Financial Times columnist and author Rana Foroohar talks about her new book Homecoming: The Path to Prosperity in a Post-Global World
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Although most of those infected with COVID-19 have recovered relatively quickly, a substantial share has not, and remains symptomatic months or even years later, in what is commonly referred to as long COVID. Data on the incidence of long COVID is scarce, but recent Census Bureau data suggest that sixteen million working age Americans suffer from it. The economic costs of long COVID is estimated to be in the trillions. While many with long COVID have dropped out of the labor force because they can no longer work, many others appear to be working despite having disabilities related to the disease. Indeed, there has been an increase of around 1.7 million disabled persons in the U.S. since the pandemic began, and there are close to one million newly disabled workers.
Racial and ethnic earnings disparities have been salient features of the U.S. economy for decades. Between the pandemic-driven recession in 2020 and the rising inflation since 2021, workers’ real and nominal earnings have seen rapid change. To get a sense of how recent economic conditions have affected earnings disparities, we examine real and nominal weekly earnings trends for Asian, Black, Hispanic, and white workers. We find that average real weekly earnings have been declining in the past year, but less so for Black and Hispanic workers than for white and Asian workers. Black and Hispanic workers have also experienced small increases in real earnings since the pre-pandemic period.
Australia's and Norway's economies both have massively profitable resource industries, but Norwegians receive a much larger and fairer share
The post Norway shows how Australia can get a fair return from oil and gas appeared first on The Australia Institute.
Roughly 20 years ago, we made limited edition prints of these images and they sold out. Since then, we’ve been getting requests for more. At long last, your wish is our command: with altered color and a slightly smaller size (11 x 14” as opposed to 11 x 17”) we are presenting this second run of prints that we hope all can enjoy, without diminishing the collectible value of that first limited run. The “Hot Dog” image originally appeared in a special Phish issue of Entertainment Weekly in the year 2000. The “Phishbowl” originally appeared in Rolling Stone magazine in 1998. More info HERE:
https://www.printsandtherevolution.art/product/phish-hot-dog-phishbowl-2-print-set-save-on-shipping
Permits back on trend after a post-Covid bounce? Starts down a bit but perhaps leveling off around pre covid levels. Certainly not a major collapse yet: Multi-family doing better than single-family: Another tick up in the Fed Atlanta’s GDP calculations:
The post Housing permits and starts, GDP forecast appeared first on Mosler Economics / Modern Monetary Theory.
Admired in the West but loathed by his countrymen as a harbinger of Russia’s post-Cold War misfortune, Mikhail Gorbachev fully grasped the immense challenges of reforming the ailing Soviet Union. Today’s Russia largely reflects the anti-Western grievances stemming from his failure.
Antitrust expert Hal Singer shows how big businesses in certain industries are taking advantage of inflation worries to jack up prices far beyond their cost increases, all the while raking in robber-baron profits.
Microeconomist Hal Singer studies the topic on everyone’s mind: prices. Singer, who teaches advanced pricing at Georgetown’s McDonough School of Business and frequently serves as an economic expert in antitrust litigation (often concerning how firms set prices), says that those who hold workers’ wages responsible for inflation are not only wrong but making the problem worse with policies that fail to hit the real mark.
The latest data from the Bureau of Statistics on families shows that more than ever before couples with dependants are both working.
The post Families change but the same problems remain appeared first on The Australia Institute.
Has the solution to global tensions been waiting at home all along?
First created in the midst of World War II, the Bretton Woods agreement collapsed in 1971, yet its legacy is still with us. Senior Economist Paulina Restrepo-Echavarria explains why.
Gas companies in Australia made up to $40 billion in windfall profits in the last year due to the war in Ukraine, and global price spikes. There are growing calls for a windfall profits tax to claw back some of these war profits, to fund essential services in Australia. This was recorded on Tuesday 18th
The post It’s a No-Brainer! appeared first on The Australia Institute.
Let’s crack open one of my favorite cookbooks from my collection, Benson & Hedges 100’s Presents Drink Recipes from 100 of the Greatest Bars (1979). Don’t you love the cover? My little eye spies a Martini, a Daquiri, and a Long Island Iced Tea. Since I decided to feature this book on Facebook and InstagramContinue reading Benson & Hedges 100’s Presents Drink Recipes from 100 of the Greatest Bars: Traffic Light (1979)
Why The Window To Prosecute Trump Is Closing
Donald Trump is not above the law. He must be prosecuted — to preserve what’s left of our democracy.
Trump spent years evading the consequences of his actions thanks to the wealth he accumulated from his empire of scams.
Now, he’s counting on his political power to shield himself from far more serious crimes.
Every day we wait to hold Trump accountable only emboldens him — and others like him — to wreak havoc on our Constitution and the rule of law.
Diamond-Dybvig-Bernanke is a flawed model of banking that has no room for a lender of last resort
The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig for having “significantly improved our understanding of the role of banks in the economy, particularly during financial crises” (Royal Swedish Academy of Sciences 2022a).
The main justification for Diamond and Dybvig's (DD) award is given by a paper published in 1983: “In an article from 1983, Diamond and Dybvig develop a theoretical model that explains how banks create liquidity for savers, while borrowers can access long-term financing” (Royal Swedish Academy of Sciences 2022b, p.4).
A short exposition of the model
New analysis shows Liquified Natural Gas (LNG) producers reaped up to $40 billion of windfall profits in FY 2021-22 thanks to soaring global gas prices due to the war in Ukraine. The research comes following a damning report from the ACCC into the gas industry around price-fixing and subsequent condemnation of cartel-like behaviour on the
The post Gas Giants Reap $40 Billion in Windfall War Profits: Report appeared first on The Australia Institute.
No sign here that the rate hikes have slowed growth: This is what has been hurting their currency: This series is showing signs of slowing, perhaps due to working from home:
The post Industrial production, EU trade, miles driven appeared first on Mosler Economics / Modern Monetary Theory.
UPDATE: Wow The UK has submitted Hassan Nazer’s Winners as its entry for best international feature at the Oscars. Nadira’s first feature film as Producer, Winners, won the Audience Award for best film at the Edinburgh International Film Festival to our (frankly surprised) delight. It will play in London at the Raindance Film Festival on […]
The post Winners at Raindance appeared first on Craig Murray.
The production of death under capitalism is well understood. Innumerable terms and theoretical formulations exist to define the endpoint of capital’s immiseration, the one constant…
A how-to guide for academics who want to have their name on lots of papers.
The post How To Be an Academic Hyper-Producer appeared first on Economics from the Top Down.
There’s a popular belief that capitalism succeeds because it enables the best product in any industry to survive, while the poorer products lose out. There’s also a popular belief that the market leads to “lock-in”: an inferior concept will come to dominate a product space, and improvement becomes impossible because all subsequent developments are forced … Continue reading "How Capitalism Kills Good Software"