Recession prompted 'unprecedented' fall in wages -
Wages have fallen more in real terms in the current economic downturn than ever before, according to a report.
On top of the rising cost of living, a third of workers who stayed in the same job saw a wage cut or freeze between 2010 and 2011, said the Institute for Fiscal Studies (IFS).
"The falls in nominal wages... during this recession are unprecedented," said Claire Crawford from the IFS.
Labour said the figures showed there was a "living-standards crisis".
posted by marienbad
on Jun 12, 2013 -
"One might think that, once we know something is computable, how efficiently it can be computed is a practical question with little further philosophical importance. In this essay, I offer a detailed case that one would be wrong. In particular, I argue that computational complexity theory---the field that studies the resources (such as time, space, and randomness) needed to solve computational problems---leads to new perspectives on the nature of mathematical knowledge, the strong AI debate, computationalism, the problem of logical omniscience, Hume's problem of induction, Goodman's grue riddle, the foundations of quantum mechanics, economic rationality, closed timelike curves, and several other topics of philosophical interest. I end by discussing aspects of complexity theory itself that could benefit from philosophical analysis."
posted by cthuljew
on May 5, 2013 -
The Austerity Delusion: Why a Bad Idea Won Over the West.
"Austerity is a seductive idea because of the simplicity of its core claim -- that you can’t cure debt with more debt. This is true as far as it goes, but it does not go far enough. Three less obvious factors undermine the simple argument that countries in the red need to stop spending.
The first factor is distributional, since the effects of austerity are felt differently across different levels of society. The second factor is compositional; everybody cannot cut their way to growth at the same time. The third factor is logical; the notion that slashing government spending boosts investor confidence does not stand up to scrutiny."
posted by spamandkimchi
on May 1, 2013 -
"All this gives us one way to understand the Lannister zeal for power in King's Landing. In effect, Tywin is attempting to execute a debt-for-equity swap since his debts aren't actually recoverable. But that simply underscores the extent to which the loans to the Iron Throne are, themselves, worthless as financial assets."
Economics of Ice & Fire, Part I
and Part II (minor dialogue spoilers for S03E03) [more inside]
posted by Chipmazing
on Apr 19, 2013 -
"Gold's crash this weekend is, as Oprah might say, a teachable moment. Crashes like this are a good way to find out how markets work. It's like a game of financial Clue, a way to keep sharp your skills of deduction. You don't have to be a stock investor or a math whiz to figure it out, either – you just have to have a good grasp of news and human psychology."
- the Guardian on this week's crash in gold commodity prices.
posted by Slap*Happy
on Apr 18, 2013 -
"Trusting your child with someone else is one of the hardest things that a parent has to do — and in the United States, it’s harder still, because American day care is a mess.
About 8.2 million kids—about 40 percent of children under five — spend at least part of their week in the care of somebody other than a parent. Most of them are in centers, although a sizable minority attend home day cares.... In other countries, such services are subsidized and well-regulated. In the United States, despite the fact that work and family life has changed profoundly in recent decades, we lack anything resembling an actual child care system. Excellent day cares are available, of course, if you have the money to pay for them and the luck to secure a spot. But the overall quality is wildly uneven and barely monitored, and at the lower end, it’s Dickensian."
posted by zarq
on Apr 15, 2013 -
The Locust Economy
I was picking the brain of a restauranteur for insight into things like Groupon. He confirmed what we all understand in the abstract: that these deals are terrible for the businesses that offer them; that they draw in nomadic deal hunters from a vast surrounding region who are unlikely to ever return; that most deal-hunters carefully ensure that they spend just the deal amount or slightly more; that a badly designed offer can bankrupt a small business.
He added one little factoid I did not know: offering a Groupon deal is by now so strongly associated with a desperate, dying restaurant that professional food critics tend to write off any restaurant that offers one without even trying it. [more inside]
posted by the man of twists and turns
on Apr 11, 2013 -
Recent posts here
discuss a growing sense that climate change is going to be worse than we thought. A link to Charles Stross's musing on a future that included climate change was discussed on MeFi here
But Kim Stanley Robinson asks a slightly different question: If capitalism is the driver of climate change, what happens next
? What does post-capitalism
posted by BillW
on Apr 9, 2013 -
The Forces Of The Next 30 Years - SF author and Mefi's Own
Charles Stross talks to students at Olin College about sci-fi, fiction, speculation, the limits of computation, thermodynamics, Moore's Law, the history of travel, employment, automation, free trade, demographics, the developing world, privacy, and climate change in trying to answer the question What Does The World Of 2043 Look Like?
posted by The Whelk
on Mar 27, 2013 -
And that's a bad idea.
Much of standard group behavior data in Sociology/Economics/Psychology is based on Americans. Which don't seem (contrary to universal assumptions) to be shared by a lot of the World.
posted by aleph
on Feb 25, 2013 -
A Renaissance in Economics The American President Ronald Reagan once quipped, “The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’” I get the same shivers when someone introduces themselves as an economist.
posted by infini
on Feb 13, 2013 -
“LEGO® sets are not cheap toys. They are made to the highest standards and have the price to go along with it. However, in the past couple decades it seems that the price of LEGO sets has become outrageous. New sets can sell for up to $500 retail and old sets can sell for twice that in a secondary market. This is a children’s toy, right? There is no way LEGO sets have always been this expensive; it is just molded plastic. Let’s take a look at the history of LEGO pricing and try to figure out what is going on
posted by zamboni
on Feb 7, 2013 -
House of Cards
is a new original "TV" series that is not destined for any TV distribution channel. Instead, it was developed by, and is only available through, Netflix. Netflix posted the entire first "season," 13 1-hour episodes, on Friday. (Is this the new thing?)
Some of us, cough, watched the whole thing. [more inside]
posted by grobstein
on Feb 3, 2013 -
Yesterday, the Nielsen Company released a report
showing that same-sex partnered households in America shop about 16% more than the average US household. Broken down into categories, Nielsen observes that gay couples drink a ton, while lesbian couples eat an awful lot of cottage cheese.
posted by schmod
on Jan 31, 2013 -
Philip Pilkington writes for naked capitalism
: The Origins of Neoliberalism
: Hayek's Delusion
Hayek’s entire ideology and career had begun to come apart in the 1930s. His theories were shown to be inconsistent in the academic journals of the time and the practical implications of those theories had shown themselves to be both discredited and dangerous. A man in such a position only has two choices: he can either completely re-evaluate his ideas which, if they were held with unshakeable conviction and constituted a core component of his emotional make-up, as seems to have been the case with Hayek, would have likely resulted in a mental collapse; or, alternatively, he can engage in a massive repression, shut out reality and construct around himself a fantasy world. [more inside]
posted by the man of twists and turns
on Jan 18, 2013 -
"We decided to go on an adventure through the financial statements of one bank
[Wells Fargo], to explore exactly what they do and do not show, and to gauge whether it is possible to make informed judgments about the risks the bank may be carrying. We chose a bank that is thought to be a conservative financial institution, and an exemplar of what a large modern bank should be."
posted by vidur
on Jan 14, 2013 -
Research Says: Studying Economics Turns You Into a Liar
The researchers ultimately ran their test on 258 students from various majors, including business, economics, the humanities, sciences, law, among others. And there was a clear gap: even though a large portion of students lied from every field, economics and business students lied a much more often than everybody else. As shown in the table below, just 22.8 percent of them honestly reported the colors of the flashing circles, even when it cost them that extra euro. More than half of humanities students, on the other hand, were honest. Same went for law students, who appeared to play against type. (They also claim that the *study* made the difference and not just the type of student that signed up for that kind of study.)
posted by aleph
on Dec 20, 2012 -
"There are certain novels that can shape a teenage boy's life. For some, it's Ayn Rand's Atlas Shrugged; for others it's Tolkien's The Lord of the Rings. As a widely quoted internet meme says, the unrealistic fantasy world portrayed in one of those books can warp a young man's character forever; the other book is about orcs. But for me, of course, it was neither. My Book – the one that has stayed with me for four-and-a-half decades – is Isaac Asimov's Foundation Trilogy, written when Asimov was barely out of his teens himself. I didn't grow up wanting to be a square-jawed individualist or join a heroic quest; I grew up wanting to be Hari Seldon, using my understanding of the mathematics of human behaviour to save civilisation." [Paul Krugman: Asimov's Foundation novels grounded my economics
posted by vidur
on Dec 9, 2012 -
The Economics of Caring There's something deeply flawed about an economic system that measures utility but not the attachments we feel to another person, or to one's homeland.
posted by infini
on Dec 2, 2012 -
Has politics gone peer-to-peer?
A rich 90-minute panel discussion with Steven Johnson, author of "Future Perfect: The Case for Progress in a Networked World", featuring Yochai Benkler, Susan Crawford and Lawrence Lessig.
posted by mhjb
on Nov 26, 2012 -