A nation is really rich if the working day is 6 hours rather than twelve. In “The Trinity Formula,” in chapter 48 of volume 3 of Capital, Marx returned to the contradiction between the forces and relations of production. This time, however, it was not to deplore or analyze the fetters but to examine the realm of freedom that would become possible when “socialized man, the associated producers, govern the human metabolism with nature in a rational way, bringing it under their collective...

May 2024 manufacturing report. Manufacturing was up in May after following two months of it being down in April and March. There is belief, manufacturing will be down in June as the FED did not reduce the FED Rate. I also suspect manufacturing will not take off in June. However, I believe it will be no worst then May. The demand is there. In order to meet demand, companies will stay within their budgets to manufacture. Unless there is a price...

This particular graph was pulled from an April 2024 Morning Star article. The source of it being the Bureau of Labor Statistics. It depicts wage growth before during and after the Pandemic. In particular I believe the government did quite well in providing for and protecting its citizens during the pandemic when many people could not work. The stimulus packages may have caused some of the wage growth and inflation. There are other things which are...

Drones are changing warfare. They are cheap and deadly. I am thinking about their use in stopping a marine invasion. The reason is that I am concerned that it is not clear enough to Xi JinPing that an invasion of Taiwan would be a huge error. The problem with anti-ship drones is that they are attacking a target with anti-aircraft defences and one which can survive some explosions. I think this means that a very large number of drones must...

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Join 10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5 best applicants this week. Apply here: https://apply.stevekeenfree.com -- "Money is fundamentally a...

Trains continue. Market way overextended. 

One of the policies with the greatest effect on poverty is the ild tax credit (expanded and made fully refundable by the American Reesue Plan). It caused a 44% reduction of child poverty. UNfortunately it was a tempory one year program (approptiate for stimulus bu not for an always needed prgram). It was not renewed and there was a huge increase in povertyThis is a hugely important policy issue (currently totally impossible with GOP control of the...

Join 10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com -- "There was the centralization of the economic stuff, the GOS Plan approach. I think that was where the Soviets failed, and what the Chinese realized after what they went through under Mao was you have to have that capitalist period, but they weren't going to abandon the communist control politically of the country at the same time." Join us as Steve Keen delves...

 – by New Deal democrat There was good news and not so good news in this morning’s two important data releases.  I’ll start with the good news. Both total industrial production and its manufacturing component increased a sharp 0.9% in May. Even after downward revisions of -0.4% in March and -0.3% in April, both were still up 0.5% compared with where we thought we were one month ago: The only fly in the ointment is that both are still...