Unveiling America's Shocking Economic Decline

Figure 1: The Wage-Rate of Profits Frontier This post continues a series of posts demonstrating that the change in the economic life of a machine at a switch point is independent of the change of the capital intensity of the technique at a switch point. I here fill in the lower left in a a two-by-two table. The wage curves above are for the an example with the same structure as in the previous post in this series.This is a 'one-good' model. The manager of firms know three processes to...

What’s the use of economics? The simple question that was raised during a recent conference … was to what extent has — or should — the teaching of economics be modified … The simple answer is that the economics profession is unlikely to change. Why would economists be willing to give up much of their human capital, painstakingly nurtured for over two centuries? For macroeconomists in particular, the reaction has been to suggest that modifications of...

Uncertainty's Impact on Shaping Economy

[unable to retrieve full-text content](China Part 2/2) RADHIKA DESAI: Hello and welcome to the 25th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you our show every fortnight are our host, Ben Norton, Continue Reading The post China in Charts first appeared on Michael Hudson.

There are issues with Medicare which are easily fixed. Maggie Mahar was writing on healthcare at Angry Bear. I did the editing. I picked up on the issues with her on healthcare and have portrayed writers such as Merrill, Kip Sullivan, Charles Gaba, Steve Early, Susan Gordon, Andrew Sprung, etc. There are issues with healthcare such as cost. Then there are make believe issues such as Medicare being in trouble. The same is true of Social...

Toward the end of his 1968 essay, "The Unknown Marx," Martin Nicolaus quoted Marx's enumeration of four barriers to production under capital that "expose the basis of overproduction, the fundamental contradiction of developed capital." Nicolaus qualified what Marx meant by overproduction to be "[not] simply ‘excess inventory’; rather, he means excess productive power more generally."‘These inherent limits necessarily coincide with the nature of capital, with its essential determinants. These...

This is the easiest one. No possibility of changes. It’s Biden/Harris v. Trump/Sycophant. For Biden, the alternative is clear: the race would be between Kamala Harris and DJT.

They said the end would jump higher when the BoJ ended negative interest rates. Instead, the end crashed. 

 – by New Deal democrat Let’s begin this post by putting why I am watching new home sales in context. The economy was kept out of recession last year, despite aggressive Fed rate hikes, in large part by commodity price deflation, much or most of which was triggered by the un-kinking of supply chains after the pandemic. That gale force economic tailwind is gone, but the Fed rate hikes remain. So, the big question for this year is whether the...