Trend in new jobless claims flattens: the virus remains in control in the unvaccinated States New jobless claims are the most important weekly economic datapoint with regard to the effects of vaccination progress. Four weeks ago I wrote, “I think we are going to see two tracks going forward from here, as near-normalcy does return to […]
Socially Ambivalent Labour Time III: Theories of Surplus Value, chapter 7 and addenda to part 1 In an earlier post, I mentioned that in chapter seven of TSV Marx explicitly excluded William Godwin from his historical review of theories of surplus value: In accordance with the plan of my work socialist and communist writers are entirely excluded […]
May JOLTS report continues to show a jobs market out of equilibrium This morning’s JOLTS report for May continued all of the trends we saw in April – a huge amount of unfilled job openings, a comparatively weak level of actual hiring, an enhanced number of people quitting their jobs, and record low layoffs and […]
Coronavirus dashboard for July 6: bad news and *relatively* “good” news about the Delta Wave In the near future, there appears to be bad news and *relatively* “good” news for the US. The bad news is that the “delta wave” is spreading, and we should expect a real outbreak on the order of last summer’s […]
This post will be a bit of a backtrack. While going through my notes for chapter 7 of Theories of Surplus Value, I discovered a printout of a page from the Grundrisse that I had overlooked when writing the post on that book. Although it does not contain the term socially necessary labour time, the two and a half […]
Utah and Beyond Tuesday, June 29, 2021: The small town of Lytton, British Columbia, Canada recorded a high of 121 degrees Fahrenheit. This was the highest ever recorded in Lytton, in British Columbia, in Canada. Wednesday, June 30, 2021, the small town of Lytton burned to the ground. On Monday, June 28, 2021, the temperature […]
On The Centennial Of The Chinese Communist Party, EconoSpeak, Barkley Rosser July 1, 2021 is now over in China but for a few more moments it is still the centennial of the CCP where I am. Just a couple of observations. This is partly driven by seeing multiple posts on Econbrowser by “ltr” praising the […]
June’s jobs report, Marketwatch 666, Commenter RJS This week’s major agency issued economic releases included the Employment Situation Summary for June from the Bureau of Labor Statistics, and three May reports that will input into 2nd quarter GDP: the BEA’s report on International Trade for May, the May report on Construction Spending and the Full Report on Manufacturers’ Shipments, Inventories and […]
Socially Ambivalent Labour Time II: Theories of Surplus Value, chapter four In chapter four of TSV, Marx discusses two (or possibly three?) aspects of socially necessary labour time: the devaluation of labour and commodities produced under less efficient methods, and the fall in value of commodities when more have been produced than there is demand for. […]
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