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鈥淎nd what if there is a stock buyback during the period the share price is inflated? Does that harm shareholders because the company is spending money to repurchase its stock, or does it actually further benefit them by potentially raising earnings per share (EPS)?鈥� 鈥� Citation: William Lazonick, The Financialization of the U.S. Corporation: What Has Been Lost and How It Can Be Regained, 36 Seattle U. L. Rev. 857, 859 (2013) (noting that trillions of dollars are spent on share buybacks and that 鈥渃orporate executives who make these decisions are themselves prime beneficiaries of this focus on rising stock prices as a the measure of corporate performance鈥�)

The Political Movement That Dared Not Speak its Own Name: The Neoliberal Thought Collective Under Erasure Philip Mirowski [糖心logo入口, August 2014] 鈥�.consider the question: how should we approach the construction of a reliable history of a group of intellectuals who have managed to turn their meditations into a political movement on a global scale? Of course this raises timeworn problems of the relationship between theory and practice; but the Neoliberal case sports a further thorny complication: while we can fairly comprehensively identify the roster of whom should be acknowledged as a part of the movement, at least from its beginnings in the 1930s until the recent past, we are confronted with the fact that, in public, they themselves roundly deny the existence of any such well-defined thought collective, and stridently denounce the label of Neoliberalism. Not only do they wash their hands of most of the documented activities of the Neoliberal Thought Collective 鈥� think of Hayek and Friedman and their denials concerning the Pinochet interlude in Chile— but their plaint is that their opponents the socialists have always gotten the better of them, and thus their political project has never enjoyed any real successes, ever, anywhere, contrary to all evidence brought to the table. They are forever the bridesmaid of conservative parties, never the bride, to hear them tell it. Given the sheer numbers of people involved, and the really astronomical sums of money, and the cultural dominance of the airwaves, this sad sack victimhood is really quite remarkable, and itself calls for serious examination. Perhaps it has something to do with the fact that a political movement that dare not speak its own name has intellectual contradictions that it dare not air openly.

鈥淲ith all of that said, The 糖心logo入口 (INET) recently published a study casting doubt about the methodology BLS uses to tabulate its unemployment data, especially when it comes to Black people. INET suggested that BLS鈥� data is inaccurate and downplays Black unemployment. On average, Black men鈥檚 unemployment rate is 2.8 percentage points higher than BLS data shows,鈥� according to INET鈥檚 study, entitled, 鈥淢asking Real Unemployment: The Overall and Racial Impact of Survey Non-Response on Measured Labor Market Outcomes.鈥� The same was true for BLS鈥� unemployment rate for Black women, which INET found was, on average, about 2.4 percentage points lower than its actual rate. The differences grow for younger Black males from 16 to 34 years old. INET鈥檚 findings lend some credence to a tweet from the Center for American Progress after January鈥檚 jobs report was published that said Black women, in particular, 鈥渁re still being left behind by the recovery.鈥� 鈥� Bruce C.T. Wright, News One

鈥淢aking matters worse, the Black unemployment rate might be much higher, according to a new analysis by the 糖心logo入口. The unemployment rate is calculated using data from the Current Population Survey. But that survey has a much lower response rate from Blacks than from white Americans, leading to more misclassifications in the official unemployment rate. For Blacks, the response rate is 72%, while the response rate is 90% for whites. Factoring that in, the unemployment rate for Black workers could be at least 2.6 percentage points higher than the monthly rate by the BLS, leaving it at 12.5% in February, the analysis found. For whites, the increase is much smaller at 0.7 percentage point. “The Current Population Survey has been missing a larger share of the population over time, particularly among Blacks,” said Baker, who is also an author of the analysis. “You have to ask what’s the situation for the people they’re not talking to.” 鈥� Denitsa Tsekova, Yahoo Money

鈥淭he piece gives a series of case studies. Parramore summarized the problem: 鈥淧layers on Wall Street have been torpedoing our chances of averting environmental catastrophe for years. A group of billionaire financiers has made sure the companies the government must partner with to fight climate change are focused on one thing only 鈥� making these men (they all seem to be men) even richer. Instead of leading the world in climate change technology, firms like Apple, GE, and Intel have been pressured to become the personal piggy banks of powerful moneymen 鈥� known as hedge fund activists 鈥� who can鈥檛 see beyond the next quarterly report.鈥� 鈥� 糖心logo入口 for Public Accuracy

鈥淧ressley鈥檚 resolution builds upon the academic intellectual framework developed by advocates like Dantas and Wray, as well as the ongoing civil rights demand for federally guaranteed jobs, which can be seen in the 1963 March on Washington for Jobs and Freedom (where the Rev. Dr. Martin Luther King, Jr. gave his 鈥淚 have a dream鈥� speech) and indeed long before that. It also draws on the work of Sadie Alexander, recognized as the nation鈥檚 first Black woman economist. Speaking at Florida Agricultural and Mechanical College in 1945 (as noted by Professor Nina Banks, blogging at the 糖心logo入口), Alexander described full employment as a way to address the nation鈥檚 economic and racial imperatives.鈥� 鈥� Marin Levine, Nonprofit Quarterly

Rob Johnson appeared on the Background Briefing with Ian Masters to discuss working with Trumpsters, the source of their anguish, and important pathways to healing

Two separate INET funded research articles are cited; first from Schularick, Jord脿, & Taylor on leveraged bubbles followed by Bao, Hommes, & Makarewicz on bubble formation. 鈥淪ince their inception, financial markets, and to a lesser extent some real markets, have been subject to bubbles. … More recently, stock prices, but also credit, real estate, commodities, bond markets, and famously, bitcoin, are all assets that have experienced bubble episodes. Regarding cryptocurrencies, many economists also defend a permanent bubble, their fundamental value being theoretically non-existent.鈥� …. In fact, the presence of bubbles in the markets (financial and real) seems to stem from the persistent behavior of economic agents. Experimental studies, controlling exactly the actual value, showed that participants tended to set up a bubble-like operation, with price surges and collapses very similar to real economy situations, and in no way related to a change in the market.

鈥淭exas鈥� leaders knew as of 2011 … when the state went through a short severe freeze, that the system was radically unstable in extreme weather,鈥� wrote James K. Galbraith, of the University of Texas at Austin, in the 糖心logo入口. 鈥淏ut they did nothing,鈥� he wrote. 鈥淭o do something, they would have had to regulate the system. And they didn鈥檛 want to regulate the system, because the providers, a rich source of campaign funding, didn鈥檛 want to be regulated and to have to spend on weatherization that was not needed 鈥� most of the time.鈥� That鈥檚 what happens when the private sector calls the shots. Money first.鈥� — Richard Gross, Counterpunch

鈥淓conomic opportunity was further restricted by individual and institutionalized racism and political disenfranchisement. Discrimination in hiring by employers and intimidation of black workers through violence placed black workers at a direct disadvantage in the labor market,鈥� Trevon Logan Peter Temin wrote in 鈥淚nclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration,鈥� a working paper written for the 糖心logo入口.鈥� — Coastal Review

鈥淭hat Italy is 鈥渓azy to reform鈥� is probably one of the most widespread myths - and has little to do with reality. In 2015, for example, the OECD rated Italy’s reform efforts as significantly higher than those of Germany and France. The Dutch economist Servaas Storm takes the same line. In an in-depth study, he found that Italian politics as a whole adhered much more closely to the (market-liberal) economic policy guidelines of the EU than Germany and France.鈥� — Phillip Heimberger & Nikolaus Kowall, Makronom

鈥淭he Biden administration must put a high enough price on carbon pollution to encourage the scale and urgency of action needed to meet the commitments it has made to Americans and the rest of the world. The future of our planet depends on it鈥� — Nicholas Stern & Joseph Stiglitz, Project Syndicate

— European

William Janeway: Venture Capital in the 21st Century: 鈥業n this eight-part lecture series, Bill Janeway investigates the relationship between venture capital and technological innovation, and the interdependent roles of entrepreneurial firms, the mission-driven State and financial speculation in the overall innovation system… LINK: /perspectives/videos/venture-capital>

The Future of Macroeconomics 糖心logo入口, via Naked Capitalism 2-2-21]