I watched Keir Starmer give his 'vision speech' this morning. My initial reactions were tweeted as follows: The sound quality throughout this broadcast was dire:
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economics
I commented on Keir Starmer’s ‘vision’ speech a number of times yesterday, mainly by reproducing tweets I had posted during and after its delivery. The
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I have been asked to suggest why I am so confident inflation will fall this year. Let me offer an explanation. First, there is simple
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There is an interesting recent article on buses from the ‘I’ Newspaper pointing out the disastrous consequences of Thatcher’s deregulatory regime, which has led to a decline in bus passengers everywhere except where the deregulation didn’t happen – which is London, such that London now accounts for almost half of all bus passengers in the... Read more
With a remit of keeping inflation at 2%…. Halving inflation is the top item on Sunak’s wish list below. Of course his personal target of halving inflation should be a sure fire winner as the prices of same period in the previous year end up gradually nearer to those of ‘today’ – the inflation has... Read more
It seems reasonable to hope that a successful explanation of wage rigidity would contribute to understanding the extent of the welfare loss associated with unemployment and what can be done to reduce it … Many theories of wage rigidity and unemployment include partial answers to these questions as part of their assumptions, so that the […]
The Little Secret About Corporate Profits
Have you noticed that when workers get better wages, the media blames them for rising prices, but when corporations rake in record profits, there’s silence?
That’s because corporate profits aren’t tracked nearly as closely as worker wages. And the reason why comes down to power.
Every month we get measurements of prices, jobs, and wages — these are the three economic variables we hear repeatedly because they are released each month like clockwork.
Economics today has — as we all know — become a “the model is the message” discipline. But as long as it does not seriously argue and assess the compatibility of those models and their real-world target systems, the belief that those models in any essential way enhance our possibilities to understand or explain what […]
I have argued that in order for a mathematical modeling exercise to illuminate its target the following two conditions must be met:(1*) the objects under investigation must plausibly be stable, modular, and quantitative, with no qualitative differences among instantiations of each type; and (2*) the relations between them must be fixed and law-like throughout the […]
The Truth Behind “Self-Made” Billionaires
Why do we glorify “self-made” billionaires?
Well, being “self-made” is a seductive idea —it suggests that anybody can get to the top if they’re willing to work hard enough. It’s what the American Dream is all about.
If Kylie Jenner can become a “self-made” billionaire at age 21, so can you and I!
Even as wages stay stagnant and wealth inequality grows, it’s a comfort to think that we’re all simply one cosmetics company and some elbow grease away from fortune.