Monthly Archives: June 2014

The Apocrypha of Reich

Robert Reich is an irritation in the world of Socioeconomics. While I do not disagree with his latest 5-year rant on income inequality, what he often fails to mention is that he personally helped create the problem. Dr. Reich was … Continue reading

Posted in Labor, Politics, Poverty, Public Policy, Socioeconomics | Leave a comment

The Sociology of Stagflation: The Supply Side of Fear

Noah Smith has joined Paul Krugman in the intellectual mud-wrestling melee of Simon Wren-Lewis and Mark Toma on the rise of New Classical (Friedman-esque) Economics, especially as a cornerstone of right-wing fiscal policy. And so will I, but as an … Continue reading

Posted in Demand, Economics, Socioeconomics, Sociology | Leave a comment

The Slow Death of Consumption

The Rentier Class known as Wall Street likes to gauge how the economy is humming along based on the purchase of goods by the general populous. The problem is how they measure such purchases. Using their measure, everything is just … Continue reading

Posted in Demand, Economics, Poverty | Leave a comment

Economic Schizophrenia

The real news today is not how the U.S. GDP lost 2.9% in Q1, but rather the seemingly delusional explanations for it, along with data that makes sense only to those having hallucinations of a great economy. The explanation is … Continue reading

Posted in Economics, Political Economy, Socioeconomics | Leave a comment

Let Them Eat Pie

Noah Smith has a great take on the social structure of Economics vis-à-vis resource allocation, in Bloomberg. His premise, which can not be disputed by anyone with a social conscience, is that it takes good government policy to grow the … Continue reading

Posted in Economics, Political Economy, Sociology | Leave a comment

Growing Elmer Fudd’s Pie

My first lesson in Social Economics came from Looney Tunes’ Elmer Fudd. It goes like this: Elmer is making shoes, but by hand. And all of the shoes he sells, Elmer keeps the profits. Except Elmer’s business is failing, and … Continue reading

Posted in Economics, Labor, Socioeconomics | 1 Comment

Perfect Competition in Labor Markets (Wonkish)

The IMF recently lambasted the U.S. for it’s low minimum wage that’s below poverty lines. Meanwhile, members of congress are suggesting trashing the minimum wage all together. So what exactly will happen if minimum wage goes away? What if labor markets … Continue reading

Posted in Economics, Labor, Wages | Leave a comment