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EconoSpeak

The Econospeak blog, which succeeded MaxSpeak (co-founded by Barkley Rosser, a Professor of Economics at James Madison University and Max Sawicky, an economist at the Economic Policy Institute) is a multi-author blog . Self-described as “annals of the economically incorrect”, this frequently updated blog analyzes daily news from an economic perspective, but requires a strong economics background.

Bad Reporting On Latest Sveriges Riksbank Prize In Memory Of Nobel

 So the recipient are half of it to David Card for his 1994 study with the late Alan Krueger, who committed suicide not too long ago, on minimum wages, and how raising them might actually sometimes increase employment.  The other half was split between Joshua Angrist and Guido Imbens for developing econometric techniques for studying natural experiments, such as differences in differences, with a 1992 paper on compulsory education by them cited. Card and Krueger also used this.Anyway, I...

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The Passing Of Peter Flaschel And The Bielefeld School Of Macroeconomics

 German economist Peter Flaschel died yesterday at age 78.  I am not sure precisely of what, although it was not Covid-19.  He had been in declining health for some years, with a heart problem at least.  Roberto Veneziani, from whom I learned the news, said that Peter "sounded tire" when he spoke with him a few days ago.  Ironically he spoke with him to tell him I had accepted for publication in the Review of Behavioral Economics a paper they coauthored with two other economists on the...

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The Origin Of The Terms “Socialism” and “Communism”

 This is one of those rare times when I post here about my academic research, but on this matter, well, I think this is of broader interest than than the usual obscuranta that I usually study academically.So, my wife, Marina, and I, were asked to contribute to a "Handbook on Comparative Economics." We were supposed to have sent in our chapter by the end of September. There will be a conference on this around Oct. 18 in Trento, Italy, neither of us will make, although we have committed to...

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Will Krysten Sinema Change Parties?

 I have resisted posting something like this, but while I have yet to see anybody else suggest it, this possibility has been on my mind now for several days.We have never seen to my knowledge a senator refuse to offer their views on possible resolution of a major disagreement involving money.  The contrast to Sen. Sinema is her associate in the Senate in blocking various Dem initiatives (including undoing the filibuster, which would really open things up), Joe Manchin of WV. For how annoying...

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Democratizing Work

I was a bit skeptical of the Global Forum on Democratizing Work. It seemed to me that rushing into an online conference was perhaps a bit over ambitious and misdirected for a relatively new initiative that arose out of a collective letter to the editors of newspapers.Anyway, I attended three session today, two of them for their entirety and I was not disappointed. I mean my skepticism was not disappointed. A session on working time presented some fascinating accounts from a gig worker, an...

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Labor as a Common Pool Resource

The everyday experience of working people, economic policies of governments, bargaining priorities of trade unions and theoretical models of economists refute the idealistic maxim that labor is not a commodity.An early rationale for the proposition was given in 1834 by William Longson of Stockport in his evidence to the House of Commons Select Committee on Hand-Loom Weavers:- …every other commodity when brought to market, if you cannot get the price intended, it may be taken out of the...

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The Open Access Movement In Academic Publishing

I apologize that I look like someone voting for 3.5 and then some time later saying that they only support 1.5, but I am not interested now in discussing that matter. So, here I go. 1) I support Open Access in academic journal publications. 2) OTOH I grant that commercial publishers of academic journals should be able be able to demand payment for people accessing articles fully available in their journals, within "reason."  3) I agree that academic journals journals should allow authors to...

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Thoughts on superfluous disposable time

The whole development of wealth rests on the creation of disposable time. The relation of necessary labour time to the superfluous (such it is, initially, from the standpoint of necessary labour) changes with the different stages in the development of the productive forces. … In production resting on capital, the existence of necessary labour time is conditional on the creation of superfluous labour time. 398 Grundrisse It is a law of capital, as we saw, to create surplus labour, disposable...

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Goodbye Gene Weingarten

 I am not sure how many readers here know who Gene Weingarten is.  He is a humorist who has authored a column for the last 21 years that has appeared each Sunday at the end of the Sunday Washington Post magazine.  I am not sure where he was outletting before then, although I think he had some fame, but not huge amounts.  Anyway, without warning in today's column he announced "The Short Goodbye," his final column, mostly consisting of him quoting much older other humorists.  He gave no reason...

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Bungling The Debt Ceiling

It looks like Sen. Chuck Schumer (D-NY) is bungling the matter of raising (or suspending) the debt ceiling, coming due in mid-October supposedly. He could have tied it to reconciliation in August, but decided not to, intent on getting GOPster on board with participating in doing it. But Sen. McConnell (R-KY) is having none of it, and even though Schumer thought he had them by tying it to a continuing resolution to keep the government going past Sept. 30, well, McConnell is not going along,...

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