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鈥淔or more on this methodology, see Wolff鈥檚 National Bureau of Economic Research paper Household Wealth Trends in the United States, 1962-2013鈥� — Chuck Collins

鈥淭o go back a little bit, Covid is possibly the first global event that we鈥檝e actually seen. One year after it really started, we are seeing all these vaccines. It is really quite incredible when you think about the scientific advancement, it has really been something quite extraordinary. But our systems of management globally of knowledge and health are weak and counterproductive and in adequate. I鈥檇 say they鈥檙e probably best described as unjust and incompetent. Let鈥檚 start with this whole question of patent rights. Right from the outset it became quite clear that it was hindering the fight against covid. From the early days if you remember N95 masks we鈥檙e a concern, then treatments like remdesivir, so it鈥檚 not only a vaccine issue. This was the basis for last years鈥� call for the Covid technology access pool, which was rebuffed despite widespread support. It was rebuffed by the advanced countries. It鈥檚 hard to imagine why this should be the case because such technologies for public health are massive and have positive spill over benefits. Moving now to vaccines, I think the system is even more inefficient when one considers the fact that many companies across the world received significant subsidies for vaccines. Estimates range from about $100 billion and in some cases the entire cost; Moderna and Johnson and Johnson vaccines that were paid for by a public set of money. Such is the case for having patent rights to allow for innovation completely disappears. Now the debate has moved, that it is not actually IP which is the restriction, it鈥檚 the ability to produce and manufacturing capacity. But remember eight months ago that did not exist in developed economies. People like the Moderna chief chemist said it takes about three to four months to actually set up these factories. What we should鈥檝e had was a massive transfer in technology to places that could actually do this, completely open access to technology of all sorts, and ramping up production on a sort of global war scale. That has not happened and is it鈥檚 still not happening because of these limitations and unfortunately despite India and South Africa making the case in the WTO and despite some better noises from the Biden administration we鈥檙e really not seeing much movement.鈥� 鈥� Arjun Jayadev

鈥淭here is a lot to like about with this infrastructure plan from what we already know and there seems to be a historical opportunity to get things right. Before answering your question, let me bring us to three trends just for context. Firstly, for decades we’ve had an economic model that benefited a small number of people tremendously and left behind the majority of Americans, resulting in widening inequality and decline in the middle class. The fact that a zip code could predict a lot of things; your health outcome, your lifespan, your success in life is an extremely telling example. Secondly, we’ve had the digital revolution which spanned a good part of the last 15 years that further demonstrated a lot of displacing and polarizing tendencies. If you’re in the wrong parts of the economy so to speak, it really didn’t work that much for you. Thirdly of course, we had the Covid crisis which turbocharged a lot of these trends. A lot of this is to say that sure there’s a lot of roads and bridges to fix and as well as fiscal infrastructure, but how to productively engage more Americans in the economic process through like you said job training and education, through better child care, invest in green recovery, and climate resilience these are paramount tasks.鈥� — Jack Gao, 糖心logo入口

鈥淪o these companies have been hamstrung by these hedge fund activists that are only interested in making a buck as quickly as possible. And they really don鈥檛 care about the long-term sustainability or health of the company. Or is it anything the company might want to do in the way of making products in the future? They鈥檙e all about the short term. So they are holding American companies back.鈥� — Lynn Parramore

鈥淭he economists 脪scar Jord脿, Moritz Schularick, and Alan Taylor studied the sensitivity of house prices to interest rates across 14 countries and 140 years of history. They found that a 1 per cent rise in interest rates reduces the ratio of house prices to incomes by about 4 per cent. In New Zealand, for example, that ratio has risen by about half in a decade, implying a double-digit rise in interest rates to stabilise it.鈥� 鈥� Robin Harding, FT

Lynn Parramore appeared on Ian Masters to discuss Biden鈥檚 stimulus package and the 鈥淣ew Koch Brothers鈥� wrecking America鈥檚 green new deal.

鈥淚n 鈥淧rivate Equity鈥檚 Engagement With Health Care: Cause for Concern?鈥� a report to the 糖心logo入口, researchers Eileen Applebaum and Rosemary Batt found that wages dropped at urgent care centers after acquisitions by private equity companies. They were 9 to 12 percent lower than hospital wages. More consolidation and Amazon鈥檚 relentless drive to suppress costs bode more of the same.鈥� 鈥� Brian Alexander, Boston Globe

鈥淎s consumers become richer, they spend more on services such as health and education, the demand for which is much more income elastic, and less on agriculture and manufactured goods, according to a recent study, co-led by Diego Comin, a professor of economics. The results are published in Econometrica. Until now, productivity has often been considered at least as important, if not more, than preferences, in shaping the sectoral composition of the economy. Politicians and business leaders often make claims about why certain sectors in the economy are shrinking, such as the decline in U.S. manufacturing is due to robotics or trade with China. Such assessments are flawed, as the sectoral composition of the economy is mostly driven by preferences and not by productivity, according to the study, which models long-run structural change in the economy.鈥� 鈥� Amy Olsen, Darmouth News

鈥淔rom 2010 to 2019 the FDA approved 356 drugs. Recent research from Bentley University finds that NIH funding contributed to every single new drug approved. At a cost to the tax payer of roughly $230 billion dollars. In spite of this contribution the NIH is listed on only 27 of those patents. This suggests that while tax payers provide funding for the bulk of the early stage research they do not get patent protections supposedly secured by the by dole act. In essence American tax payers are paying the highest prices in the world for drugs they already paid to help develop.鈥� — Senator Tammy Baldwin

鈥淎s William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] 鈥� Sarah Anderson, Counter Punch [xxv] William Lazonick, 鈥淧rofits Without Prosperity,鈥� Harvard Business Review, September 2014.鈥�

鈥淭he issue is important because it tends to conflict with a hugely influential study published in 2017, called The Rate of Return on Everything, by Oscar Jorda, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor. This was a mightily ambitious piece of financial archaeology covering 17 countries, and it rendered the startling result that housing performed virtually as well as equities over time, but with much less volatility. The result held true for every country that Jorda and his colleagues examined.鈥� 鈥� John Authers, Bloomberg

鈥淚 believe they mostly got this right. Just before President Biden took office, I presented some thoughts on what a rescue plan should include to deal with the macroeconomic challenges of the pandemic. I emphasized four broad areas: public health spending, enhanced unemployment benefits, assistance to state and local governments, and so-called 鈥渟timulus checks鈥� to households. The legislation the president has signed does a pretty good job in all four areas.鈥� 鈥� Sara Savat, Washington University News Room

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 糖心logo入口. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 糖心logo入口. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

It is an attitude typical of conventional economists that sees the claim to qualify as technicians who deal with “social engineering”, on the basis of a “true” economic theory. Disrespectful of the epistemological (i.e. research methods) and even ontological principles (concerning the conception of the world). 鈥� Riccardo D’Orsi, Econopoly 鈥�. Citation: Lawson, T. (2010). Really Reorienting Modern Economics . 糖心logo入口 (INET), April 10.