1. The best proof yet that nobody has actually read Piketty's book →

    In other words, very few economists believe that Thomas Piketty’s equation r > g explains the rise in US inequality over the past 40 years. The punchline here, however, is that Piketty’s book does not say that r > g explains the rise in US inequality over the past 40 years.

    The best criticisms of Piketty have not come from the media or right wing hacks. They’ve come from policy wonks in the center.

  2. Secret Deficit Lovers →

    Deficit scolds actually love big budget deficits, and hate it when those deficits get smaller. Why? Because fears of a fiscal crisis — fears that they feed assiduously — are their best hope of getting what they really want: big cuts in social programs. A few years ago they almost managed to bully the nation into cutting Social Security and/or raising the Medicare eligibility age; they even had hopes of turning Medicare into an underfinanced voucher program. Now that window of opportunity is closing fast.

  3. How to Reduce Global Warming for Fun and Profit →

    We’re not actually so far off from turning emissions into commodities, it turns out. In the United States alone, a number of companies aim to convert waste carbon dioxide into chemicals that can be used to make products we buy every day

    The only people who think regulating CO2 will end capitalism are Libertarians and Marxists. Anyone who has an understanding of economics that doesn’t begin and end in the 19th century understands that markets react to regulations in the exact same way they react to everything else. Incentives change, prices adjust, people come up with new ideas that make money.

  4. New study shows that the savings from 'tort reform' are mythical →

    "Tort reform," which is usually billed as the answer to "frivolous malpractice lawsuits," has been a central plank in the Republican program for healthcare reform for decades. The notion has lived on despite copious evidence that that the so-called defensive medicine practiced by doctors merely to stave off lawsuits accounts for, at best, 2% to 3% of U.S. healthcare costs. As for "frivolous lawsuits," they’re a problem that exists mostly in the minds of conservatives and the medical establishment. A new study led by Michael B. Rothberg of the Cleveland Clinic and published in the Journal of the American Medical Association aimed to measure how much defensive medicine there is, really, and how much it costs. The researchers’ conclusion is that defensive medicine accounts for about 2.9% of healthcare spending. In other words, out of the estimated $2.7-trillion U.S. healthcare bill, defensive medicine accounts for $78 billion.

  5. Denying Climate Change 'Will Cost Us Billions Of Dollars,' U.S. Budget Director Warns →

    “From where I sit, climate action is a must do; climate inaction is a can’t do; and climate denial scores – and I don’t mean scoring points on the board,” Donovan said. “I mean that it scores in the budget. Climate denial will cost us billions of dollars.”

  6. White High School Dropouts Have More Wealth Than Black And Hispanic College Graduates | Demos

    White High School Dropouts Have More Wealth Than Black And Hispanic College Graduates | Demos

  7. The lowest paid workers get the least sleep.

ilovecharts:

Sleep Is For The Rich

    The lowest paid workers get the least sleep.

    ilovecharts:

    Sleep Is For The Rich

  8. The Biggest Robbers In America Are Employers →

    The amount of money employers had to pay because they were found guilty of wage theft is nearly three times greater than all the money stolen in robberies, according to a new report from the Economic Policy Institute (EPI).

    That $50 billion figure dwarfs the $14 billion taken from victims of robberies, burglaries, larcenies, and car thefts in 2012. That’s less than a third of the cost of wage theft, according to EPI’s estimations.

    The NLRB needs to be reformed for the post labour union era. It should be the advocate for those who are robbed by their employers and it isn’t.

  9. When The Economist blamed Irish peasants for starving to death →

    its extraordinary blindness to how real life economic power relations work is reminiscent of the magazine’s beginnings in the 19th century, when it fulminated at the very idea that the British government should do anything about the Irish famine that was happening on its doorstep. After all, it was the peasants’ own fault that they were starving.

    Laissez faire is often used as an excuse to blame victim.

  10. Obama Outperforms Reagan on Jobs, Growth and Investing →

    Regression toward the mean is the likely explantation. The slowness of the recovery may be due to lack of targeted stimulus but everything else looks like normal growth.