Tag Archives: US/Global Economics

Focus on Fracking: gasoline supplies lowest since November 2017 despite​ gasoline production above prepandemic levels; Focus on Fracking, Commenter and Blogger RJS US oil data from the US Energy Information Administration for the week ending October 29th indicated that after a modest increase in our oil production and only minor changes to our oil imports, our oil exports, and our refining, we had surplus oil to add to our stored commercial crude...

Focus on Fracking: gasoline supplies lowest since November 2017 despite​ gasoline production above prepandemic levels; Focus on Fracking, Commenter and Blogger RJS US oil data from the US Energy Information Administration for the week ending October 29th indicated that after a modest increase in our oil production and only minor changes to our oil imports, our oil exports, and our refining, we had surplus oil to add to our stored commercial crude...

Money Illusion in the Twenty-First Century The starting point for any consideration of inflation is that wages (and interest, profits, and rents) are prices.  Every transaction has two sides, and one person’s price is another’s income.  In the aggregate, leaving aside international complications, inflation can’t have either a negative or positive effect on aggregate real income.  After this, you can explore issues of distribution, inflation’s...

Money Illusion in the Twenty-First Century The starting point for any consideration of inflation is that wages (and interest, profits, and rents) are prices.  Every transaction has two sides, and one person’s price is another’s income.  In the aggregate, leaving aside international complications, inflation can’t have either a negative or positive effect on aggregate real income.  After this, you can explore issues of distribution, inflation’s...

Capital itself is the moving contradiction  The phrase quoted in the title is probably the most well-known in the Grundrisse. It has been cited in books and journal articles at least a hundred times, an order of magnitude more frequently than the alternative translation found in the collected works, “capital itself is a contradiction-in-process,” It is also a centerpiece of Moishe Postone’s Time, Labor and Social Domination, where Postone quotes...

Capital itself is the moving contradiction  The phrase quoted in the title is probably the most well-known in the Grundrisse. It has been cited in books and journal articles at least a hundred times, an order of magnitude more frequently than the alternative translation found in the collected works, “capital itself is a contradiction-in-process,” It is also a centerpiece of Moishe Postone’s Time, Labor and Social Domination, where Postone quotes...

October jobs report: a very strong report putting to rest questions about the strength of the expansion  In the light of the last two month’s relatively “poor” jobs readings, an important question was what was going to happen with revisions. As we will see below, they really delivered! – big positive revisions to both of the last two months’ numbers. Additionally, I have been watching manufacturing hours and payrolls, to see if that white-hot...

October jobs report: a very strong report putting to rest questions about the strength of the expansion  In the light of the last two month’s relatively “poor” jobs readings, an important question was what was going to happen with revisions. As we will see below, they really delivered! – big positive revisions to both of the last two months’ numbers. Additionally, I have been watching manufacturing hours and payrolls, to see if that white-hot...

Layoffs, wages, and labor costs: three measures of the labor Boom, New Deal democrat Initial claims declined another 14,000 this week to 269,000, and the 4 week average declined 15,000 to 284,750, both new pandemic lows: For the past 50 years, initial claims have only been at these levels briefly at the peak of the late 1990’s tech boom, and from 2015 to just before the pandemic in 2020. Continuing claims also declined 134,000 to...

Layoffs, wages, and labor costs: three measures of the labor Boom, New Deal democrat Initial claims declined another 14,000 this week to 269,000, and the 4 week average declined 15,000 to 284,750, both new pandemic lows: For the past 50 years, initial claims have only been at these levels briefly at the peak of the late 1990’s tech boom, and from 2015 to just before the pandemic in 2020. Continuing claims also declined 134,000 to...