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Keyword: economics

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  • Don't Overlook Minimum Wage's Negative Effects

    02/26/2021 6:42:20 AM PST · by Kaslin · 13 replies ^ | February 26, 2021 | Veronica DeRugy
    In his autobiography, "Up From the Projects," the late economist Walter Williams explained his move away from the belief that minimum wages help the poor. His change of heart on the topic began when one of his UCLA professors asked him whether he cared more about the intentions behind the minimum wage or its effects. Williams devoted much of his professional career to studying minimum wages and documenting their negative effects, particularly on young Black people. While Williams had the good sense to learn that good intentions alone are insufficient to produce good public policy, many others have failed to...
  • Michael Burry Warns Weimar Hyperinflation Is Coming

    02/21/2021 7:37:43 PM PST · by blam · 55 replies
    Nation & State ^ | 2-21-2021
    One week ago, Bank of America hinted at the unthinkable: the tsunami of monetary and fiscal stimulus, coupled with the upcoming surge in monetary velocity as the world’s economy emerges from lockdowns, would lead to unprecedented economic overheating… or rather precedented as BofA’s CIO Michael Hartnett reflected back on the post-WW1 Germany which he said was the “most epic, extreme analog of surging velocity and inflation following end of war psychology, pent-up savings, lost confidence in currency & authorities” and specifically the Reichsbank’s monetization of debt, and extrapolated that this is similar to what is going on now.There is, of...
  • The economics of cruise ships

    02/18/2021 8:23:58 AM PST · by Capt. Tom · 20 replies
    the Hustle ^ | March 15, 2020 | Zachary Crockett
    The economics of cruise ships In the wake of coronavirus and tanking stocks, cruise companies have sought assistance from the US government. But for decades, the industry has done everything in its power to avoid paying into the system. Cruise ships are often called “monsters” of the sea. If you’ve ever seen one in action, you’ll understand why: A vessel like Royal Caribbean’s Symphony of the Seas is longer than 12 blue whales. At 228k gross tons, it is 5x the size of the once-formidable Titanic. It can hold 6,680 passengers and 2,200 crewmembers, the population of a small American...
  • Five Horrible Consequences of a $15 Minimum Wage

    02/15/2021 4:03:26 AM PST · by Kaslin · 41 replies ^ | February 15, 2021 | Scott Morefield
    resident Joe Biden and Democrats are hellbent on force-feeding a $15 minimum wage increase on the entire country, and thanks to the legislative voodoo known as budget reconciliation, it’s entirely possible they could succeed. It’s hard to imagine anyone actually for this having taken a community college Econ 101 class at any point in their lives, but the truth is, Democrats likely know good and well the damage such a measure will do to the nation’s already fragile economy, yet they stubbornly insist on doing it anyway. Why? Far be it from me to speculate on the impure motives of...
  • Missing From the WEF’s Great Reset: A Moral Compass

    02/14/2021 12:53:52 PM PST · by tbw2 · 23 replies
    Epoch Times ^ | February 12, 2021 | Ryan Moffatt Ryan Moffatt
    Globalization has afforded non-governmental organizations, the ultra wealthy, and Big Tech power and influence on a global scale once reserved for the world’s superpower states. The World Economic Forum, which describes itself as an international organization for public-private co-operation, has proposed a “Great Reset” initiative to rework global economics to address the challenges of the post-pandemic world. The WEF paints a picture of a 2030 in which America will lose its place as the preeminent superpower, a billion people will be displaced by climate change, carbon will be taxed globally, and “you will own nothing and be happy.” The WEF...
  • Biden Is Following in the Same Economic Footsteps as Jimmy Carter – Inflation Here We Come

    02/07/2021 9:38:39 AM PST · by Pining_4_TX · 84 replies
    The Gateway Pundit ^ | 02/07/21 | Joe Hoft
    When Jimmy Carter came into power inflation was 5.7%, by the time he left inflation more than doubled to 13.5%. Now Joe Biden appears to be going down the same track. Massive government spending and a stimulative monetary policy was the heart and soul of the Carter regime and now Biden’s regime is working on doing the same.
  • AOC Claims Two Men In MAGA Hats Threw Economics Textbooks At Her

    02/02/2021 7:39:38 PM PST · by Pining_4_TX · 67 replies
    The Babylon Bee ^ | 02/02/21 | The Babylon Bee
    WASHINGTON, D.C.—In recounting her terrifying experience in the Capitol when America's sacred and holy democracy was assaulted by Lin Wood's Twitter followers, Representative Alexandria Ocasio-Cortez revealed that the attack was much more horrible and terrifying than anyone originally thought. "At one point, two scary men in MAGA hats, like, literally threw copies of Basic Economics by Thomas Sowell, literally right at me," said AOC. "They said: 'Read this! Read this please!' in their very scary man voices. I thought at that moment I was going to die. I'm lucky to still be standing before you today."
  • Definition and Characteristics of Pure Competition (Semi-Vanity)

    01/29/2021 6:49:15 AM PST · by ConservativeInPA · 2 replies ^ | None Provided | Tara Schofield
    Pure competition is a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition. Here are some characteristics that define pure competition: In an ideal purely competitive market, the products being sold would be identical, which removes the option of one seller offering something different or better than another seller. Because there are so many competitors in the market offering the same product at the same price, one competitor doesn't have an edge over the others. Essentially, all the sellers are equal. New companies...
  • If Joe Biden Really Wants Unity, He’d Call For Lockdowns To End Forever

    01/26/2021 10:49:13 AM PST · by Kaslin · 8 replies
    the federalist ^ | January 26, 2021 | Scott J. Street
    America welcomed a new president last week. As predicted, the theme of Joe Biden’s inaugural address was unity. That’s not surprising after five years of toxic political discourse, in which families splintered and relationships were broken off by the mere admission that somebody supported Donald Trump. But just talking about unity isn’t enough. President Biden needs actions to match those lofty words, and he needs to make sure others in his administration and party do the same. He can start by calling for an end to the lockdowns that governments have ordered since last March in response to COVID-19.As I...
  • What Any One of Us Can Do

    01/09/2021 8:30:48 AM PST · by tbw2 · 51 replies
    01/09/2020 | Me
    What can I do? In the face of the coming storm, what constructive actions can we take to conserve what works and protect ourselves? Here are a few actionable solutions anyone can adopt at a personal or local level. Find your tribe. Network, meet in person. Social media can't censor what you say in private. This also helps you emotionally, since you're meeting with people who support you instead of mistaking the digital lynch mobs for what matters. Preserve conservative institutions like churches, schools and clubs. Fight social justice infiltration or pressure to submit to liberal political demands like, "you...
  • GOP senator blocks bill to provide $1,200 stimulus checks

    12/18/2020 10:03:13 AM PST · by Onthebrink · 49 replies
    The Hill ^ | 12/18/2020 | Jordain Carney
    GOP Sen. Ron Johnson (Wis.) on Friday blocked an effort to pass a second round of stimulus checks, arguing coronavirus relief needs to be targeted and raising concerns about the country's debt. Sen. Josh Hawley (R-Mo.) tried to get consent, which requires the cooperation of every senator, to pass his bill that would provide $1,200 for individuals who make up to $75,000 — the exact same language that Congress passed as part of the CARES Act in March. "What I'm proposing is what every senator has supported already, this year. ... What I'm proposing will give working folks in my...
  • The Mainspring of Human Progress (ebook)

    11/28/2020 7:44:47 AM PST · by ChildOfThe60s · 4 replies
    Mises Institute ^ | 1943 | Henry Grady Weaver
    It may be argued, and it frequently is, that free com- petition is a ruthless and cruel process. But it is not nearly so ruthless and cruel as the opposite philosophy, which down through the ages has kept the majority of people ill-fed, ill-housed, ill-clothed, embroiled in wars, and dying of famine and pestilence.
  • Astonishing Cruise Line Losses, No End In Sight

    11/25/2020 1:41:39 PM PST · by Capt. Tom · 32 replies
    Cruise Hive ^ | Nov. 25, 2020 | Robert McGillivray
    Recovery is still distant for a cruise industry scrambling to stay afloat. Shocking numbers released by Stock Apps show the industry is on track to lose around $20 billion in revenues this year. While $20 billion is an incredibly large number in itself, it doesn’t tell the whole story. Cruise lines worldwide are borrowing billions, refinancing, and selling vessels to be able to sail, hopefully, in the next year. The combined loss incurred by the cruise lines and the shore-based service industry supporting the cruise lines could well run into trillions of dollars in 2020. Huge Growth Numbers Collapse The...
  • Libertarian vs. Liberal: Economics, Freedom, and the Fight for Liberty

    11/04/2020 10:15:03 PM PST · by libertasbella · 18 replies ^ | 11/3/2020 | Alex Horsman
    The Libertarian vs. Liberal debate is confusing for some, but once you understand it, it’s clear as day. While both of these political thought processes have some areas that overlap, you’ll soon understand the fundamental differences between the history, modernization, and 20th century belief systems behind them.
  • WSJ Editorial Board Undercuts Liberal Narrative, Demolishes Bidenomics

    10/19/2020 8:02:14 AM PDT · by JV3MRC · 5 replies
    NewsBusters ^ | 10/19/2020 | Joseph Vazquez
    The Wall Street Journal Editorial Board just ripped apart the absurdity of “Bidenomics.” Hint: it most definitely is not “well grounded in mainstream economics” as New York Times economist Paul Krugman would have people believe. In an editorial headlined “The Cost of Bidenomics,” The Editorial Board wrote that Democratic presidential nominee “Joe Biden has shrewdly kept the campaign focus on Covid-19 and President Trump, which has helped him avoid having to talk much about his own policies.” However, that’s especially “true of his economic proposals, which a new study out Sunday from the Hoover Institution shows will have a damaging...
  • Nobel Prize in economics goes to Americans Paul R. Milgrom and Robert B. Wilson

    10/12/2020 6:53:28 AM PDT · by C19fan · 6 replies
    NBC News ^ | October 12, 2020 | Linda Givetash
    Two American professors have been awarded the Nobel Prize for economic sciences for their work on how auctions function, a field that affects everything from high-end art prices to consumers' electricity bills. Paul R. Milgrom and Robert B. Wilson were honored “for improvements to auction theory and inventions of new auction formats," Secretary General Göran Hansson of the Royal Swedish Academy of Sciences said during the announcement in Stockholm on Monday.
  • The Cynicism of Joe Biden’s Minimum-Wage Politics. There are better alternatives to help the poor, but $15 an hour would reward friends and punish enemies.

    10/05/2020 2:42:04 AM PDT · by karpov · 21 replies
    Wall Street Journal ^ | October 4, 2020 | Steven E. Landsburg
    ... Take Mr. Biden’s stance on the federal minimum wage, which he wants to increase to $15 an hour from $7.25. Why transfer income to low-wage workers as opposed to poor people generally? Mr. Biden has ignored the question. But even if you’re laser-focused on raising wages, there are better alternatives. The Earned Income Tax Credit increases after-tax wages and gives businesses an incentive to hire more employees—an incentive the minimum wage gets backward. The EITC also allows workers the flexibility to negotiate with employers, accepting a lower wage in exchange for more-flexible hours or better conditions. The minimum wage...
  • There’s Now a Ten Commandments for Capitalism

    09/28/2020 8:38:10 AM PDT · by Kaslin · 22 replies ^ | September 28, 2020 | Rachel Alexander
    Did you know that the consumption of the poorest 20 percent of Americans is roughly equal to that of the average Dutch or French person, and higher than that of the average Brit, Swede, Dane, or Japanese person? Our poor people are richer than the middle class of most nations! But how do we keep it that way?  Capitalism has allowed our nation to prosper. But it is always being pulled in different directions, usually to the left, as the government intervenes by increasing taxes, spending and regulations. America is being taken over by cronyism, which is based on connections...
  • Review of "You're hired", by Casey Mulligan

    09/27/2020 1:40:17 PM PDT · by karpov · 1 replies
    The Grumpy Economist ^ | September 26, 2020 | John Cochrane
    "You're Hired!" is Casey Mulligan's memoir of a year spent as Chief Economist of the Council of Economic Advisers. The book is pitched as an analysis of President Trump, "riveting first-hand accounts of President Trump’s engagement with policy and politics." I read it in part for that reason. Opinions on the current occupant generally reflect either kool-aid drinking, never-Trump disdain, or foaming-at-the-mouth derangement. Casey, one of the few remaining true-blue Chicago School economists, and an outstanding one who combines analysis and policy, is none of the above. I know him as a clear thinker and a straight talker. With an...
  • Biden Anti-Business Agenda Would Wreck the Economy

    09/22/2020 4:38:24 AM PDT · by Kaslin · 1 replies ^ | September 22, 2020 | Stephen Moore
    The Democrats are rewriting history, celebrating the Obama record on the economy as if these were the salad days for America. In Washington parlance, that is called "misremembering." The reality is that the Obama tax-and-regulate agenda led to the weakest economic recovery from a recession since the Great Depression. This week, the Census Bureau released its economic report -- the gold standard of measuring the finances of American families. In President Donald Trump's first three years in office, real median family income for Americans rose by more than $6,400. In Obama's EIGHT years in office, the increase in incomes was...