Posts Tagged ‘economics’

The Mustang and the Volvo

June 16, 2021

Political Economist Mark Blyth explains how the structural underpinnings of economies affect their abilities to respond to crisis, like the Covid-19 pandemic

Mark  Blyth, Watson Institute

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We’re In the Pandemic Depression

August 11, 2020

We're In the Pandemic Depression

“What’s clear is that the Pandemic Depression resembles the Great Depression of the 1930s more than it does the typical post-World War II recession. To simplify slightly: The typical postwar slump occurred when the Fed raised interest rates to reduce consumer price inflation. They lowered rates to stimulate growth.

By contrast, both the Great Recession and the Pandemic Depression had other causes. The Great Recession reflected runaway real estate and financial speculation and their adverse effects on the banking system. The Pandemic Depression occurred when infection fears and government mandates led to layoffs and an implosion of consumer spending.”

— “Let’s call it what it is. We’re in a Pandemic Depression.” Robert J. Samuelson, Washington Post

 

“The shared nature of this shock—the novel coronavirus does not respect national borders—has put a larger proportion of the global community in recession than at any other time since the Great Depression. As a result, the recovery will not be as robust or rapid as the downturn. And ultimately, the fiscal and monetary policies used to combat the contraction will mitigate, rather than eliminate, the economic losses, leaving an extended stretch of time before the global economy claws back to where it was at the start of 2020.”

“The Pandemic Depression: The Global Economy Will Never Be the Same,” Carmen Reinhart and Vincent Reinhart, Foreign Affairs

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US cities were segregated by design.

June 4, 2020

The 20th Century segregation of America’s cities was not a natural event, explains Richard Rothstein. Unconstitutional schemes and policies ruined cities and left minority residents to languish. We still live with the consequences.

More:

The Color of Law: A Forgotten History of How our Government Segregated America, Richard Rothstein, 2017.

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The Economics of K-Pop

May 27, 2020

K-Pop, South Korea’s pop music, is big business. A PolyMatter video.

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Trump Economic Recovery Panel: Libertarian Clown Posse

April 15, 2020

Trump Economic Recovery Panel: Libertarian Clown Posse

President Trump announced the members of his Coronavirus economic recovery panel yesterday. He calls it the Great American Economic Revival and, true to its name, it’s got an amen corner of true believers. Unfortunately for a panel on government economic interventions, they’re fundamentalist Libertarians, believers in a savage free market “red in tooth and claw,” and opposed to any government intervention in American life. The market Malthusian “though leaders” on this committee are from the Cato Institute, Heritage Foundation, American Enterprise Institute, and Conservative Partnership Institute. Even the name “Great American Economic Revival” was provided by a Right-Wing media group.

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Is History Important?

March 17, 2020

If we’re headed for a recession, blame the economists who flunked history class, explains Robert Skidelsky in this video from the Institute for New Economic Thinking.

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Banning Stock Buybacks

March 9, 2020

When the Trump administration slashed their taxes, corporations invested the windfall in building new facilities and creating new jobs, right? Of course not. They spent the cash on stock buybacks. That’s good for corporate execs but a disaster for the economy. William Lazonick explains in this video from the Institute for New Economic Thinking.

More:

“Why Stock Buybacks Are Dangerous for the Economy,” William Lazonick, Mustafa Erdem Sakinç, and Matt Hopkins,. Harvard Business Review

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Who pays the lowest taxes in the US?

February 14, 2020

Who pays the lowest taxes in the USA? Yep, that’s right, poor folks.

More:

“How to Tax Our Way Back to Justice,” Emmanuel Saez and Gabriel Zucman, New York Times

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America’s Class Problem

January 30, 2020

You’ve heard about the 1%, but Matthew Stewart argues that 9.9% of the U.S. population is America’s new aristocracy, and it’s an insidious threat to the promise of American democracy. A video from The Atlantic.

More:

“The 9.9 Percent Is the New American Aristocracy,” Matthew Stewart, The Atlantic

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Donald Trump Joins Javanka at Davos 2020

January 21, 2020

Donald Trump Joins Javanka at Davos 2020

World leaders and the billionaires who own them are now gathered in Davos Switzerland at the annual meeting of the World Economic Forum. Even though the Davos golf season ended in October, US President Donald Trump has joined White House Lifestyle guru Ivanka Trump, her husband Secretary of Everthing Jared Kushner, and foreclosure king and Treasury Secretary Steven Mnuchin at the high-powered global economics meeting. We expect the president to use the globalist event to address “America First” political supporters back home, contest his impeachment trial at a safe distance, and check out the specifics of the Swiss-US extradition treaty.

Mr. Trump’s attendence at Davos is expected to cost U.S taxpayers $3.4 million in addition to security costs, salaries, and the $2.2 million needed to fly Air Force One round-trip between the US and Zurich and the Marine One helicopter from Zurich to Davos and back.

More:

“Trump sets off for Davos just as Senate impeachment trial heats up,” Jeremy Diamond, CNN

“Trump in Davos: Talking up economy, brushing off impeachment,” Darlene Superville, Associated Press

“Trump Focuses on Economy at Davos, Seeking a Counter to Impeachment,” Annie Karni and David Gelles, New York Times

“Trump is on trial for abuse of power – the Davos elites should be in the dock too,” The Guardian

“Trump, in Davos to Talk Trade, Lashes Out at Enemies Back Home,” Annie Karni, New York Times

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

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