Econ4, a group of heterodox economists, has released a short video and a statement on the “new economy” which they define as more sustainable and equitable forms of organizing “productive” activity and the resources that support them.
Read more...Yves here. Because the European slow-motion train wreck is turning out to be particularly slow, it’s almost become background noise in the US, almost a lesser version of the now two lost decades in Japan. But what is happing in Europe is less benign and less likely to be able to continue anywhere near that long.
Read more...In a new article at the Prospect, Harold Meyerson tells us that unions are getting higher marks than they did a few years ago:
Read more...By lambert strether of Corrente.
Obama’s career transition from selling hope and change to selling insurance seems to be, at least so far, a wee bit rocky. Kudos to WaPo’s Sarah Kliff and Sandhya Somashekhar for breaking the story of the newest #FAIL, which required them to process 600 pages of dense HHS prose on July 5; a classic Friday document dump, with bonus points for the holiday weekend, and super double bonus sparkle pony points for following hard on the heels of another huge #FAIL, Obama’s triage of the employer reporting mandate (chirped White House apparatchick Valerie Jarrett: “We are full steam ahead for the Marketplaces [exchanges] opening on October 1.” Right onto the rocks, Val!). Kliff and Somashekhar write:
Read more...Yves here. While some of the concerns in this post are specific to Australia, they can be readily translated to other property regimes. The part that is missing, however, is that the US relies on “real estate taxes” which includes the value of the buildings on the land. Michael Hudson has advocated taxing land much more heavily, since unlike taxing capital or labor, it does not burden the economy with higher costs . As he explains in a 2009 interview:
Read more...Higher education used to be free for millions of Americans. A transaction tax on the financial houses could help make it free again
Read more...If you think Independence Day came to be a national holiday as an organic expression of pride in our successful rebellion against England, you need to think twice.
Read more...By Leith van Onselen, Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. You can follow him on Twitter at @leithvo. Cross posted from MacroBusiness
Westpac Institutional Bank yesterday released a sobering note (below) on the ongoing income squeeze taking place in the US.
Read more...Inquality.org, which is a portal for news and data about income inequality, has published a particularly well-presented paper, The Political History of American Inequality, by Colin Gordon, a professor of history at the University of Iowa who has focused on 20th century American public policy and political economy. I’ve sampled it, and it’s clear and engagingly written and has great interactive chart porn,
Read more...Has Sherrod Brown started to follow Obama’s lead in the bait and switch category? Elizabeth Warren showed a lot more spine than he did in an trade-related vote on Wednesday.
Read more...OK, you remaining Obama fans: tell me why we should trust the biggest baiter and switcher in the history of the Presidency, particularly when he insists on unprecedented levels of secrecy? Because he has nice teeth and cute kids?
Read more...Readers were duly exercised about a paper published by Greg Mankiw which had to go through so many hoops to promote the idea that inequality was the result of merit as to be worthy of our Frederic Mishkin Iceland Prize for Intellectual Integrity.
Suffice it to say further ridicule of Mankiw is in order, and Parramore provides a useful contribution.
Read more...When union members demand decent pay levels and work conditions, they are charged with featherbedding and overmanning or the new neoliberal catchall, “demanding uncompetitive wages”. But when the upper crust loots institutions, the mainstream media is typically missing in action.
Read more...Yves here. This post swings for the fence, but still makes an important point about how the uprising in Turkey differs from Arab Spring and the Orange Revolution.
Read more...Joe Firestone reviews the state of play on the Social Security/Medicare “reform” debate.
Read more...