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Posts Tagged ‘economics’

“Productivity” is a perfect example of the pseudscience underpinning economics

Economists are famously fragile about their field; after all, this is the field that created a fake Nobel prize to give its practitioners the veneer of credibility and empiricism that actual sciences enjoy.

A favored tactic among economists is the use of complex equations that make it hard for nonpractitioners to spot the cards they're ...

New York City raised minimum wage to $15, and its restaurants outperformed the nation

After NYC raised its minimum wage from $7.25/h to $15/h this year -- the largest pay hike for low-waged workers in half a century -- the city's restaurants boomed, posting the highest growth levels in the country.

The findings come from a study undertaken by the Center for New York City Affairs at The New ...

We could fund the transition to green energy with 10-30% of the world’s fossil fuel subsidy

A new report from the International Institute for Sustainable Development (IISD) estimates the cost of subsidizing a full transition to clean energy, and comes out with a figure that is only 10-30% of the subsidy presently given to the planet-destroying fossil fuel industries.

That is to say, a full green energy transition is a steal.

The ...

In 1943, the chairman of the NY Fed backed Modern Monetary Theory: “Taxes for Revenue Are Obsolete”

Modern Monetary Theory is the latest incarnation of chartalism, the economic theory that holds that government spending -- and a federal jobs guarantee -- doesn't create inflation, so long as the spending is on things that the private sector isn't buying: if a factory can produce ten widgets but is only producing five because ...

Cutbacks caused Brexit: austerity correlates with UKIP membership

Not much detail, as the paper that makes the claim is only available at present to American Economic Association members; but in Did Austerity Cause Brexit? University of Warwick economist Thiemo Fetzer asserts that he found a "significant association between the exposure of an individual or area to the UK government’s austerity-induced welfare ...

The rent’s less ****** high: rents falling in most of America’s most expensive cities

In all but a few of the most expensive cities in the USA, median rents on one- and two-bedroom apartments have fallen, sometimes quite sharply (for example, in NYC median asking rents on a one bedroom are down to $2940, a 12.8%/$430 decline from their peak in March 2016; while in Honolulu, rents are down ...