Posts Tagged ‘economics’

Job Deletion: A Feature, Not a Bug?

September 4, 2017

Job Deletion: A Feature, Not a Bug?

Happy Labor Day.

“We are being afflicted with a new disease of which some readers may not yet have heard the name, but of which they will hear a great deal in the years to come – namely, technological unemployment. This means unemployment due to our discovery of means of economising the use of labour outrunning the pace at which we can find new uses for labour.” — John Maynard Keynes, 1930

“Today we’re living in those years to come, and it’s hard to go a week without some story about how all the jobs will soon belong to artificial intelligence or machine learning or however else we’re describing the automatons. Keynes was right to see it coming, but he didn’t exactly nail the implications.” — Malcolm Harris, 2017

More:

“A Jobless Future Everyone Can Love,” Malcolm Harris, Pacific Standard

“AI, Robotics, and the Future of Jobs,” Irving Wladawsky-Berger, Pieria

“Jobs aren’t the solution to America’s problems—they’re the cause,” James Livingston, Quartz

“A robot tax rises from American center of tech industry,” Janie Har, Associated Press

“What the Industrial Revolution really tells us about the future of automation and work,” Moshe Y. Vardi, The Conversation

“Work In The Digital Society,” Social Europe

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Image (“John Maynard Keynes Blogging, after Duncan Grant”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Value vs Profit

February 27, 2017

“The Greatest Economics Lesson, a short film by Taylor Erickson.

More:

“This Short Film Explains Why Businesses Should Maximize Value Over Profit,” Edwin Rios, Mother Jones

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Big Savings!

November 25, 2016

Big Savings!

The Friday after Thanksgiving or ”Black Friday“ is reserved by global corporations for whipping Americans into a frenzy of over-consumption.  Millions camp out and line up for hours hoping for bargains. Most end up buying things they don’t need at prices they can’t afford.

Save big today. Don’t buy a single thing. If you want to spend something, spend the day with friends and family. Spend time at the library; borrow a book and spend time reading it. Spend time making something. You’re not what you buy. You’re not a “consumer.” You’re a human being.

More:

“Buy Nothing Day,” AdBusters

“Buy Nothing Day,” Wikipedia, the free encyclopedia

“The scientific explanation of why people kill each other over TVs on Black Friday,” Laurence Ashworth, Reuters

“5 Great Reasons to Celebrate International Buy Nothing Day Instead of Black Friday,” Amy Mendosa, TIME

“Anti-Black Friday Movements Gain Traction With Patagonia Clothing Swap,” Meagan Clark, International Business Times

“A Brief History of Black Friday,” Ethan Trex, Mental Floss

“Annual ‘Buy Nothing Day Winter Coat Exchange’ bucks consumerism,” Michelle R. Smith, AP via Providence Journal

“Great Ways to Spend Black Friday Not at the Mall,” Brad Tuttle,CNN Money

“Fight Black Friday by joining a Buy Nothing group,” Lisa Hyma,Grist

“Websites promote Buy Nothing Day,” Kevin O’Neil, Scranton Times-Tribune

“Buy Nothing Day 2014: Black Friday Anti-Consumerism Backlash Facts and History,” Lydia Smith, International Business Times

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Gender Pay Gap To Be Closed in Only 170 Years

November 1, 2016

Gender Pay Gap To Be Closed in Only 170 Years

Women are expected to earn as much as men as early as January 2196, reports the World Economic Forum. WEF is the organization behind that annual gathering of radical populists at Davos.

The global gender pay gap has widened since 2015, when it was expected to close in 118 years. The United States has fallen in the rankings in the past year, from 23rd to 45th place in gender wage equality.

Download the report here.

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Top image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Economics

September 28, 2016

Dr. Ha-Joon Chang explains why you can (and should) “arm yourself with some facts” about economics. His address to the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA) can be seen in full here, but the animated excerpt above is even more fun.

Illustrator: Andrew Park of Cognitive Media for RSA Animate.

Related:

Ha-Joon Chang website

RSA Citizens’ Economic Council

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Trump Economic Policy

August 10, 2016

Trump Economic Policy

Donald Trump — meat purveyor, TV reality star, and Republican presidential candidate — trotted out some phrases disguised as an economic plan on Monday. They were phases familiar from the last 30 years of the GOP’s trickle-down, deregulating, big-corporate, no-taxes-for-the-rich philosophy, the failed policies that crashed the world economy when Republican leadership was last inflicted upon the nation, making the rich even wealthier at the expense of the rest.

After lambasting the Republican elites and their policies during the primaries, why is Mr. Trump suddenly embracing the old GOP worldview? Looks like he wants those wealthy guys to fund his general election campaign– he’s peddling high-dollar tickets to fundraising events at the homes of the rich. No wonder he named “six guys named Steve” and other billionaire hedge fund and real estate speculators as his “economic advisers“.

More:

“Sliding Trump Seeks Solidarity With Establishment He Spurned,” Sahil Kapur, Bloomberg

“Donald Trump Sells Out to Trickle-Down Economics,” John Cassidy, The New Yorker

“Trump’s Frankenstein economics,” Ben White, Politico

Related:

“Donald Trump wants to slash your child care bill. But he’s doing it all wrong.” Jeff Spross, The Week

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

Merle Hazard’s Macro-Policy Barndance

March 30, 2016

“How Long (Will Interest Rates Stay Low),” a toe-tappin’ country song by Merle Hazard (“moral hazard” meets Merle Haggard, get it?) with Alison Brown on banjo, Tammy Rogers King on fiddle, and Trey Hensley on guitar.

“How long (how long) will interest rates stay low?
That’s the question, the whole world wants to know
How long (how long) will interest rates stay low?
It seems like if they’re going up, they’re going pretty slow.”

More:

“How long will the Fed have to ‘fiddle’ with interest rates?” PBS Newshour

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McDonalds in Russia

February 22, 2016

McDonalds in Russia

The Russian economy is in a nosedive thanks to falling oil prices, Western sanctions, and general lack of faith in the Ruble. But the county’s McDonalds’ burger biz is booming, and the fast-food chain is adding 60 new Russian eateries this year, and now has over 500 outlets from St. Petersburg to Siberia. What gives? Use of locally-sourced products keeps prices down, and avoids the retaliatory foreign food bans imposed after the Ukraine crisis triggered Western economic sanctions. McD’s also added a line of lower-priced pork burgers to fit the slimmer wallets of today’s Russian consumers. Are those fried brie nuggets still on the menu?

More:

“Russia’s economy is tanking. But McDonald’s is still lovin’ it,” Dan Peleschuk, Global Post

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Davos 2016

January 20, 2016

Davos 2016

The billionaire masters of Planet Earth and their pet politicians are in Davos this week for the 46th World Economic Forum. The US is sending a high-powered team led by Joe Biden, John Kerry, Kevin Spacey, will.i.am, and Leonardo DiCaprio. You can join them for a mere $31,473 a ticket, if you’ve paid your $50,000 WEF dues. Hotel, dining, and valet parking are extra. Gatecrashers and the improperly dressed will be politely turned away by police and 5,000 Swiss soldiers.

 

The Forum is going to be really inconvenient this year due to security concerns. You’ll have to land your private jet at Dübendorf military airbase and get to Davos by limo, helicopter, or horse-drawn carriage.

This year’s agenda will focus on Industry 4.0, aka “The Fourth Industrial Revolution … the fusion of technologies across the physical, digital and biological worlds which is creating entirely new capabilities”and replacing laborers with robot employees. Naturally, Forum members want to speed up that process. And WEF is concerned about women, too, and that’s why this year almost 20% of Davos attendees are women. Progress!

More:

“62 People Own Half the World’s Wealth, Oxfam Says Ahead of World Economic Forum,” Pan Pylas, NBC New York

“Get a grip on inequality, leaders urged in run-up to World Economic Forum,”  AP via Chicago Tribune

“The 2016 World Economic Forum Misfires With Its Fourth Industrial Revolution Theme,” Jeremy Rifkin, Huffington Post

“Davos Robot Eclipses Davos Man as Gloom Descends on World Elite,” Simon Kennedy, Matthew Campbell, The Guardian

“Industry 4.0 to be huge job killer,” Deutsche Welle

“Robots put five million jobs at risk,” SwissInfo.ch

“Report from Davos: ‘Men still run the world—and it’s not going that well,’” Jenny Anderson, Quartz

“The failure of Davos,” Felix Salmon, Fusion

_________________

Short link: http://wp.me/p6sb6-n0l

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Big Savings!

November 27, 2015

Big Savings!

The Friday after Thanksgiving or ”Black Friday“ is reserved by global corporations for whipping Americans into a frenzy of over-consumption.  Millions camp out and line up for hours hoping for bargains. Most end up buying things they don’t need at prices they can’t afford.

Save big today. Don’t buy a single thing. If you want to spend something, spend the day with friends and family. Spend time at the library; borrow a book and spend time reading it. Spend time making something. You’re not what you buy. You’re not a “consumer.” You’re a human being.

More:

“Buy Nothing Day,” AdBusters

“Buy Nothing Day,” Wikipedia, the free encyclopedia

“The scientific explanation of why people kill each other over TVs on Black Friday,” Laurence Ashworth, Reuters

(more…)