bosses, they aren't employees due the benefits the government requires. Employers treat many of these laborers as independent contractors. It's a tactic that costs taxpayers billions of dollars each year. Yet when it comes to public projects, government regulators have done nearly nothing about it, even when the proof is easy to get. The workers don't have protections. The companies don't withhold taxes. The regulators don't seem to care. McClatchy reporters in eight newsrooms spanning seven states spent a year unraveling the scheme, using little-noticed payroll records that show how widespread the practice has become and what it costs us all.
US_economy  US_government  local_government  regulation  regulation-enforcement  labor_law  labor  wages  race-to-the-bottom  Obama_administration 
september 2014 by dunnettreader
Harold Meyerson - The Revolt of the Cities The American Prospect - August 2014
20 years ago, half of America’s dozen largest cities had Republican mayors. -- of the nation’s 30 largest cities, just 4 (San Diego, Indianapolis, Fort Worth, and Oklahoma City) have Republican mayors, and even they have to swim with the urban tides. -- Demographic recomposition has proved a necessary but insufficient prerequisite for urban political change. The newcomers to America’s cities also have had to come together as an effective political force. With few exceptions, the cities that have elected left-populist governments have first reconfigured their power structures by building coalitions dedicated to greater economic and racial equity. Aided in some instances by liberal foundations, these coalitions consist chiefly of unions, community-based organizations in low-income minority neighborhoods, immigrants’ rights groups, affordable-housing advocates, environmental organizations, and networks of liberal churches, synagogues, and mosques. The unions that have been key to the formation of these new coalitions—it’s labor, after all, that has the capacity to provide the lion’s share of funding for these ventures—generally aren’t the municipal employee locals that have a bargaining relationship with elected officials that can limit their freedom of political action. They tend, rather, to be unions of private-sector workers—janitors, hotel housekeepers, hospital orderlies, supermarket clerks. Their members and potential members are often overwhelmingly minority and substantially immigrant. Indeed, the growing importance of these unions coincides with the growth of immigrants’ rights groups in most major cities. -- What’s happening in cities can be described as Obama’s agenda trickling down to the jurisdictions where it has enough political support to be enacted—but it’s also the incubation of policies and practices that will trickle up. With considerable creativity and limited power, the new urban regimes are seeking to diminish the inequality so apparent in cities and so pervasive nationwide. They are mapping the future of liberalism until the day when the national government can bring it to scale.
US_politics  local_government  local_politics  unions  immigration  wages  green_economy  inequality  housing  education  environment  coalitions-progressive  cities  grassroots  parties  progressivism  Obama_administration  state_government  blue_states  EF-add 
september 2014 by dunnettreader
Alfred Marshall - Industry and Trade (Vol 2) [1919] | Google Books
Vol 2 appears to be available only as a commercial ebook (price c $4) - Vol 1 is a full Google Books copy added to my Google_Books library -- Vol 2 looks interesting in his treatment of the English economy from at least the Black Death -- remarks on "mercantilism" and the economic policies of the British government in the mid 18thC (following Adam Smith characterized as"bad" and "selfish") -- Though the bulk of his work was completed before the turn of the 20th century, the global ramifications of World War I prompted him to reconsider his theories on international economics, and in 1919 he published the two-volume Industry and Trade. Here, in Volume II, he discusses. . how monopolies and competition impact prices . trusts and cartels in the American and German economies . the decline of class differences and advantages in industrial systems . unions, co-opts, and business federations . and much more.
books  etexts  Google_Books  economic_history  British_history  UK_economy  Germany  Prussia  mercantilism  merchants  international_political_economy  international_economics  trading_companies  trade-policy  trade  trade-agreements  17thC  18thC  19thC  20thC  Industrial_Revolution  industrialization  German_unification  monopolies  corporations  corporate_finance  labor  Labor_markets  wages  unions  imperialism  empire-and_business  US_economy  protectionism  Hamilton  Smith  free_trade  laisser-faire  institutional_economics  institution-building  firms-theory  EF-add 
june 2014 by dunnettreader
Talking Manufacturing and Its Wage Premium | Jared Bernstein | On the Economy
–Manufacturing has the potential to grow beyond its current size and employ more people in decent jobs, but we’ve got to get the policy right. –As per Susan Houseman’s work (link), manufacturing productivity is significantly overstated for a number of reasons , implying that the agriculture analogy is incorrect. For one, it’s largely driven by one relatively small sub-sector: the production of computers and electronic products. –Second, Houseman points to two problems with the way we count inputs that also biases up estimates of manufacturing productivity. First, we’re undercounting the quantity of imported intermediate inputs and thus overcounting value added. Second, when manufacturers employ workers from outside the sector, say from Manpower-type staffing services, that biases down measured sectoral labor inputs and further biases up value added. –Even in the highly productive computer sector, productivity-induced job loss is not obvious. Houseman again: “Productivity growth also may reflect improvements to product design that result from research and development activities. ... The reason employment in electronic computer manufacturing has declined by 41 percent since 2000…is not because the assembly process has been automated but because most computer assembly has moved to Asia.” –Despite rumors to the contrary, manufacturing still pays better than other jobs for workers with similar characteristics.
US_economy  productivity  manufacturing  wages  off-shoring  technology  tech  R&D  unemployment  statistics  links  EF-add 
june 2014 by dunnettreader
Clarles Andrews Professor Piketty Fights Orthodoxy and Attacks Inequality | Marxist-Leninist thought today - May 2014
First, the world wars were themselves not accidental. WWI was an inevitable outcome of early monopoly capitalism, and WWII was a continuation of the first as well as capital's attempt to obliterate the first socialist society. -- Second, Piketty's almost exclusive metrics are inequality of income and wealth. They are important, to be sure. Let us remember, though, that despite less inequality, most of the period 1913-1950 was hellish for the masses in the capitalist world. They died by millions in WWI, made little economic progress in the 1920s, suffered the hunger of the Great Depression in the 1930s, and died by millions more in WWII. On the other hand, while inequality was high in the late 19thC and up to 1913, the working class did make advances, by militant class struggle largely under the socialist banner, in obtaining fruits of industrial progress.And there is justified nostalgia today for the era after Piketty's exceptional period. In the 1950s and 1960s life got better for a majority of the working people in the US, Britain, and western Europe. The peak of working-class progress was 1973 – after Piketty's focus and years before neoliberalism, financialization, and globalization. Since 1973, real median earnings in the US have stagnated and fallen. That turning point is the fact that demands explanation and action. Piketty recalls the two world wars often. He buries the fact that WWI triggered the first successful socialist revolution in Russia, and WWII provided openings for anti-imperialist and sometimes socialist revolutions, ...
books  reviews  Piketty  political_economy  economic_history  19thC  20thC  21stC  capitalism  WWI  WWII  Great_Depression  labor  class_conflict  unions  revolutions  post-WWII  post-Cold_War  neoliberalism  inequality  wages  Marxist  social_order  EF-add 
june 2014 by dunnettreader
Branko Milanovic - globalinequality: Where I disagree and agree with Debraj Ray’s critique of Piketty’s Capital in the 21s Century - June 2014
Debraj’s error consists...in not realizing that normal capitalist relations of production (where capitalists tend to be rich) are forgotten when we look at economic laws in an abstract manner. Not doing that is precisely a great virtue of Piketty’s book. Surely, (a) if capital/labor proportions were the same across income distribution; (b) if, more extremely, capitalists were poor and workers rich; (c) if capital were state-owned, all of these contradictions would disappear. But none of (a)-(c) conditions holds in contemporary capitalism. So Piketty’s economic laws and contradictions of capitalism do exist. Where do I agree wit Debraj? That Kuznets curve cannot be easily dismissed. I am currently working on the idea that we are now witnessing the upswing of the 2nd Kuznets curve since the Industrial revolution. Moreover I believe this is not only the 2nd but perhaps 5th, 6th or 10th curve over the past 1000 years in the West. Does this agreement on Kuznets then, by itself, imply that my defense of Piketty’s mechanism cannot be right or consistent? Not at all. Piketty isolated the key features of capitalist inequality trends when they are left to themselves: the forces of divergence (inequality) will win. But there are also other forces: capital destruction, wars, confiscatory taxation, hyperinflation, pressure of trade unions, high taxation of capital, rising importance of labor and higher wages, that at different times go the other way, and, in a Kuznets-like fashion, drive inequality down. So, I believe, Piketty has beautifully uncovered the forces of divergence, mentioned some of the forces of convergence, but did not lay to rest the ghost of Kuznets inverted U shaped curve
books  reviews  economic_history  economic_theory  political_economy  Piketty  capitalism  wealth  labor  wages  Marx  macroeconomics  economic_growth  inequality  cliometrics  Kuznets_curve  savings  investment  profit  rentiers  consumers  Medieval  Renaissance  Europe-Early_Modern  Great_Divergence  EF-add 
june 2014 by dunnettreader
Amparo Castelló-Climent, Rafael Doménech - Human capital and income inequality | vox , 23 April 2014
Most developing countries have made a great effort to eradicate illiteracy. As a result, the inequality in the distribution of education has been reduced by more than half from 1950 to 2010. However, inequality in the distribution of income has hardly changed. This column presents evidence from a new dataset on human capital inequality. The authors find that increasing returns to education, globalisation, and skill-biased technological change can explain why the fall in human capital inequality has not been sufficient to reduce income inequality.
paper  economic_history  economic_theory  human_capital  literacy  inequality  education  education-higher  globalization  technology  wages  labor  political_economy  global_economy  EF-add 
june 2014 by dunnettreader
Per Krusell, Tony Smith - Piketty’s ‘Second Law of Capitalism’ vs. standard macro theory | vox , 1 June 2014
Thomas Piketty’s new book has been widely praised for its empirical contribution, but his prediction of rising inequality rests on economic theory. This column argues that Piketty’s pessimistic forecast is based on an extreme – and unrealistic – assumption about households’ saving behaviour. According to standard theory, the wealth–income ratio would increase only modestly as growth falls, so declining growth would not be a powerful force for generating high inequality. -- my 1st Q does standard theory adequately separate the savings patterns of those with extreme wealth before the advent of slower growth? 2nd Q are they assuming wealth = capital?
Piketty  economic_growth  economic_theory  economic_models  macroeconomics  wealth  savings  profit  inequality  wages 
june 2014 by dunnettreader
Seth Ackerman - Piketty’s Fair-Weather Friends | Jacobin May 2014
Re Piketty not fitting in MIT-liberal economics -- Piketty “misreads the literature by conflating gross and net returns to capital,” Summers wrote. “I know of no study suggesting that measuring output in net terms, the elasticity of substitution is greater than 1, and I know of quite a few suggesting the contrary.” A reader at this point could be forgiven for feeling confused. Didn’t Piketty gather his own data? He did, of course. --As Piketty makes clear, those data — which he’s made freely available on the internet for anyone to check — are indeed “explained” by a net elasticity of 1.3-1.6, which would indicate an extremely weak force of diminishing returns to capital. Yet it’s also true that this figure is far higher than any found in the existing literature — probably more than twice as high as the highest typical estimates. -- Piketty’s estimate of the elasticity of substitution can’t really be compared with those in the literature. His is based on economy-wide data covering decades and centuries while estimates in the literature typically cover only a few years, and often just a few industries. Moreover, his pertain to all private wealth, while the literature focuses narrowly on production capital. -- But most importantly, given the flawed marginalist theory behind it, and its even more flawed basis of measurement... the elasticity of substitution simply cannot be regarded as a meaningful measure of an economy’s technology (or anything else), or as providing any clue to its future. What’s essential, rather, is Piketty’s empirical demonstration that the rate of return on wealth has been remarkably stable over centuries — and, contra Summers, with no visible tendency to vary in any consistent way against the “supply of capital.”
books  reviews  Piketty  economic_history  economic_theory  economic_models  macroeconomics  heterodox_economics  productivity  capital  labor  profit  wages  technology  economic_growth  savings  inheritance  1-percent  inequality  meritocracy  wealth  supermanagers  corporate_governance  corporate_finance  political_economy  economic_culture  economic_sociology  EF-add 
june 2014 by dunnettreader
Frances Coppola - Categorising the poor | Pieria May 2014
We should also stop trying to decide whether someone “deserves” social support. We have been trying to distinguish between the “deserving” and “undeserving” poor for over five hundred years, and we are no better able to make that judgement now than we were in the fourteenth century, or the sixteenth, or the nineteenth. We inevitably end up denying support to those who desperately need it. Let us give up this fruitless attempt to judge people's motives. Simply provide everyone with a basic income so that they can afford to live, then let them get on with whatever they want to do.
economic_history  British_history  British_politics  Poor_Laws  unemployment  Labor_markets  wages  welfare  14thC  16thC  17thC  18thC  19thC  21stC  economic_reform  EF-add 
may 2014 by dunnettreader
JW Mason - The Slack Wire: Wealth Distribution and the Puzzle of Germany - April 2014
In other words, one reason household wealth is low in Germany is because German households exercise their claims on the business sector not via financial assets, but as workers. -- It’s not a coincidence that Europe’s dominant economy has the least market wealth. The truth is, success in the world market has depended for a long time now on limiting dependence on asset markets, just as the most successful competitors within national economies are the giant corporations that suppress the market mechanism internally. Germany, as with late industrializers like Japan, Korea, and now China, has succeeded largely by ensuring that investment is not guided by market signals, but through active planning by banks and/or the state. There’s nothing new in the fact that greater real wealth in the sense of productive capacity goes hand hand with less wealth in the sense of claims on the social product capitalized into assets. Only in the poorest and most backward countries does a significant fraction of the claims of working people on the product take the form of asset ownership. The world of small farmers and self-employed artisans isn’t one we can, or should, return to. Perhaps the world of homeowners managing their own retirement savings isn’t one we can, or should, preserve.
economic_history  economic_growth  political_economy  20thC  21stC  development  wealth  inequality  investment  capital_markets  labor  wages  profit  SMEs  Germany  EU  corporate_governance  corporate_finance  working_class  EF-add 
may 2014 by dunnettreader
The Slack Wire: The Nonexistent Rise in Household Consumption
Did you know that about 10 percent of private consumption in the US consists of Medicare and Medicaid? Despite the fact that these are payments by the government to health care providers, they are counted by the BEA both as income and consumption spending for households. I bet you didn't know that. I bet plenty of people who work with the national income accounts for a living don't know that. I know I didn't know it, until I read this new working paper by Barry Cynamon and Steve Fazzari. I've often thought that the best macroeconomics is just accounting plus history. This paper is an accounting tour de force. What they've done is go through the national accounts and separate out the components of household income and expenditure that represent cashflows received and made by households, from everything else. -- long discussion of paper at SSRN - didn't download -- downloaded pdf to Note of Mason paper showing household debt not from borrowing for consumption but effects of high interest and disinflation
paper  SSRN  economic_history  US_economy  consumers  debt  wages  financialization  housing  health_care  statistics  downloaded  EF-add 
may 2014 by dunnettreader
Irving Fisher's 1918 Presidential Address to the American Economic Association (Brad DeLong's Grasping Reality...) - May 2014
Irving Fisher: Economists in Public Service: Annual Address of the President: Source: The American Economic Review, Vol. 9, No. 1, Supplement, Papers and Proceedings of the Thirty-First Annual Meeting of the American Economic Association (Mar., 1919), pp. 5-21 Published by: American Economic Association. Stable URL: http://www.jstor.org/stable/1813978 -- full text at Brad -- didn't download
article  jstor  intellectual_history  20thC  WWI  entre_deux_guerres  capitalism  democracy  democratic_peace_theory  Germany  nationalism  protectionism  free_trade  labor  wages  inequality  inheritance  profit  entrepreneurs  health_care  social_order  social_insurance  economic_theory  economic_culture  economic_reform  finance_capital  firms-theory  management  managerialism  EF-add 
may 2014 by dunnettreader
Corey Robin - The Republican War on Workers' Rights - NYTimes.com - May 2014
In 2010, the Republicans won control of the executive and legislative branches in 11 states (there are now more than 20 such states). Inspired by business groups like the American Legislative Exchange Council (ALEC), the U.S. Chamber of Commerce and the National Association of Manufacturers, they proceeded to rewrite the rules of work, passing legislation designed to enhance the position of employers at the expense of employees. The University of Oregon political scientist Gordon Lafer, who wrote an eye-opening report on this topic last October for the Economic Policy Institute, a liberal think tank in Washington, looked at dozens of bills affecting workers. The legislation involved unemployment insurance, the minimum wage, child labor, collective bargaining, sick days, even meal breaks. Despite frequent Republican claims to be defending local customs and individual liberty, Mr. Lafer found a “cookie-cutter” pattern to their legislation. Not only did it consistently favor employers over workers, it also tilted toward big government over local government. And it often abridged the economic rights of individuals.
US_politics  political_economy  GOP  state_government  business  business-and-politics  labor  wages  civil_liberties  inequality  power 
may 2014 by dunnettreader
Matt Bruening - On Piketty's Capital: r, g, and s | Demos - April 28 2014
The mechanics of how this work don't just involve r and g though. They also involve, as few reviewers except Robert Solow have pointed out, savings, or s. This should be obvious. After all, if wealthy people consumed all their r-derived income each year and laborers saved at least some of their wages, eventually laborers would pile up more wealth than the super-capitalists have. The longevity of the the super-capitalists' advantage is not determined solely by r. It is determined by r multipled by s, i.e. the rate of return on capital multiplied by the savings rate.
Piketty  capital  savings  wages  economic_growth  inequality  EF-add 
may 2014 by dunnettreader
Deborah Boucoyannis - The Equalizing Hand: Why Adam Smith Thought the Market Should Produce Wealth Without Steep Inequality | Cambridge Journals Online - Perspectives on Politics - Dec 2013
For long overview of the article, see her post from the LSE blog -- Perspectives on Politics, 11, pp 1051-1070. doi:10.1017/S153759271300282X. - That the market economy inevitably leads to inequality is widely accepted today, with disagreement confined to the desirability of redistributive action, its extent, and the role of government in the process. The canonical text of liberal political economy, Adam Smith's Wealth of Nations, is assumed even in the most progressive interpretations to accept inequality, rationalized as the inevitable trade-off for increasing prosperity compared to less developed but more equal economies. I argue instead that Smith's system, if fully implemented, would not allow steep inequalities to arise. In Smith, profits should be low and labor wages high, legislation in favor of the worker is “always just and equitable,” land should be distributed widely and evenly, inheritance laws liberalized, taxation can be high if it is equitable, and the science of the legislator is necessary to put the system in motion and keep it aligned. Market economies are made in Smith's system. Political theorists and economists have highlighted some of these points, but the counterfactual “what would the distribution of wealth be if all the building blocks were ever in place?” has not been posed. Doing so encourages us to question why steep inequality is accepted as a fact, instead of a pathology that the market economy was not supposed to generate in the first place. --Deborah Boucoyannis is Assistant Professor at the University of Virginia (dab5fw@virginia.edu). Her interests lie in the historical preconditions for the emergence of the liberal order and of constitutionalism.
paper  paywall  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
Deborah Boucoyannis - For Adam Smith, inequality was contrary to the Wealth of Nations | British Politics and Policy at LSE – Feb 2014
Overview of her article in Perspectives on Politics - see Cambridge Journals bookmark - The assumption that Adam Smith accepted inequality as the necessary trade-off for a more prosperous economy is wrong, writes Deborah Boucoyannis. In reality, Smith’s system precluded steep inequalities not out of a normative concern with equality but by virtue of the design that aimed to maximise the wealth of nations. Much like many progressive critics of current inequality, Smith targets rentier practices by the rich and powerful as distorting economic outcomes.
paper  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
EconoSpeak: Inequality and Sabotage: Piketty, Veblen and Kalecki (for anne at Economist's View)
Nearly a century ago, Thorstein Veblen offered insights into this mechanism in his The Engineers and the Price System. To Veblen r>g (although he didn't use that term) was a strategy pursued by business, not simply a statistical finding. As Veblen points out, "this is matter of course, and notorious. But it is not a topic on which one prefers to dwell." -- Kalecki outlined three categories of business objection to a full employment by government spending: "(i) dislike of government interference in the problem of employment as such; (ii) dislike of the direction of government spending... (iii) dislike of the social and political changes resulting from the maintenance of full employment." It is the first and third of these objections that have the most direct bearing on the issue of r>g -- There are different modes of efficiency and those differences result in different effects on the rate of return to capital. In other words, there are r>g efficiencies and there are r<g efficiencies. An example of an r>g efficiency would be a new machine that uses less fuel and less labour to produce a given amount of output. An example of an r<g efficiency would be a reduction in the length of the standard working day that improves worker productivity by reducing fatigue and increasing overall well being. Both are examples of efficiencies but they differ as to whom the benefit of the efficiency gain primarily accrues.
US_economy  US_history  19thC  20thC  Great_Depression  economic_history  economic_growth  political_economy  capital  capitalism  labor  Labor_markets  wages  unemployment  consumer_demand  profit  investment  unions  Veblen  Kalecki  productivity  inequality  EF-add 
march 2014 by dunnettreader
Todd Cronan, lead remarks& forum - Do We Need Adorno? | nonsite.org
Participants - Todd Cronan, Emory University, Michael W. Clune, Case Western Reserve University, Nicholas Brown, UIC, Jennifer Ashton, UIC, Chris Cutrone, School of the Art Institute of Chicago and Marnin Young, Yeshiva University
intellectual_history  19thC  20thC  economic_history  political_economy  economic_theory  US_economy  Marx  Adorno  Frankfurt_School  classes  class_conflict  working_class  bourgeoisie  human_capital  neoliberalism  inequality  domination  Communist_Party  alienation  cultural_critique  Leftist  labor  leisure  wages  EF-add 
march 2014 by dunnettreader
Bradley Rosser - EconoSpeak: Will Future Fed Policy Be Driven By Behavioral Macroeconomics? - Feb 2014
Re Akerlof identifying himself as a behavioral macroeconomist and Yellen's work with him, the 2% inflation target was from their joint influence 2 decades ago -- Finally, in his presidential address he arguably became more openly behavioral with his emphasis on the role of norms, something that Yellen clearly agreed with him on in some of their joint work on labor markets. He argued that this "missing motivation" underlay why five supposed "neutralities" of macroeconomics do not hold in reality. These are the independence of consumption from current income, the independence of investment from fiancial decisions, that inflation stability can only hold at the natural rate of unemployment, that macro policy is ineffective due to rational expectations, and Ricardian equivalence. Now, several of these were pushed to the side already by the NK DSGE modelers, but some others have continued to be used in such models, with the now-under-attack Euler equation that underlies the first point being an example. My guess is that by now most of those participating in FOMC meetings have already absorbed that these five neutralities do not hold, even if they do not do so by reasoning from people following norms as Akerlof argues and Yellen may argue.
macroeconomics  economic_theory  economic_models  behavioral_economics  Fed  monetary_policy  information-asymmetric  Labor_markets  wages  inflation  EF-add 
march 2014 by dunnettreader
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