"Despite being a raving commie loon, Smith's observation was so undeniably true that regulators, policymakers, and economists couldn't help but acknowledge that it was true. The trustbusting era was defined by this idea: if we let the number of companies in a sector get too small, or if we let one or a few companies get too big, they'll eventually start to rig prices."
"US job openings fell in April to the lowest level since 2021. But they remained at historically strong levels despite high interest rates and signs the economy is slowing.
"The Labor Department reported Tuesday that employers posted 8.1 million vacancies in April..
"Layoffs fell, and the number of Americans quitting their jobs rose in April.
"Nowhere is this [innovation by petit bourgeoisie] more evident than in the modern software industry, where virtually all the novel ideas have been created by individuals or small partnerships"
"The competitive advantage of large firms lies largely in their capitalization, marketing muscle, lobbying power, and vertical integration, not in their original ideas and innovation."
Numerous multi-billion dollar companies are down 99%, in seconds including Warren Buffett's Berkshire Hathaway, $BRK.A, Bank of Montreal, $BMO, and $GOLD.
The New York Stock Exchange has said it is investigating.
Capitalism is that system of relationships in which human beings want other human beings to do the work so that they can enjoy the profits without doing the work.
Is there any downside to taking say the 99.5th percentile of wealth, and requiring anyone over that value to sell say 5% of their holdings of each stock or fund they own and pay the proceeds as tax?
You'll be unsurprised to see that the UK's standard of living has improved (on average) less than many developed countries (exceptions being we're doing better than France, Greece & Spain).... so while over the period 2007-2019 living standards have risen (just) other countries have done better.
And real (average) earnings were only 3.5% higher than 2009 in 2023.
More evidence of the lack of economic rewards the country has gained from voting in a Tory Govt.
If you're interested in feminist economics, you might want to check out the Women's Budget Group's new website which offers an excellent resource for economists & is an easy way to access their research & policy papers.
50 years ago, economists claimed capitalism is the font of freedom and prosperity. They advocated everything be privatized. Universities were one target.
It's time to compare claims made then with today's reality. If you're in academia, you probably know where this is going. I am not gentle with Friedman.
BREAKING: President Biden is calling on Congress to give middle-class first-time homebuyers a $10,000 tax credit to help lower their monthly mortgage costs.
Fewer than 5% of New York City apartments were affordable for the average local worker last year. per Bloomberg.
New Yorkers earned on average $89,000 last year, meaning they could afford up to $2,216 per month on housing without spending more than 30% of their income.