Relevant and even prescient commentary on news, politics and the economy.

Socially Ambivalent Labour Time VII: Capital volume 1, chapters one and three

EconoSpeak: Socially Ambivalent Labour Time VII: Capital volume 1, chapters one and three. Sandwichman, July 30, 2021 Afterword to the Second German Edition [of Das Kapital, Buch 1] (1873): I must start by informing the readers of the first edition about the alterations made in the second edition. One is struck at once by the clearer […]

Four measures of labor market losses in the pandemic

Four measures of labor market losses in the pandemic Below is a graph of 4 ways of measuring the downturn in the labor market due to the pandemic: 1. Payrolls (blue) – this is the headline jobs number from the establishment survey2. Civilian employment (green) – this is the equivalent number from the household survey.3. […]

Not With a Bang, but a Whimper… Democratic Party Edition. An Op Ed.

A presidential candidate like Donald Trump should not be viable. Candidates he supports should not be viable. The existence of Donald Trump should be a boon for the Democrats. And, in fact, it has been. But it hasn’t been enough. Perhaps four (or eight?) years worth of results will tip the balance for Democrats, but […]

"The Treadmill and the Poor Law are in full vigour, then?”

by run 75441 “The Treadmill and the Poor Law are in full vigour, then?” A Christmas Carol, Charles Dickens “That’s Baloney” stated Rep. Micky Hammon, R-Decatur, Alabama; the immigration bill cosponsor, told the Huntsville Times. “It’s clear the study over estimates the negative and under estimates the positive to skew the result toward an agenda,” […]

Volunteering

by Mike Kimel Can someone explain to me why people volunteer at for-profit hospitals? I can understand volunteering at a not-for-profit hospital, but how is volunteering at a for-profit hospital different from, say, volunteering at Exxon-Mobil or Wal-Mart?

The Cost of Labor

The standard model of Economic Development is Romer’s (1989, JPE 1990) adaptation* of Solow’s (1956, 1957) Model.  Basically, became Y = AKα(HL)(1-α) where the H stands for “human capital,” which multiplies the ability of labor. (Think high-skills labor—construction work, plumbing, teaching—where the worker continually “learns by doing” [op cit., Arrow, 1962]. The additional “human capital” […]