maoxian + econ101   354

Why Tech Markets Are Winner-Take-All | LSE Media Policy Project
once a company achieves clear market leadership, it is almost impossible to displace

YEP

Digital products and services have high fixed costs and low-to-zero marginal costs, leading to marked economies of scale
Econ101 
4 weeks ago by maoxian
Republicans Should Cut Losses After Brett Kavanaugh Accusation - Bloomberg
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Econ101 
4 weeks ago by maoxian
America's Most Winner-Take-All Industry, Visualized - Bloomberg
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Econ101 
4 weeks ago by maoxian
The Recovery Threw the Middle-Class Dream Under a Benz - The New York Times
A decade later, things are eerily calm. The economy, by nearly any official measure, is robust. Wall Street is flirting with new highs. And the housing market, the epicenter of the crash, has recovered in many places.

MUCH HIGHER IN TOMPKINS COUNTY

The most profound of these is that the uneven nature of the recovery compounded a long-term imbalance in the accumulation of wealth.

THE RICH GOT A LOT RICHER OVER THE LAST DECADE, MIDDLE CLASS A SHADOW OF ITS FORMER SELF
Econ101 
5 weeks ago by maoxian
How Much a $2,000-an-Hour Hooker Actually Takes Home
For most of this time my fee was $1,200 an hour. Here's how it broke down: An average date was four hours, or $4,800. Ten percent off the top went to the booker. This left $4,320, which was split 50/50 with the agency (aka Jason). So I'd net $2,160 per date, or $540 per hour-the hourly rate for a top New York City attorney. I averaged between six and eight hours a day, one or two clients. I was making at least ten grand a week, easy.

PIMP TOOK THAT MUCH?!?
Econ101 
july 2017 by maoxian
The Economics of Seinfeld
ALL JEWISH CAST, NEVER FORGET IT
Econ101 
december 2014 by maoxian
The Fed Trap by Stephen S. Roach - Project Syndicate
QE may have been a resounding success in some ways – namely, arresting the riskiest phase of the crisis. But it did little to revive household consumption, which accounts for about 70% of the US economy. In fact, since early 2008, annualized growth in real consumer expenditure has averaged a mere 1.3% – the most anemic period of consumption growth on record.

BOOBOISIE UNDERWATER
Econ101 
october 2014 by maoxian
Alan Manning: Job Polarisation and Wage Inequality
"Income inequality has risen in many countries over the past two decades. In many instances, rising wage inequality has been accompanied by labour market polarisation and real wage stagnation for less skilled workers. Is income inequality inevitable in market economies? What are the key drivers of job market polarisation and income inequality within many advanced economies today? What role should governments play, and what tools and options do they have to slow or reverse these trends?" ... GLOBAL PHENOM GIVEN GLOBAL ECONOMY
Econ101 
december 2013 by maoxian
A Puzzlement on the Labor Force - NYTimes.com
One statistic likely to be bandied about is that the labor force participation rate, 62.8 percent in October, is now at its lowest level since 1978. It fell from 63.2 percent.

As I noted in my Off the Charts column last week, demographics help to explain why the rate has been declining. But this decline would be alarming, if it turned out to be accurate. ... HEE HEE, "IF"
Econ101 
november 2013 by maoxian
Mainstream economics is in denial: the world has changed | Aditya Chakrabortty | Comment is free | The Guardian
"audience members – middle-aged, smartly dressed and doubtless sizably mortgaged – took it in turn to attack bankers, politicians and, yes, economists. They'd created the mess everyone else was paying for, yet they'd suffered no retribution." ... ANOTHER PIECE IN THE GUARDIAN ;-)
Econ101 
october 2013 by maoxian
Fama, Shiller, Hansen Win Nobel Prize for Asset-Price Work - Bloomberg
“It’s like giving a prize to the Yankees and the Red Sox,” he said, comparing the competing theories to the rivalry between the New York and Boston baseball teams. “What it suggests is there really isn’t a settled doctrine” in finance.
Econ101 
october 2013 by maoxian
Robert J. Shiller - Project Syndicate
Commentaries by Robert J. Shiller ... NOBEL PRIZE WINNING USELESS ACADEMIC
Econ101 
october 2013 by maoxian
Commentaries by Robert J. Shiller
Sep. 20, 2013
The Best, Brightest, and Least Productive?
NEW HAVEN – Are too many of our most talented people choosing careers in finance – and, more specifically, in trading, speculating, and o...
Econ101  from notes
october 2013 by maoxian
Some Perspective on Capital Flows to Emerging Market Economies
"reaching for yield without an appropriate appreciation of risk"
bonds  Econ101 
september 2013 by maoxian
4 out of 5 Americans face unemployment, near-poverty, according to survey
PARETO DISTRIBUTION ... MUST SAY VISITING WALMART THIS TIME IN AMERICA WAS MORE HARROWING THAN ANY PREVIOUS YEAR ... BUT I DID GET MY CREST TOOTHPASTE AND EUCERIN AT EVERYDAY LOW PRICES

"They live mostly off government disability checks." ... F'ING PARASITES

"The gauge defines "economic insecurity" as experiencing unemployment at some point in their working lives, or a year or more of reliance on government aid such as food stamps or income below 150 percent of the poverty line. Measured across all races, the risk of economic insecurity rises to 79 percent." ... THUS THE ABSURD 4 OUT OF 5 HEADLINE :)

"A jobless single mother, she relies on her live-in boyfriend's disability checks to get by." .. NOTE THE TREND?
Econ101 
august 2013 by maoxian
China's Economy Grew by 7.6% in First Half of 2013
THEY JUST MAKE UP THESE NUMBERS UP AS THEY GO ALONG, OF COURSE
china  data  Econ101 
july 2013 by maoxian
Poor Economics | Poor Economics
"The battle against poverty can be won, but it will take patience, careful thinking and a willingness to learn from evidence." ... AND MONEY
ECON101 
june 2013 by maoxian
MIT Economics : Esther Duflo
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
people  econ101 
june 2013 by maoxian
Where the World’s Poorest People Live - Real Time Economics - WSJ
"But the tiny improvement compared with other regions meant that 34% of the world’s extreme-poor population came from Sub-Saharan Africa in 2010. In 1981, it was 11%. China, meanwhile, has gone from 43% of the extreme poor to just 13% over that time period. India, despite substantial improvement in its extreme poverty rate, had 33% of the world’s extreme poor in 2010, up from 22% three decades earlier." ... ALL PLACES YOU WANT TO AVOID
Econ101 
april 2013 by maoxian
U.S. Labor Force Participation Rate Lowest Since 1979
"Until she feels confident enough to send out resumes again, she'll get by on food stamps and disability checks from Social Security and live with her parents in St. Louis." ... WHERE'S THE CHART?
ECON101 
april 2013 by maoxian
The Conference Board Consumer Confidence Index® Declines in March | The Conference Board
"NEW YORK, March 26, 2013…The Conference Board Consumer Confidence Index®, which had improved in February, declined in March. The Index now stands at 59.7 (1985=100), down from 68.0 in February. The Present Situation Index decreased to 57.9 from 61.4. The Expectations Index declined to 60.9 from 72.4 last month." ... DO YOU RECALL WHAT IT WAS IN JULY 2007? YES, THAT'S RIGHT, IT WAS 112 ;-)
Econ101  statistics 
march 2013 by maoxian
Fundamental theorems of welfare economics - Wikipedia, the free encyclopedia
The Greenwald-Stiglitz theorem, for example, states that in the presence of either imperfect information, or incomplete markets, markets are not Pareto efficient. Thus, in real world economies, the degree of these variations from ideal conditions must factor into policy choices
Econ101 
march 2013 by maoxian
Pareto efficiency - Wikipedia, the free encyclopedia
"the result only holds under the restrictive assumptions necessary for the proof (markets exist for all possible goods so there are no externalities, all markets are in full equilibrium, markets are perfectly competitive, transaction costs are negligible, and market participants have perfect information." ... YA KNOW, THE LITTLE THINGS
Econ101 
march 2013 by maoxian
Yanis Varoufakis speaks
they created a false science whereby classical mechanics of the 19th century were copied into mathematical models of exceptional complexity--and aesthetic beauty--and the only way of closing them, of solving the mathematics that was created, was by making assumptions which ensure that these models have nothing to do with real capitalism. So the more successful you were in creating these models which gave you discursive power and academic power in the corridors of economics departments, the more irrelevant you were in explaining the real world. It is a very peculiar failure
Econ101 
march 2013 by maoxian
Richard Cantillon - Wikipedia, the free encyclopedia
"The concept of relative inflation, or a disproportionate rise in prices among different goods in an economy, is now known as the Cantillon Effect." .. YOU KNOW, THE LITTLE THINGS LIKE TUITION, HEALTHCARE, FOOD, ENERGY ... STUFF NO ONE USES
Econ101 
february 2013 by maoxian
Labor Force Participation Rate Lowest In Three Decades
"The number of Americans the BLS says are "not in the labor force" has risen by 2.7 million in the past year, to 88.9 million." ... IS THAT ALL?
Econ101 
february 2013 by maoxian
Waste on Freight Cars
According to a 2010 piece on Bloomberg, economists Michael McDonough and Carl Riccadonna note that waste has an 82 percent correlation to US economic growth.
Econ101 
july 2012 by maoxian
California's Employment Picture
California’s “U-6″, the broad measure of unemployment, was still above 20%. ... WHERE IT WILL FOREVER STAY (ain't called the New Normal for nothin')
Econ101 
july 2012 by maoxian
second brain (rich people don’t create jobs, nor do businesses,...)
YOU NEED A WIDE AND DEEP MIDDLE CLASS AND AMERICA IS LOSING ITS
Econ101 
may 2012 by maoxian
Small Is Beautiful - Wikipedia
recom by greg ... REMEMBER IN PARENTS' BOOKCASE, I BELIEVE?
BOOKS  econ101 
may 2012 by maoxian
Bernanke Takes On Krugman’s Criticism Ignoring Own Advice
"Krugman, whom Bernanke hired at Princeton University in 2000 when he was chairman of the economics department, said in a New York Times Magazine article that the Fed should raise its 2 percent inflation target to cut unemployment. Such a policy shift would align with Bernanke’s comment in 2000 that the Bank of Japan (8301) should pursue faster inflation to escape deflation, he said. Japan’s consumer prices fell 0.2 percent that year." ... PREFER TO SEE THEM IN A CAGE FIGHT
Econ101  fed 
april 2012 by maoxian
Chairman Bernanke Should Listen to Professor Bernanke -- Krugster
TINY KRUGS WANTS THE BERNANK TO PUSH HARDER ON THAT PIECE OF STRING
Econ101 
april 2012 by maoxian
Big Repairs Still Needed To Fix the American Jobs Picture | Gregor.us
"American workers desperately need health-care coverage, which is not typically offered to part-time workers. Meanwhile, deleveraging of household balance sheets since the high debt levels of 2007 has been mild. The result is yet another way to see how deeply consumer demand is restrained: there’s not enough work to both pay down debt, and restart consumption.

Until the US confronts the reality of health care costs, and the outstanding debt levels of households, there should be little expectation that sectors like housing will see much of any recovery." ... YEP, DEEP DOO DOO
econ101 
april 2012 by maoxian
The Everyday Price Index | AIER
"Unlike the CPI, the Everyday Price Index does not include housing. Despite the housing debacle caused in part by variable rate mortgages, most people do not renegotiate rent or mortgage payments on a regular basis. In addition, the index ignores big-ticket items such as household appliances and furnishings and new and used cars. It also excludes less expensive but irregularly purchased goods such as apparel and information technology."
Econ101 
march 2012 by maoxian
The Bonddad Blog: Real wages from 1995 in quintiles
"what has happened to the median (50th percentile) as opposed to mean wage? And what happens when we divide the workforce into quintiles by income?" ... YOU DON'T WANNA KNOW (and go back to 1970 if you really want to see the collapse)
econ101 
february 2012 by maoxian
Information Processing: History is impossible
"Although I covered the housing bubble (which I called a bubble as early as 2004) and ensuing financial crisis in great detail on this blog, I've spent very little time discussing books about the crisis. That's because many (most?) of the authors (who, as Lo points out, tend to disagree strongly with each other) are rehearsing their own priors rather than seeking truth." ... STEVE WAS SO EARLY THAT HE WOULD HAVE LOST HIS SYMANTEC FORTUNE IF HE HAD TRADED THIS CALL ... IF YOU WANT TO SEE IMPECCABLE TIMING CHECK OUT MAOXIAN'S CHAT TRANSCRIPT FROM LATE SUMMER '05, 'HAVE THE HOMEBUILDERS PEAKED?'
econ101 
february 2012 by maoxian
Big Export Dynamo | Gregor.us
" is the Romer position on the (un)importance of manufacturing a “modern” view that’s suddenly become outdated? Discussion of the synchronous, and interactive, relationship between design and manufacturing has been flourishing for several years now." ... AREN'T ALL THE CURRENT US EXPORTS AGS AND OTHER BASIC COMMODITIES? NEXT TO NO MANUFACTURED GOODS, RIGHT?
GLOBALIZATION  econ101 
february 2012 by maoxian
Tail Risk and Embalming Fluid, in 2012 | Gregor.us
"For 2012, therefore, I am planning not on rupture (or rapture) but on decay. The market will go through the year with a persistent desire for drama. But at this point, after psychologically anticipating a rupture in our tightly coupled financial system, the exit of a country from the Eurozone would more likely be greeted with relief. The Euro is not going away, neither is the Dollar, nor the Yen. Instead, like the system itself, they will simply continue their chronic declines against food prices, energy prices, and yes, gold. What’s frankly the most terrible outcome for young people in the West is that the placing of our unpayable debt into cold storage prevents the explosive reset of the system, which, although terrible, would trigger the blossoming of wildflowers. Let young people be not confused: the policies which crush your opportunities are designed to save the retirement of the aging class."
econ101 
january 2012 by maoxian
The Amazing Power of Deflationary Economics for Startups
"Most of the Internet’s Greatest Successes Have Been Deflationary" ... THE GREAT PROFIT DESTROYER
econ101 
december 2011 by maoxian
UK unemployment hits 17-yr high as recession looms
"The Office for National Statistics said on Wednesday the number of people out of work in the three months to October rose by 128,000 to 2.638 million, its highest level since 1994." ... WOW, BUT IT STILL AIN'T AS BAD AS THE 1980s WHEN THINGS WERE COMPLETE SHITE IN BLIGHTY
econ101 
december 2011 by maoxian
How The European Endgame Will be the Death Knell for Modern Economics | Gregor.us
"one is compelled to ask if Mr. McTeer actually understands the system over which the Federal Reserve presides" ... "The relegation of the crisis’ beginnings or causes to subprime is now considered a kind of joke that flags a financially illiterate (or political) view" ... "Much of the commentary you saw prior to 2008, such as Ben Bernanke’s sincere lack of concern about a US housing bubble (“I guess I don’t buy your premise. It’s a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis…”) is, of course, duplicated today as we confront a similar endgame in sovereign debt." ... " 2008 was the signal that the long, secular era of lowering interest rates to help the economy manage its debt levels had reached its endpoint" ... "The current economics profession in general, and our central banking leadership in particular, sheds even more credibility as it careens on, blinded by its own light. The process by which economic activity and resources are coaxed into being by stimulative monetary policy has reached its terminus, and the public will finally understand this dynamic over the next year"
EURO  econ101 
december 2011 by maoxian
The End of Growth in the United States | Gregor.us
"With less economic growth, and no growth in global oil production leading to permanently higher oil prices, the United States is trying to operate its Empire at previous levels. Now you know why the country along with the rest of West has gone more deeply into debt. The population keeps growing, obligations keep expanding, inputs costs keep rising. But growth keeps slowing. ... the energy limit and total debt now trump the tiresome argument between Austrians and Keynesians, rendering the conversation moot."
energy  econ101 
december 2011 by maoxian
Ari's Page 12
via @christopherhuff ... INTEREST RATE CHART IS SCARY, ZIRP DON'T WIRK
CHARTS  econ101 
november 2011 by maoxian
Bernanke Bludgeons China With Inflation as Currency War Intensifies: Books
"Industrial nations inflicted two vicious rounds of currency devaluation on the planet in the 20th century, as Rickards reminds us. The first, in the 1920s and ‘30s, led to military conquests by Nazi Germany and imperial Japan. The second fed a brutal inflationary spiral in the 1970s." ... I DIDN'T LEARN ABOUT THIS IN SCHOOL
BOOKS  CURRENCY  econ101 
november 2011 by maoxian
Why Economic Models Are Always Wrong: Scientific American
""If you had to readjust the constant in Newton's law of gravity every time you got out of bed in the morning in order for it to agree with your scale, it wouldn't be much of a law But in finance they just keep on recalibrating and pretending that the models work."" ... THE MODELS TO DATE ARE CRUDE AT BEST (but I assume they'll get better)
econ101 
october 2011 by maoxian
It’s Consumer Spending, Stupid
"I’m going to let you in on the best-kept secret of the last century: private investment — that is, using business profits to increase productivity and output — doesn’t actually drive economic growth. Consumer debt and government spending do. Private investment isn’t even necessary to promote growth." ... WELL, THEY'RE LINKED, BUT YES... IT'S ALL ABOUT THE CREDIT (and gov't 'spending' is debt-financed)

"If our goal is to repair our damaged economy, we should bank on consumer culture — and that entails a redistribution of income away from profits toward wages, enabled by tax policy and enforced by government spending." ... THERE'S THE MONEY SHOT (or should I say ax to grind)
econ101 
october 2011 by maoxian
The Economics of Bike Lanes – How can John Cassidy get it so wrong?
"I find it absolutely incredible how such a smart economist  can get it so woefully wrong." ... THEN YOU HAVEN'T BEEN PAYING ATTENTION
econ101 
october 2011 by maoxian
Economics in One Lesson
HENRY HAZLITT NOT A FAN OF KEYNES :)
BOOKS  econ101 
october 2011 by maoxian
GDP Per Capita: An Accurate Gauge or a Bum Steer?
""…If we divided the income of the US into thirds, we find that the top ten percent of the population gets a third, the next thirty percent gets another third, and the bottom sixty percent get the last third.  If we divide the wealth of the US into thirds, we find that the top one percent own a third, the next nine percent own another third, and the bottom ninety percent claim the rest.  Actually, these percentages true a decade ago, are now out of date.  The top one percent are now estimated to own between forty and fifty percent of the nation's wealth, more than the combined wealth of the bottom 95%.”" ... JUST DON'T TELL THE LITTLE PEOPLE
econ101  from delicious
september 2011 by maoxian
Falkenblog: A Perennial Risk Problem
"Enumerating a long list of disparate things that may happen, without any probabilities, may work for Nouriel Roubini, but he's a charlatan." ... OF COURSE HE IS ... DEEPLY ANNOYING ACADEMIC TYPE (falkenstein gets it right, doesn't toe the tribal line)
econ101  from delicious
august 2011 by maoxian
Total Employment in the US Falls Again | Gregor.us
"My forecast is that by next year, after revisions and the complete data, 2011′s average—currently at 139.55 million–will fall below 2010′s average of 139.07 million." ... A GUESS AS GOOD AS THE NEXT GUY'S
econ101  from delicious
august 2011 by maoxian
No, We Can’t? Or Won’t? - Krugster
"it seems bizarre to argue that the real problem lies with the workers — that the millions of Americans who were working four years ago but aren’t working now somehow lack the skills the economy needs.<br />
<br />
Yet that’s what you hear from many pundits these days: high unemployment is “structural,” they say, and requires long-term solutions (which means, in practice, doing nothing)." .... STILL HAVE LARGE INVENTORY OF NEWLY BUILT EMPTY HOUSES, TINY KRUGS
econ101  politics  from delicious
july 2011 by maoxian
Noise, Not a Recovery | Gregor.us
"The US economy is in a deep structural hole, hobbling along with massive government spending, that will not be repaired by these meaningless fluctuations in employment. Even Ben Bernanke and the FED, whose optimism has continually been trounced, had to capitulate to these realities. April’s press conference, in which Bernanke downgraded the FED’s forecast (again) was at least refreshing for its honesty."
econ101  from delicious
june 2011 by maoxian
Fed balance sheet hits fresh record size
"The balance sheet -- a broad gauge of Fed lending to the financial system -- swelled to $2.772 trillion in the week ended June 1 from $2.759 trillion the prior week.<br />
The central bank's holding of U.S. government securities grew to $1.532 trillion on Wednesday from last week's $1.519 trillion total." ... PROP 'EM UP BEN
econ101  from delicious
june 2011 by maoxian
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