Browsed by
Category: Economics/Business

Manufacturing mediocrity: AI-generated ‘workslop’ is destroying productivity

Manufacturing mediocrity: AI-generated ‘workslop’ is destroying productivity

Harvard Business Review reports: A confusing contradiction is unfolding in companies embracing generative AI tools: while workers are largely following mandates to embrace the technology, few are seeing it create real value. Consider, for instance, that the number of companies with fully AI-led processes nearly doubled last year, while AI use has likewise doubled at work since 2023. Yet a recent report from the MIT Media Lab found that 95% of organizations see no measurable return on their investment in…

Read More Read More

Are America’s business leaders ready to stand up to Trump?

Are America’s business leaders ready to stand up to Trump?

As ABC and Disney defy the Trump regime by bringing Jimmy Kimmel back, it may finally be dawning on corporate America that deference to Trump is bad for business. John Cassidy writes: Why can’t business leaders band together to resist Trump’s bullying and autocratic tendencies? The profit motive certainly plays a prominent role: from Mussolini’s Italy and Nazi Germany to Vladimir Putin’s Russia and modern China, there is a long history of major corporations conceding to authoritarian governments for commercial…

Read More Read More

America’s top business leaders agree: Trump’s policies aren’t working; MAGA is like Maoism

America’s top business leaders agree: Trump’s policies aren’t working; MAGA is like Maoism

Jeffrey Sonnenfeld,founder of the Yale Chief Executive Leadership Institute, and Stephen Henriques write: The Yale Chief Executive Leadership Institute’s CEO forum gathers top political leaders with Fortune 500 CEOs for a Chatham House rules discussion where direct quotes are off the record. In Washington DC this week at the 155th gathering, as clouds swirled around the Capitol building just steps away, senators from both parties and some top Trump administration officials joined us. They had to face down the near…

Read More Read More

Israel has transformed military service from a civic obligation into economic opportunity

Israel has transformed military service from a civic obligation into economic opportunity

Assaf Bondy and Adam Raz write: When Hamas launched its attack on Israel on October 7, 2023, and Israel went to war, economists worldwide braced for a familiar pattern. History teaches us that wars devastate economies in predictable ways: people stop buying cars and furniture, businesses shut down, unemployment soars, and governments take over the economy by spending massively on weapons and military equipment. Israel seemed destined for this classic wartime economic transformation. Defense spending has shot up by more…

Read More Read More

Meet New York’s young business professionals who are voting for Mamdani

Meet New York’s young business professionals who are voting for Mamdani

The New York Times reports: Zohran Mamdani’s continued strength in New York City’s race for mayor has bewildered many business leaders who have tried to paint the democratic socialist as too extreme for the city. But the success of Mr. Mamdani’s campaign has not surprised many young professionals at tech start-ups, law firms and investment companies, who, despite earning well above the New York’s median household income of about $81,000, feel that living in the city is harder than it…

Read More Read More

Farmers in deep-red Pennsylvania struggle to find workers as migrant labor is increasingly hard to find

Farmers in deep-red Pennsylvania struggle to find workers as migrant labor is increasingly hard to find

Politico reports: As House Agriculture Chair G.T. Thompson prepares to introduce legislation aimed at easing the farm labor crisis, farmers in the Pennsylvania Republican’s district are hoping he’s heard their cries that they need more help right now. In Tioga County, where President Donald Trump won 75 percent of the vote in 2024, farmers are losing patience with the White House’s promise of a quick solution for farm workers. Their urgent need is highlighted by stories like those of a…

Read More Read More

China’s choice to stop buying U.S. soybeans creates a crisis for American farmers

China’s choice to stop buying U.S. soybeans creates a crisis for American farmers

The New York Times reports: On a windy September morning, Josh and Jordan Gackle huddled to discuss the looming crisis facing their North Dakota soybean farm. For the first time in the history of their 76-year-old operation, their biggest customer — China — had stopped buying soybeans. Their 2,300-acre soybean farm is projected to lose $400,000 in 2025. Soybeans that would normally be harvested and exported to Asia are now set to pile up in large steel bins. Since President…

Read More Read More

Detained Korean workers report ‘human rights violations’ by ICE after being treated like dogs

Detained Korean workers report ‘human rights violations’ by ICE after being treated like dogs

Hankyoreh reports (translated from Korean to English by Google): Their waists and hands were tied together, forcing them to bend down and lick water to drink. The unscreened bathrooms contained only a single sheet to cover their lower bodies. Sunlight barely penetrated through a fist-sized hole, and they were only allowed access to the small yard for two hours. Detained by US immigration authorities for eight days, the workers and their families expressed shock, describing human rights violations and absurdities…

Read More Read More

The real reason Trump poses a threat to the economy

The real reason Trump poses a threat to the economy

Jonathan Cohn writes: With his broad shoulders, thick arms, and even thicker New England accent, ironworker David Langlais is exactly the sort of American who is supposed to love Donald Trump’s policies. But Langlais says he is dumbfounded by some of the president’s recent decisions, especially the one that halted work on an energy project off the coast of Rhode Island. The project is called Revolution Wind. When it is completed—or, more accurately, if it is completed—it will consist of…

Read More Read More

Trumponomics is about Trump far more than it is about economics

Trumponomics is about Trump far more than it is about economics

Derek Thompson writes: Is Donald Trump a staunch capitalist, a secret socialist, a blend of the two, or none of the above? Depending on the day, it’s hard to tell. Some of his initiatives are pure Ronald Reagan, such as his corporate-income tax cuts and deregulation efforts targeted at oil and gas. Some of his interventions would impress a Democratic Socialists of America chapter, such as demanding a public stake in Intel, requesting 15 percent of revenues from Nvidia’s chip…

Read More Read More

How JPMorgan enabled the crimes of Jeffrey Epstein

How JPMorgan enabled the crimes of Jeffrey Epstein

The New York Times reports: One day in October 2011, Jeffrey Epstein walked into the cavernous lobby of 270 Park Avenue in Midtown Manhattan. The skyscraper was home to JPMorgan Chase, arguably the world’s most prestigious bank. The sex offender — who barely a year earlier was under house arrest after serving 13 months in a Florida jail — was ushered onto an elevator and whisked to a top floor where Jamie Dimon, the bank’s chief executive, and the rest…

Read More Read More

What happens if AI turns out to be an economic failure?

What happens if AI turns out to be an economic failure?

Rogé Karma writes: If there is any field in which the rise of AI is already said to be rendering humans obsolete—in which the dawn of superintelligence is already upon us—it is coding. This makes the results of a recent study genuinely astonishing. In the study, published in July, the think tank Model Evaluation & Threat Research randomly assigned a group of experienced software developers to perform coding tasks with or without AI tools. It was the most rigorous test…

Read More Read More

Trump is following Perón’s path to economic failure

Trump is following Perón’s path to economic failure

Scott Lincicome writes: When the populist strongman Juan Perón ran Argentina’s economy from his presidential palace in the mid-20th century—personally deciding which companies received favors, which industries got nationalized or protected, and which businessmen profited from state largesse—economists warned that the experiment would end badly. They were right. Over decades of rule by Perón and his successors, a country that had once been among the world’s wealthiest nations devolved into a global laughingstock, with uncontrollable inflation, routine fiscal crises, rampant…

Read More Read More

U.S. mines are literally throwing away critical minerals

U.S. mines are literally throwing away critical minerals

Grist reports: The United States is home to dozens of active mines. Some extract copper, while others dig for iron. Whatever the resource, however, it usually makes up a small fraction of the rock pulled from the ground. The rest is typically ignored. Wasted. “We’re only producing a few commodities,” said Elizabeth Holley, a professor of mining engineering at the Colorado School of Mines. “The question is: What else is in those rocks?” The answer: a lot. In a study…

Read More Read More

Trump’s attack on Fed Governor Lisa Cook is an attack on Black women

Trump’s attack on Fed Governor Lisa Cook is an attack on Black women

Anna Gifty writes: On August 20, news broke that Governor Lisa Cook is being probed for “mortgage fraud” by Attorney General Bondi. Since then, the president has issued multiple statements about his unprecedented plans to fire Governor Cook, and a criminal investigation of her has been officially launched by the Department of Justice. It’s clear one of the primary reasons the president wants to oust Governor Lisa Cook is because of his fixation on interest rate cuts. He sees her…

Read More Read More

Trump is using scare tactics to pressure the Supreme Court to rule in his favor on tariffs

Trump is using scare tactics to pressure the Supreme Court to rule in his favor on tariffs

Ankush Khardori writes: Donald Trump is making a last-ditch effort to salvage his beloved, beleaguered tariff policy, heading to the Supreme Court in hopes that the Republican appointees will come to his rescue. The desperation is both palpable and warranted given the conspicuous weakness of the administration’s legal arguments, as underscored by a series of lower court rulings against him. That has in turn led the president and his aides to make increasingly histrionic public claims about what will happen…

Read More Read More