jomc + economics   42

Nobel in Economics Is Awarded to Richard Thaler - The New York Times
He showed that people will penalize unfair behavior even if they do not benefit from doing so.
This has important economic implications. It explains, for example, why an umbrella store may choose not to raise prices during a rainstorm
economics  behavior 
july 2018 by jomc
The demise of the nation state | News | The Guardian
Big data companies (Google, Facebook etc) have already assumed many functions previously associated with the state, from cartography to surveillance. Now they are the primary gatekeepers of social reality: membership of these systems is a new, corporate, de-territorialised form of citizenship, antagonistic at every level to the national kind. And, as the growth of digital currencies shows, new technologies will emerge to replace the other fundamental functions of the nation state. The libertarian dream – whereby antique bureaucracies succumb to pristine hi-tech corporate systems, which then take over the management of all life and resources – is a more likely vision for the future than any fantasy of a return to social democracy.
economics  politics  citizenship  borders 
june 2018 by jomc
I spent a weekend at Google talking with nerds about charity. I came away … worried. - Vox
Jeff Kaufman — a developer in Cambridge who's famous among effective altruists for, along with his wife Julia Wise, donating half their household's income to effective charities — argued in a talk about why global poverty should be a major focus, if you take meta-charity too far, you get a movement that's really good at expanding itself but not necessarily good at actually helping people.
charity  economics  silicon-valley 
april 2018 by jomc
The Yale Law Journal - Forum: Tiny Constables and the Cost of Surveillance: Making Cents Out of United States v. Jones
theory of “structural privacy rights” that Surden proposes is a simple idea synthesizing several complex ones.18 The simple idea is that structural constraints—physical and technological barriers—make certain conduct costly, sometimes impossibly costly.19 These costs act as non-legal regulations, essentially providing a non-legal “right” against the behaviors they prevent.20 Yet rapid changes in technology can quickly and unexpectedly eliminate these long relied-upon structural rights, especially when it comes to privacy.21 Surden’s message to policymakers, similar to Kerr’s message to the courts, is that they can recognize and adjust for diminishing structural rights against privacy invasion by adding new legal protections to replace them as they are lost—i.e., that they can impose new legal costs to compensate for the drop in actual costs.22
economics  privacy  surveillance  law 
april 2015 by jomc
Does Feminism Have a Class Problem? | The Nation
One is the way in which women’s voices are so frequently sidelined in economic debates. Our voices are few and far between in the economics blogosphere. It’s striking that almost none of the reviewers of Thomas Piketty’s groundbreaking Capital in the Twenty-First Century were women. And as Media Matters recently showed, women are rarely invited to discuss the economy on cable news.
feminism  class  economics 
june 2014 by jomc
The Computer Did It? Technology and Inequality | Dissent Magazine
Indeed, as Thomas Piketty and Emmanuel Saez concluded recently, the very fact that wealthy nations with essentially similar histories of technological change show such divergent patterns of inequality suggest that institutional and policy differences—and not the underlying technological change—are the key. In this sense, the magnitude or pace of labor’s displacement is less important than the fact that, as Peter Frase notes, such displacement is now occurring “without many of the countervailing protections that labor enjoyed in the heyday of the postwar Keynesian compromise.”
labor  economics 
april 2014 by jomc
Jaron Lanier And Gobbledygook Economics | Techdirt
Lanier's predictions remind me very much of David Ricardo, in particular. Despite the evidence of new wealth creation from industrialization, Ricardo dismissed it all as a passing fad, and rather was sure that we were in a complete death spiral due to diminishing returns to land. Ricardo's main problem was that he really only focused on one variable in the market, and more or less refused to look at the market ecosystem as a whole.
economics  scarcity 
april 2013 by jomc
Why Black Market Entrepreneurs Matter to the World Economy | Magazine
Because it’s based purely on unfettered entrepreneurialism. Law-abiding companies in the developing world often have to work through all sorts of red tape and corruption. The System D enterprises avoid all that. It’s also an economy based on providing things that the mass of people can afford—not on high prices and large profit margins. It grows simply because people have to keep consuming—they have to keep eating, they have to keep clothing themselves. And that’s unaffected by global downturns and upturns.
economics  black-market 
january 2012 by jomc
Néojaponisme » Blog Archive » The Great Shift in Japanese Pop Culture – Part One
Whether or not the country truly suffered something as dire as “lost decades” for the last twenty years, Japan has certainly seen a dramatic change in its social fabric since the bursting of the bubble economy in the early 1990s. Japanese incomes have plummeted since their peak in 1997. Meanwhile companies are shifting more and more job openings to “non-regular” and temporary positions, meaning fewer young workers can even get their foot in the door to future middle-class earnings. Few are confident about their future economic security.

Back when the Japanese economy was strong in the 1980s and even the mid-1990s, Japan arguably had the world’s most vibrant consumer culture. Now in the face of unemployment uncertainty and declining wages, consumers are cutting back, and in response, the marketplace has rapidly shifted from premium goods and services to supplying cheaper substitutes...
The end result is that the otaku and yankii have an almost inelastic demand for their favorite goods. They must consume, no matter the economic or personal financial situation. They may move to cheaper goods, but they will always be buying something. Otherwise they lose their identity. While normal consumers curb consumption in the light of falling wages, the marginal otaku and yankii keep buying. And that means the markets built around these subcultures are relatively stable in size.
japan  culture  economics  trends  consumerism 
december 2011 by jomc
The American Spectator : David Cameron's Finest Hour
The rationale is supposedly to make the euro currency union more like the stable U.S. dollar currency union, which is also a fiscal union. Yet the U.S. fiscal union is nothing like the EU fiscal compact. The United States has no power over state budget deficits, and there is an implicit understanding that a state in budget crisis will not be bailed out. That has certainly been the historical case, as when Arkansas defaulted in 1933.
monetary  economics  euro 
december 2011 by jomc
Why Is Art So Damned Expensive? - The Daily Beast
The top art prices may have little to do with classic economics. Noah Horowitz, whose Art of the Deal is a crucial text on the subject, says in the long run your investment in art may only do about as well as your holdings in bonds—and comes with greater risk. (But, as one major New York collector put it, that’s not so bad, if you have nowhere else to store your income. And anyway, “bonds aren’t that good to look at.”) At this moment, when the 1 percent has the cash to burn, buying art is less about finance than about the cultural value of money, and of art. “A dollar is not a dollar is not a dollar,” says Viviana Zelizer, the great Princeton sociologist who wrote The Social Meaning of Money. The dollars spent in Miami are “cultural dollars,” Zelizer says, and that makes them obey their own rules. Below, five reasons why art defies economics:
art  market  economics 
december 2011 by jomc
Anselm Kiefer: 'art is difficult, it's not entertainment' | Art and design | The Guardian
Kiefer, 66, misses the days of the 70s and 80s when art collectors such as Donald Fisher – founder of the Gap clothing stores – took a year to decide whether they wanted to buy a work or not. He refuses to allow his works to be auctioned, or even for his gallerists to discuss the art market with him.
art  market  economics  architecture  nazi  berlin 
december 2011 by jomc
How We Were All Misled by John Lanchester | The New York Review of Books
Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion.
economics  debt  monetary 
november 2011 by jomc
BBC News - Q&A: Greek debt crisis
340bn euros of debt - for a country of 11 million people, about 31,000 euros per person.
economics  greece  debt  europe 
november 2011 by jomc
Carlota Perez - Wikipedia, the free encyclopedia
Carlota Perez (born in 1939) is a Venezuelan scholar and expert on technology and socio-economic development most famous for her concept of Techno-Economic Paradigm Shifts and her theory of great surges, a further development of the Kondratieff waves.
polymaths  technology  economics  sociology 
october 2011 by jomc
Daily Kos: Open Letter to that 53% Guy
Here’s how a liberal looks at it:  a long time ago workers in this country realized that industrialization wasn’t making their lives better, but worse.  The captains of industry were making a ton of money and living a merry life far away from the dirty, dangerous factories they owned, and far away from the even dirtier and more dangerous mines that fed raw materials to those factories....
Eventually, somebody came up with the slogan, “8 hours of work, 8 hours of leisure, 8 hours of sleep” to divide the 24-hour day into what was considered a fair allocation of a human’s time. It wasn’t a slogan that was immediately accepted.
politics  liberalism  economics  99percent  time 
october 2011 by jomc
The Woman Who Knew Too Much | Politics | Vanity Fair
“We cannot run our country without a strong middle class. We cannot run a democracy without a strong middle class,” she said, her voice quavering slightly. “If we hollow out the middle class,” she said, “then the country we know is gone.
economics  politics  quotes  elizabeth-warren  money  class  99percent 
october 2011 by jomc
A Model Professor - NYTimes.com
“I don’t like to say I study fashion models,” said Mears, who met up with The Moment last month to talk about her new book. “Rather, I study questions of how cultural value gets translated into economic values.” The full interview transcript is after the jump.
economics  sociology  fashion  models  undercover 
september 2011 by jomc
Tattoos conquer modern art as needles and ink replace brushes | World news | The Observer
Now many tattoo artists have the coveted initials MFA – Master of Fine Arts – after their names and have studied in respected art schools. They have waiting lists up to two years long, and clients often have to persuade the artist of their own commitment and vision... "To a degree, the fine art world has jumped on it. But a tattoo has no resale value. That is crucial," said London-based tattoo artist Alex Binnie.
art  fashion  tattoo  beautiful  economics 
january 2011 by jomc
The luxury-price bind: To cut or not to cut - Dec. 17, 2009
CNNMoney.com) -- Step into Nordstrom a year ago for handmade Italian pumps and flats from designer Anyi Lu and you'd be shelling out as much as $595 a pair. This season, everything in the spring collection that hits stores next month goes for under $400. For CEO David Spatz, adjusting prices downward simply made sense: "The days of conspicuous consumption are over," he says.

The decision to chop price tags has resulted in a 69% percent increase for Anyi Lu in wholesale orders from Spring 2009 to the Spring 2010 collection. But it presents Spatz and his fellow luxury marketers with a new challenge: Once you cut prices, can you ever go back?
fashion  economics  verdict-fashion 
december 2009 by jomc
Interesting Lots: October Results
Lot No: 9 Bonham’s Urban Art Sale, October 23rd
Shepard Fairey (American, born 1970)
‘OG Andre’, 2008
signed and dated in pencil, mixed media stencil collage on paper
104.2 x 91.4cm (41 x 36in).

Estimate: £5,000 - 7,000 ($8794 - $12311)

SOLD FOR £7800 ($12,364.56)
graffiti  art  economics 
october 2008 by jomc

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