from Dean Baker It is more than a bit bizarre reading pieces that talk about automation or job-killing AI as something new and alien. These are forms of productivity growth. They allow more goods and services to be produced for each hour of human labor. Productivity growth is usually thought of as a good thing. It’s the reason that we don’t have half the U.S. workforce employed in agriculture growing our food. Instead, it is around 1.0 percent of the U.S. workforce, and we grow enough to...

If we were to look at the costs of healthcare insurance for families and businesses, it has not remained the same percentage-wise for employers or employees. My initial sentence is a backwards way of saying costs are increasing faster than gains in income for either. Nothing has changed here and the foes to single payer in government and industry keep insisting this is the better way to provide healthcare. Edward Kennedy died too soon to help us...

Donald Trump and JD Vance are campaigning on xenophobia. There’s no evidence that immigrants are any sort of threat to America, and the data show that immigrants commit crimes at *lower* rates than American citizens. Sadly, though, fear of the other seems to work in America:“Jeffrey Balogh, a resident of Erie, said at that event that he feels strongly about Trump’s proposals on immigration. He shared that he felt uncomfortable recently when he went to...

by Lloyd Alter Carbon Upfront There is a sense of humor here being shown by Lloyd. He is asking Elon Musk to build differently than what he would do if planned by the market. Granted electric vehicles have been a part of what Tesla offers. Lloyd is asking Elon to go a step farther and build something smaller that the US car manufacturer behemoths have been building. Lloyd wants it even smaller and on a car suspension rack. It makes sense for...

Daniel Sanderson makes his return to the show this week to promote his new book and talk about Adam Smith being a Platonist! So is Daniel saying Adam Smith was a hardened fan of the Greek philosopher Plato???

– Nadia Evangelou National Association of Realtors A good read explaining why things slowed down. Good introduction of why housing market fell apart since 2020. Much was due to the Fed Rate which was significantly higher than it normally was. People did not have the income to support a higher payment caused by a higher Mortgage Rate. Some excellent charting by NAR Calculations. Housing affordability has been a critical issue in the housing...

– by New Deal democrat My “Weekly Indicators” post is up at Seeking Alpha.  The long end of the yield curve has steepened, and that means longer term interest rates are higher. Meanwhile the Hurricanes have played havoc with some of the high frequency data. As usual, clicking over and reading will help sort through the noise, and reward me a little bit for organizing and categorizing it for you. The Bonddad Blog New Deal democrats...

A long demand by progressive economists demanding the end of the surcharges that the IMF imposed on developing countries has had a positive outcome, with the executive board reducing them. The statement by Kristalina Georgieva can be read here. A strong effort on this by Joe Stiglitz, Martín Gúzman, Kevin Gallagher, Mark Weisbrot, to cite a few should be noted. I had recently signed the letter below favoring this policy."Dear International Monetary Fund Board of Directors,This Friday October...

Many of my examples illustrate simple structures of production for models in which commodities are produced with commodities. Economists following the Austrian school often illustrate the structure of production with Hayekian triangles. Accordingly, this post illustrates a Hayekian triangle with a model in which commodities are produced out of commodities. I consider the case in which only circulating capital exists. This post is a rewrite of this one. The following are taken as given for...

I had an email exchange a couple days ago with Josh Marshall over at Talking Points Memo about polls (which he’s written a lot about recently) and the election betting market (which he had never mentioned). Yesterday, he used our exchange as a jumping off point to explain why he doesn’t believe the betting market is reliable and certainly no improvement over polling. The money grafs:“First of all, as I said, bets are largely made on the basis of...