Real wages decrease sharply – at least, if you include used vehicle prices As I pointed out yesterday, the big increase in inflation over the past few months has made the YoY change in real wages for nonsupervisory workers negative. Let’s take a little closer look. Here is a graph of wages for nonsupervisory workers […]
by Joseph Joyce Will A Rise in Interest Rates Lead to a New Debt Crisis? The question of when the Federal Reserve will begin to reverse its loose policy stance continues to be a topic of widespread speculation. At last month’s meeting of the Federal Open Market Committee, its members showed a willingness to cut back on asset […]
Socially Ambivalent Labour Time: TSV part 3, chapter 20 Marx’s discussion of socially necessary labour time in Chapter 20 of Theories of Surplus Value is notable for the fact that it comes immediately before Chapter 21, where he doesn’t mention socially necessary labour time (but the concept lingers just below the surface in the latter chapter). He talked about […]
by David Zetland Why we’re failing to stop climate chaos Climate chaos (CC) is the largest threat to our collective prosperity. (Water scarcity, biodiversity loss, increasing vulnerability to viruses and bacteria are a few more.) But “we” (citizens of rich countries) are having a hardER time understanding and addressing CC due to a few strategic […]
Consumer inflation rises the most in over a decade; will it draw the Fed’s attention? Let me start my take on this month’s inflation report with my concluding remarks last month: “this is not a big deal if it only lasts another month or two. But if the trend continues longer than that, it will […]
Socially Ambivalent Labour Time IV: TSV part 2, chapters 8, 9, 16, and 17 Nothing notable in these chapters. Chapter 8: Poor quality land requires more labour time than socially necessary (which is to say the average labour time required to produce a given output). Chapter 9: Socially necessary labour time is permanently established in […]
by New Deal democrat Weekly Indicators for July 5 – 9 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. To the surprise of many, interest rates have gone down in the past few weeks, to the point where they have resumed being a positive in my long leading model. Meanwhile, as the […]
Topical thread Unemployment is socially necessary.
Coronavirus dashboard for July 12: the completely preventable “delta wave” is here The completely unnecessary and preventable “delta wave” of COVID infections, hospitalizations, and deaths is now in force – all three metrics are now rising nationwide. Here are the 7 day average of confirmed cases (thin line) and deaths (thick): Cases have gone up […]