A general thread of all things economic… Post any stories or discussions on economic issues here…
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It strikes me this could also go in the misogyny thread… but it’s definitely about economics, too…
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Okay, here’s the " Economic Myths Debunked" series from Robert Reich:
Reading Marx’s “Capital” with David Harvey
The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective
Yanis Varoufakis & Justin Fox
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I should get around to watching the whole set of videos by Harvey… Of course, it would take forever, if he’s doing ALL of Das Kapital!
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Sociology being applied to getting people to buy stuff and buy info stuff
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Buying stuff? Terry O’Reilly has a lot of insights into the ad business.
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All the add-ons, according to Bloomberg, have raised the cost for a typical, week-long trip [to Disney] for a family of four to $25,000, or as much as $40,000 for a top-end experience.
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Pursue happiness.
Then buy it.
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Robert Reich talks about price gouging:
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As the primary beneficiary of the artificial intelligence boom, Nvidia has seen its market cap expand by about ninefold since the end of 2022. But after reaching a record in June and briefly becoming the world’s most valuable public company, Nvidia proceeded to lose almost 30% of its value over the next seven weeks, shedding roughly $800 billion in market cap.
Now, it’s in the midst of a rally that’s pushed the stock within about 7% of its all-time high.
With the chipmaker set to report quarterly results Wednesday, the stock’s volatility is top of mind for Wall Street. Any indication that AI demand is waning or that a leading cloud customer is modestly tightening its belt potentially translates into significant revenue slippage.
“It’s the most important stock in the world right now,” EMJ Capital’s Eric Jackson told CNBC’s “Closing Bell” last week. “If they lay an egg, it would be a major problem for the whole market. I think they’re going to surprise to the upside.”
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Concluding paragraphs:
If there is a lesson in this story, it’s that price controls are one lever, and only one lever, to address inflation — and in the absence of a fully coordinated economic policy, they can be ineffectual and carry unintended consequences.
In the same way that Nixon could not fully control the Fed or remedy global supply shocks — some owing to weather, others to politics — a potential Harris administration may prove no less able to anticipate the host of extenuating circumstances that might render price controls a poor tool to manage the economy. Certainly the recent experience of Covid-related economic disruption at the global level, much like the freak shortage of anchovies in 1972, is an example of how unexpected events can cause unexpected fallout.
To be fair, Harris’ plan leaves much to interpretation. But should she ascend to the Oval Office, the example of Richard Nixon, and his ill-fated experiment with price caps, is instructive. What’s good politics today might be bad policy — and bad politics — tomorrow.
https://www.politico.com/news/magazine/2024/09/01/richard-nixon-kamala-harris-economy-00176374
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Robert Reich quickly covers the alternative to the GOP’s emphasis on trickle down economics:
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I would like to know more about their methodology than
GOBankingRates compiled data from the 2022 Regional Price Parities reoporting [sic] by the U.S. Bureau of Economic Affairs. It then used factors such as median household income, sourced from the 2022 American Community Survey, annual cost-of-living expenditures, sourced from the Bureau of Labor Statistics, and typical home value for a single-family residence, sourced from Zillow.
before I even try to make sense out of this.
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