As several pamphlets in my mail box this morning (on the eve of the 2016 Australian Federal election) have explained [leaving me with the problem of how to dispose of such toxic waste], the fault for all the increasingly obvious employment; infrastructural; service; welfare; environmental and other problems lies, not at the door of rabid neoliberal policy and practice, but at the door of those who have 'successfully' opposed neoliberal attempts at ensuring Australia's prosperity!
The new virus - named 'Reality' - de-activates the Milton gene once more. 'Consequently', Dr Cahuc warned, 'the very beliefs that define this unique species are at risk. Unless we are very careful, it may become extinct!'. Unfortunately, there is as yet no known cure to this virus. 'The WHO therefore recommends complete avoidance of "Reality" as the only effective strategy for those wishing to remain as Mainstream Economists', Dr Cahuc concluded.
(Steve Keen, , Review of Keynesian Economics, Volume: 5 Issue 1, 01 Jan 2017, Pp:107-111)
For since all the members of any class are the same as all that are to be known; and since from any part of those which are to be known an induction is competent to the rest, in the long run any one member of a class will occur as the subject of a premiss of a possible induction as often as any other, and, therefore, the validity of induction depends simply upon the fact that the parts make up and constitute the whole.
If an affirmative action program designated Hispanics but not Portuguese, Italians or Armenians, what would be necessary to show that the designation was impartial?
Some are born with the knowledge of those duties; some know them by study; and some acquire the knowledge after a painful feeling of their ignorance. But the knowledge being possessed, it comes to the same thing. Some practice them with a natural ease; some from a desire for their advantages; and some by strenuous effort. But the achievement being made, it comes to the same thing.
The vast majority of respondents to the 2014 Future of the Internet canvassing anticipate that robotics and artificial intelligence will permeate wide segments of daily life by 2025, with huge implications for a range of industries such as health care, transport and logistics, customer service, and home maintenance. But even as they are largely consistent in their predictions for the evolution of technology itself, they are deeply divided on how advances in AI and robotics will impact the economic and employment picture over the next decade.
Over the past three decades, the share of middle-skill jobs in the United States has fallen sharply. Middle-skill jobs are those in which workers primarily perform routine tasks that are procedural and repetitive. The decline in the employment share of middle-skill jobs has been associated with a number of sweeping changes affecting the economy, including advancement of technology, outsourcing of jobs overseas, and contractions that have occurred in manufacturing. As the share of middle-skill jobs has shrunk, the share of high-skill jobs has grown, and that trend has drawn considerable attention. Less well known is the fact that the share of low-skill jobs has also risen. This employment phenomenon where job opportunities have shifted away from middle-skill jobs toward high- and low-skill jobs is called "job polarization."
( (Economic Review, Federal Reserve Bank of Kansas City, First Quarter 2013 pp. 5-32))
To put it simply, landscapers might not lose their jobs to rising imports, but their wages are hurt if they have to compete for jobs with workers who were laid-off from apparel factories as imports replaced domestic clothing. In the end, for many trade flows (particularly, say, trade flows between the United States and countries like Mexico and China) the common formulation is exactly backwards. The losers are the majority of American workers who still lack a 4-year college degree, while the winners are the minority of workers who do have these degrees.
When a certain kind of activity declines in our economy, normally it does not just disappear from the global economy, but instead moves to another location. These powerful market forces operate directly on the tradable sector, and indirectly on the nontradable portion through wage and price effects and shifting opportunities in labor markets...
Who are the winners and losers in the special visa program that enables U.S. companies to employ high-skilled foreign workers on a temporary basis in specialized occupations? In Understanding the Economic Impact of the H-1B Program on the U.S. (NBER Working Paper No. 23153 [February 2017]), John Bound, Gaurav Khanna, and Nicolas Morales explore how the availability of such workers has affected the welfare of domestic workers, firms, and consumers.
... I taught money in banking at the New School for Social Research in the 60s and 70s. Bob Heilbroner, the department chairman, wanted to conform to the mainstream and teach the Chicago School monetarism that treats the economy as if it operates on barter. If you look at almost any economic textbook, all the way through the Ph.D., they treat the economy as being barter. They then factor in money creation as if money ... directly affects prices proportionally -and claim that this doesn't change basic relationships, even between debtors and creditors.
...[O]ver the years ... mainstream economists have revised the concept of full employment. We now read that Australia, for example, is at "full employment" when its official unemployment rate is 5.7 per cent (1.7 per cent above its previous low in February 2008), underemployment is 8.4 per cent, and the participation rate is still a full 1 percentage below its November 2010 peak (meaning some 190 thousand workers have dropped out of the labour force). By any stretch, the total labour underutilisation rate (that is, idle but willing labour) is in excess of 16 per cent. But to some smug journalists who cannot even get their facts straight, that is 'full employment'. Mainstream economics - and misleading a nation as a result.