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from Dean Baker As a big fan of the original Star Trek, I have to confess that it was kind of neat to see Captain Kirk actually go into space. But there is a real issue here about the silly games of the super-rich that is worth some thought. There have been numerous stories and papers about the huge increase in the wealth of the super-rich since the pandemic began. Virtually all of this is due to the run-up in the stock market during this period. Part of that is bounce back, the S&P...

from Blair Fix Political economist Chris Mouré has a new paper out in the Review of Capital as Power. It’s called ‘Soft-wars’, and it is a fascinating case study of the behavior of big tech. The story starts in 2011, when Microsoft led a $4.5 billion consortium purchase of Nortel and Novel. Later than year, Google responded by buying Motorola for $12.9 billion. The funny thing is that Google then proceeded to sell off what it had just bought. By 2014, almost nothing was left of...

from Lars Syll Back in 1992, New Jersey raised the minimum wage by 18 per cent while its neighbour state, Pennsylvania, left its minimum wage unchanged. Unemployment in New Jersey should — according to mainstream economic theory’s competitive model — have increased relative to Pennsylvania. However, when ‘Nobel prize’ winning economist David Card and his colleague Alan Krueger gathered information on fast food restaurants in the two states to check what employment effects the minimum wage...

Prosecutors in Mexico seeking arrest warrants for more than 30 scientists “The World Economic Association –with its 15,000 members-is committed to the development, promotion and diffusion of economic research and knowledge; advocating plurality of thought, method and philosophy. We are convinced that these activities can only be carried out in a context of freedom, exempt of intimidation and harassment. In this spirit we voice our apprehension for  the 31 Mexican scientists and scientific...

from Dean Baker That’s the question millions are asking, even if economic reporters are not. The classic story of a wage price spiral is that workers demand higher pay, employers are then forced to pass on higher wages in higher prices, which then leads workers to demand higher pay, repeat. We are seeing many stories telling us that this is the world we now face. A big problem with that story is the profit share of GDP has actually risen sharply in the last two quarters from already high...

by New Deal democrat Weekly Indicators for October 11 – 15 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. There are a couple of signs that the inflationary surge may be at or just past its peak, mainly in that the costs for ship transportation, which have been soaring for months, have stopped doing so and in one case have reversed. Meanwhile, on the production side, some commodity costs are still increasing sharply. As...

from C. P. Chandrasekhar and Jayati Ghosh It is by now well known that three decades of financial globalization have led to massive increases in income and asset inequalities in the United States and Europe. But in the developing world, the effects of financial globalization have been even worse: along with new inequality and instability, the creation of “emerging markets” to support investment in poor countries has undermined development projects and created a relationship in which poor...

It seems almost inconceivable that the culture wars that have dominated Australian public life for decades could end, and with victory for the progressive side on nearly every front.  And I have made premature predictions to this effect before.   But consider the following list of events over the last couple of years, many in the last few months. *  After decades of quasi-legality in many states, abortion rights have been enshrined in law throughout Australia – attempts to...

from Shimshon Bichler and Jonathan Nitzan Introduction In 2012, we published a paper in the Journal of Critical Globalization Studies titled ‘Imperialism and Financialism: The Story of a Nexus’. Our topic was the chameleon-like Marxist notion of imperialism and how its different theories related to finance. Here is the article’s summary: Over the past century, the nexus of imperialism and financialism has become a major axis of Marxist theory and praxis. Many Marxists consider this...