The Links:
There's a Greece deal, hooray, maybe? I go back to the previous posts arguing that the whole thing is an exercise in politics and has much less real economic impact now.
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Robots are Us: The Economics of Human Replacement. Very interesting. Current programers are, in many ways, destroying the need for future programmers. The clearest example of this would be machine learning which allows robots/computers to rewrite and maintain their own code.
over time, as the stock of legacy code grows, the demand for new code and, thus for high-tech workers, falls.The resulting tech bust reflects past humans obsolescing current humans. . .these robots contain the stuff of humans – accumulated brain and saving power. Take Junior – the reigning World Computer Chess Champion. Junior can beat every current and, possibly, every future human on the planet. Consequently, his old code has largely put new chess programmers out of business.. . .tech busts can be tough on high-tech workers. In fact, high-tech workers can start out earning far more than low-tech workers, but end up earning far less.Furthermore, robots, captured in the model by more code-intensive good production, can leave all future high-tech workers and, potentially, all future low-tech workers worse off. In other words, technological progress can be immiserating
Counterargument to the above here. Counter counter counter argument to the whole thing here: everyone should take it easy on the robot stuff for a while. Which is true, I mean, without technology we'd be dead in days.
Labor and Management have avoided a west coast dockworker strike. Look, unions work!
Fiscal conservatives strike again! Scott Walker is going to restructure Wisconsin's debt and place an even greater burden on the taxpayer. The US right never fail to deliver exactly the opposite of what they promise.
After all, the story goes that if households can afford the modest payments they are making, then why worry about the cost of debt? But, of course, widespread failure to repay is a problem for the lender, in this case, federal taxpayers. We don’t fully understand yet how the burden of large amounts of debt on households’ balance sheets for long periods of time affects student borrowers’ behavior, but our research so far suggests that growing student debt has contributed to the recent decline in the homeownership rate and to the sharp increase in parental co-residence among millennials.
Canon and Liu concluded by discussing potential implications of large firms creating a significantly higher fraction of jobs since the Great Recession than after the 2001 recession. In general, labor markets tighten after recessions, so large firms have to poach workers from small firms to fill their ranks. However, the labor market took longer to recover after the Great Recession, meaning there were more unemployed workers available for hire, so large firms did not have to poach workers from small firms.
The Upside of Waiting in Line. Yeah, but I'm an oligarch American and should be able to bypass the line with a slight expenditure of my every increasing wealth. Right?
First, it meant that everyplace in the world was, as long as there were connecting harbors, docks, and railroads, cheek-by-jowl to every other place, economically. Everyone’s economic opportunities and constraints depended on what was going on across the globe. This had not been true before. Before just the consumption patterns of the elite depended on what was going on in other countries and on other continents.Second, wherever you could cheaply move goods in mass you could move other things. Most particularly, you could also move and supply armies. Thus conquest—or at least invasion and devastation—became things that nearly any European power could undertake in nearly any corner of the world.
10 Insane Things We Believe on Wall Street. Yeah, I especially like the part about how continual profit are demanded and therefore successful companies should be laying off workers to maintain profits. Do read all 10.
Coverage of a new documentary about racism in America. It's called American Denial and comes form PBS.
Some stuff about how we're all going to get killed just like the dinosaurs.
Coverage of a new documentary about racism in America. It's called American Denial and comes form PBS.
Some stuff about how we're all going to get killed just like the dinosaurs.
What If does snow removal via car mounted flame thrower or microwave. Tougher than you think.
Video Films!
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