But [productivity] is also really hard to measure, particularly for service firms. (How productive were employees at Facebook, or your local bank, last quarter? Have fun trying to figure it out.)
-- Neil Irwin/2016
More times than I can count, these essays have mentioned that productivity software (word processing, spreadsheets, and…Continue
As mass production has to be accompanied by mass consumption; mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery.
-- Marriner Eccles
It's good to be alive.
It's Super Tuesday.
It's impossible for the Rabid Right to get it's way with the Supreme court.
Regular reader may recall the proposition that motive and incentive always trump (hehe) data when they are in conflict. With the passing of Scalia, the RR immediately looked at the data, their control of the House and Senate, and pronounced that there would be no Obama replacement. They intended to get a Super Scalia, i.e. more rabidly right, next…Continue
It's been mentioned in these endeavors before, so it oughtn't be a big surprise to find another bit of reporting on the successor to sub-prime house mortgage: auto sales and leasing. Once again, capitalists seek to find a way to soak up all that automated output by a dwindling middle class with little money.
Earlier essays pointed out that auto loans,…Continue
Well, at long last I've finished my slog through Gordon's book. On the whole, recommended. With reservations.
First, if you're among those who still believe not only in American Exceptionalism, but in its perpetual exponential expansion, you should read every page. Slowly. On the other hand, if you're among those who understand the limits of the physical world, then a more cursory approach, at least on first reading, will do.…Continue
The rabid right wingnut Republicans keep saying that the Damn Gummint caused the Great Recession. It was, in fact, caused by banksters just as the Great Depression was. Now, we get a bankster admitting it fudged the numbers. As usual, motive and incentive™ trumped the data.
According to the settlement, Wells Fargo "admits, acknowledges, and accepts responsibility" for having from 2001 to…Continue
The capitalist's dilemma is simple enough. Samuel Colt is generally credited with devising the interchangable part method of production. Being the USofA, he made guns, of course. Decades later, Henry Ford devised larger assembly lines to make the Model T. In both cases, the notion was to replace master/journeyman craftsmen with minimally skilled anonymous hands. In the case of Ford, the savings in labor expense was passed on (largely) to the consumer in a…
Added by Robert Young on April 7, 2016 at 10:58am — No Comments