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from Lars Syll In 1990, two economics PhD students at the University of Chicago, Jeffrey Smith and Kermit Daniel … composed “Economics to Sociology Phrase Book” in order, as they put it, “to help economists adjust their way of speaking in a manner that will make it comprehensible to Sociologists” … Concerning economics terminology, by the way, one can see that not much has changed since then. Oleg Komlik

from Fernando García-Quero and Fernando López Castellano and current issue of RWER Constructing the capitalist world-economy was only made possible through the use of racism and sexism as tools for the hierarchization and categorization of the population (Mbembe, 2000; Wallerstein, 2000). The history of capitalism is also the history of the open veins of the South and massive exploitation of natural resources (Galeano, 1972; Herrero, 2013). Its logic of accumulation entails irreconcilable...

from Lars Syll A couple of years ago, Paul Krugman had a piece up on his blog arguing that the ‘discipline of modeling’ is a sine qua non for tackling politically and emotionally charged economic issues: In my experience, modeling is a helpful tool (among others) in avoiding that trap, in being self-aware when you’re starting to let your desired conclusions dictate your analysis. Why? Because when you try to write down a model, it often seems to lead some place you weren’t expecting or...

I just got invited to put a short entry on the 4-day week in the 2nd edition of the Encyclopedia of HRM . It’s over the fold Four Day Week The five-day working week and the two-day weekend, have been standard for so long, it is hard for many to imagine anything different. But, as a normal way of working, it dates back only to the middle of the 20th century. Before that, Saturday was a normal working day in Western countries and only Sunday, the Christian Sabbath, was normally...

This series keeps drifting lower as personal income isn’t keeping up with price increases: And the economy itself isn’t growing real personal income the way it did pre-covid: Likewise, personal consumption is sluggish: People are saving less and less every month:

Typical post war recession type of outcome, as previously discussed: One reason for the low unemployment in the US is that for a lot of people you need a job to get health insurance:https://tradingeconomics.com/united-states/jobless-claims Reported inflation will fall rapidly unless energy prices increase from current levels,which is likely given current Saudi OSP’s and EU responses to the war:

from C. P. Chandrasekhar When the world’s financial leaders met mid-April at Washington for the annual spring meetings of the International Monetary Fund and the World Bank, the mood was one of gloom. The world economy is in disarray, with world leaders clueless as to where it is headed or what can be done to prevent a possible collapse. In the April 2022 edition of its World Economic Outlook, the IMF has slashed its 2022 GDP growth forecast of six months ago by 1.3 percentage points to...

from Lars Syll Real probability samples have two great benefits: (i) they allow unbiased extrapolation from the sample; (ii) with data internal to the sample, it is possible to estimate how much results are likely to change if another sample is taken. These benefits, of course, have a price: drawing probability samples is hard work. An investigator who assumes that a convenience sample is like a random sample seeks to obtain the benefits without the costs—just on the basis of assumptions....