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Make Capital Cheap and Labor Costly, and Guess What Happens?
Make Capital Cheap and Labor Costly, and Guess What Happens? Employment expands in the Protected cartel-dominated sectors, and declines in every sector exposed to globalization, domestic competition and cheap capital. If you want to understand why the global economy is failing the many while enriching the few, start with the basics: capital, labor and resources. […]
Is Population Decline Catastrophic?
Is Population Decline Catastrophic? In the 1970’s we heard the earth was going to get so crowded we’d be falling off. Now the panickers have flipped to population decline. They were wrong in the 70’s, so are they wrong again? Is a declining population catastrophic? Countries from Germany to Japan are investing in mass immigration […]
The Financialization of America… and Its Discontents
The Financialization of America… and Its Discontents Labor’s share of the national income is in freefall as a direct result of the optimization of financialization. The Achilles Heel of our socio-economic system is the secular stagnation of earned income, i.e. wages and salaries. Stagnating wages undermine every aspect of our economy: consumption, credit, taxation and […]
The Coming Class Wars
The Coming Class Wars The forces dividing us are overwhelming those that unite us In the modern era, the phrase Class War is rooted in the socialist/Marxist concept that the conflict between labor (the working class) and capital (owners of capital) is not just inevitable—it’s the fulcrum of history. In this view, this Class War is the […]
Automating Ourselves To Unemployment
Tatiana Shepeleva/Shutterstock Automating Ourselves To Unemployment How shortsighted policies are creating a long-term crisis Students of Austrian business cycle theory are familiar with the term malinvestment. A malinvestment is any poor use of resources or capital, commonly made in response to bad policy (usually artificially low interest rates and/or unsustainable increases in the monetary supply). The […]
Our Phantom Economy
Our Phantom Economy Those who believe that phantom recoveries and phantom metrics can be substituted for reality are in for a shock in the next downturn. Stripped of artifice, there are only two kinds of media stories: those that support the status quo narrative, and those that are skeptical of that narrative. What is the status […]
U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses
U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses How do you support a consumer economy with stagnant incomes for the bottom 90%, rising basic expenses and crashing employment for males ages 25-54? Answer: you don’t. Frequent contributor B.C. passed along a sobering set of charts that provide context for How The Average U.S. Consumer Spends […]
Is the slowdown in productivity growth a result of energy costs?
Is the slowdown in productivity growth a result of energy costs? Slowing productivity growth in the United States has been in the news in recent months. It has become a concern to policymakers because they believe it is one of the primary contributors to a middle-class economic squeeze according to the annual report of the White […]
Chinese Company Moves to Replace 90% of its Workforce with Robots
Chinese Company Moves to Replace 90% of its Workforce with Robots I’m not one of those people who thinks robots taking over menial labor from human employees is a bad thing. On the contrary, I think such a displacement could ultimately prove very positive for the species. Nevertheless, the short-term pain and suffering that this could […]
charles hugh smith-Our New Robot Overlords & The Third Type of Capital
charles hugh smith-Our New Robot Overlords & The Third Type of Capital. Our New Robot Overlords & The Third Type of Capital (October 18, 2014) Fortune will instead favor a third group: those who can innovate and create new products, services, and business models.A recent issue of Foreign Affairs sported a catchy cover teaser: Our New Robot […]
