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Category: Economics

Unions might not be Amazon’s biggest labor threat

Unions might not be Amazon’s biggest labor threat

Recode reports: Amazon is facing a looming crisis: It could run out of people to hire in its US warehouses by 2024, according to leaked Amazon internal research from mid-2021 that Recode reviewed. If that happens, the online retailer’s service quality and growth plans could be at risk, and its e-commerce dominance along with it. Raising wages and increasing warehouse automation are two of the six “levers” Amazon could pull to delay this labor crisis by a few years, but…

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Inflation is poised to ease according to three key indicators

Inflation is poised to ease according to three key indicators

Bloomberg reports: Three of the key supply-side factors driving today’s global inflation levels have already turned around, meaning relief could be on the horizon for shoppers worldwide. A bellwether semiconductor price — a barometer of costs of finished electronics products as diverse as laptops, dishwashers, LED bulbs, and medical devices delivered worldwide — is now half its July 2018 peak and down 14% from the middle of last year. The spot rate for shipping containers — which tells us more…

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Economic recession fears could be overblown

Economic recession fears could be overblown

The Washington Post reports: If there is a recession brewing in the United States, it would be news to Doug Johnson. The president of Marion Manufacturing Co. in Cheshire, Conn., Johnson is enjoying some of the best times in his company’s 76-year history. Sure, he’s heard the negative chatter about rising prices, sinking stocks and mounting risks from trouble overseas. And he’s seen the polls showing that most Americans think the economy is headed for a tumble. But as Johnson…

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What America needs is a liberalism that builds

What America needs is a liberalism that builds

Ezra Klein writes: In April, Brian Deese, the director of Biden’s National Economic Council, gave an important speech on the need for “a modern American industrial strategy.” This was a salvo in a debate most Americans would probably be puzzled to know Democrats are having. Industrial strategy is the idea that a country should chart a path to productive capacity beyond what the market would, on its own, support. It is the belief that there should be some politics in…

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Taking decolonisation beyond Eurocentrism

Taking decolonisation beyond Eurocentrism

Ingrid Harvold Kvangraven writes: With the publication of Orientalism in 1978, Edward Said would become one of the most influential scholars of our era. The book transformed the study of the history of the modern world, as it offered insights into how racist discourses created and maintained European empires. As much for his political activities, Said and his work attracted a number of Right-wing critics, most notably perhaps Bernard Lewis. Less well known in the West is Samir Amin, the…

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California pushing for 32-hour workweek at larger companies as part of pandemic-driven shift

California pushing for 32-hour workweek at larger companies as part of pandemic-driven shift

USA Today reports: California is trying to become the first state in the nation to make a four-day workweek a state law. The state introduced a bill that would make the official workweek 32 hours and no longer 40 hours for companies with 500 employees or more, giving higher raises and time-and-a-half pay to any worker who surpasses that cutoff. A typical workday would remain eight hours. The bill – AB 2932 – also states that 12 hours past the…

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How many billionaires are there, anyway?

How many billionaires are there, anyway?

Willy Staley writes: In 1981, Malcolm Forbes, the eccentric and fabulously wealthy magazine publisher, came to his editors with a request: Could they pull together a special issue about the 400 richest Americans? The idea was inspired by Caroline Schermerhorn Astor, the doyenne of Gilded Age New York, who regularly hosted the city’s high society in her Fifth Avenue ballroom, which was said to fit about 400 people. It’s quite possible Forbes saw something of himself in Astor. This was…

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What if jobs are not the solution but the problem?

What if jobs are not the solution but the problem?

James Livingston writes: Work means everything to us Americans. For centuries – since, say, 1650 – we’ve believed that it builds character (punctuality, initiative, honesty, self-discipline, and so forth). We’ve also believed that the market in labour, where we go to find work, has been relatively efficient in allocating opportunities and incomes. And we’ve believed that, even if it sucks, a job gives meaning, purpose and structure to our everyday lives – at any rate, we’re pretty sure that it…

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Russia’s Ukraine invasion could be a global economic ‘game changer’

Russia’s Ukraine invasion could be a global economic ‘game changer’

The Washington Post reports: Russia’s invasion of Ukraine and the financial reckoning imposed on Moscow in response are proof that the triumphant globalization campaign that began more than 30 years ago has reached a dead end. Fallout from the fighting in Ukraine will take a meaningful bite out of the global economic recovery this year, with the greatest impact in Europe, economists said. A spike in oil prices to more than $110 per barrel and renewed supply chain disruptions —…

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Can Germany function without Russian natural gas?

Can Germany function without Russian natural gas?

The Guardian reports: The Ukraine crisis has plunged Germany into an intense debate about how it will heat its homes and power its industry in future, summed up in the short question: can Europe’s largest economy function without Vladimir Putin’s gas? The Green federal economics minister, Robert Habeck, answered with a decisive “yes it can”, a day after the chancellor, Olaf Scholz, announced the suspension of the Nord Stream 2 pipeline, which was meant to deliver from Russia as much…

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How Larry Summers became the preeminent critic of the Biden era’s economic consensus

How Larry Summers became the preeminent critic of the Biden era’s economic consensus

Eric Levitz writes: There’s a story that progressives like to tell about Larry Summers. The doyen of Establishment economics is dining out with a populist politician. The two have made it through the meal with minimal awkwardness — their ideological tensions eased by booze and food — when Summers leans back in his chair and offers his left-wing foil a hard-won insight. There are two kinds of political actors in this world: insiders and outsiders. Outsiders are free to speak…

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Waste is central, not peripheral, to everything we design, make and do

Waste is central, not peripheral, to everything we design, make and do

Justin McGuirk writes: The opposition between ‘nature’ and ‘culture’ is problematic for many reasons, but there’s one that we rarely discuss. The ‘nature vs culture’ dualism leaves out an entire domain that properly belongs to neither: the world of waste. The mountains of waste that we produce every year, the torrents of polluting effluent, the billions of tonnes of greenhouse gases, the new cosmos of microplastics expanding through our oceans – none of this has ever been entered into the…

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The Fed’s doomsday prophet has a dire warning about where we’re headed

The Fed’s doomsday prophet has a dire warning about where we’re headed

Christopher Leonard writes: Thomas Hoenig doesn’t look like a rebel. He is a conservative man, soft-spoken, now happily retired at the age of 75. He acts like someone who has spent the vast majority of his career, as he has, working at one of the stuffiest and powerful institutions in America: the Federal Reserve Bank. Hoenig has all the fiery disposition that one might expect from a central banker, which is to say none at all. He unspools sentences methodically,…

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UK’s Brexit losses more than 178 times bigger than trade deal gains

UK’s Brexit losses more than 178 times bigger than trade deal gains

The Independent reports: All of Boris Johnson’s new post-Brexit trade deals put together will have an economic benefit of just £3 to £7 per person over the next 15 years, according to the government’s own figures. The tiny economic boost – amounting to just 0.01 to 0.02 per cent of GDP, and less than 50p per person a year – is dwarfed by the economic hit from leaving the EU, which the government estimates at 4 per cent of GDP…

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Thoreau’s economics: the truly precious costs precious little

Thoreau’s economics: the truly precious costs precious little

John Kaag and Jonathan van Belle write: The word ‘economy’ evolved from the Greek root οἶκος. ‘Oikos’ had three interrelated senses in ancient Greece: the family, the family’s land, and the family’s home. These three, taken interchangeably, constituted the first or fundamental political unit in the ancient Greek world, especially in the minds of Greece’s hereditary aristocrats, for whom family mattered more than all other affiliations. The family, then and after, was viewed as the state in miniature, with its…

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America needs you to buy less junk

America needs you to buy less junk

Amanda Mull writes: Lately, news stories about the supply chain tend to start in similar ways. The reader is dropped into an American container port, maybe in Long Beach, California, or Savannah, Georgia, full to bursting with trailer-size steel boxes loaded with toilet paper and exercise bikes and future Christmas presents. Some of the containers have gone untouched for weeks or months, waiting for their contents to be trucked to distribution centers. On the horizon, dozens of additional vessels are…

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