The Black-White Wage Gap: How Inequality and Monopoly Amplify Racial Discrimination

Black men’s wages as a percent of White increased rapidly after World War II, only to level off at a bit over 55% after the 1970s. That’s a paradox: If racism causes the Black-White wage gap, how come the gap closed dramatically while Jim Crow laws remained in effect, and then stagnated even as Black education improved and overt racism declined? . . . → Read More: The Black-White Wage Gap: How Inequality and Monopoly Amplify Racial Discrimination

Interview About Monopoly with Paul Jay on The Analysis

To reduce inequality, monopolies in finance and other economic sectors should be broken up or made public . . . → Read More: Interview About Monopoly with Paul Jay on The Analysis

Review of “Liberty from All Masters,” by Barry C. Lynn

Fifty years ago, my husband and I volunteered to work for Ralph Nader. Unwittingly we helped enable the monopolists who rule America today. . . . → Read More: Review of “Liberty from All Masters,” by Barry C. Lynn

Review of Break ‘Em Up by Zephyr Teachout

It’s tough being a chicken farmer. Three processors, Tyson, Pilgrim’s Pride, and Perdue, have divvied up the American chicken market between them. Chicken farmers must sell to the one who “owns” their geographical area. That processor dictates where they get their chicks, how they build their chicken houses, what feed and medications they give, when they deliver their fattened birds, and what prices they receive on delivery. They are banned, on pain of being cut off, from comparing prices and conditions with other chicken farmers. In short, they lead the lives of medieval serfs, but at least the serfs could complain to each other about the lord! As Zephyr Teachout reports in her chilling new book, Break ‘Em Up, chickenization isn’t just for agriculture; it’s also how giants like Walmart, McDonalds, Uber and Amazon exploit their suppliers and workers. Meanwhile, monopoly profits flow into their dark money political PACs. . . . → Read More: Review of Break ‘Em Up by Zephyr Teachout

The Democrats Confront Monopoly

At a June 2016 event organized by Barry Lynn of the Open Markets Institute, Elizabeth Warren delivered a stunning speech on the damage of monopoly and the importance of reviving antitrust. Shortly afterwards, I attended a New York presentation by Alan Blinder, Hillary Clinton’s economic policy advisor. He focused on Hillary’s positions on issues vis-à-vis Trump’s and those of the median voter, complete with graphs. He suggested that Bernie had pulled her away from that median voter—a bad idea. One issue Blinder didn’t have on the list was antitrust, so I raised my hand and asked. “Oh,” Blinder said, “that’s not a priority at present, but maybe after her first two years…” . . . → Read More: The Democrats Confront Monopoly

Beauty and Profit: The Evolution of Beauty (2017) by Richard O. Prum

In 1860 Charles Darwin wrote to a colleague: “The sight of a feather in a peacock’s tail…makes me sick!” What was Darwin’s problem? He had just published On the Origin of Species, laying out his theory of evolution by natural selection. Yet he worried about seemingly maladaptive features of living organisms–like the peacock’s beautiful but cumbersome tail. In a later book, Darwin would argue that sexual selection also plays a major role in evolution. Yet to this day, as Richard Prum complains in his magnificent new book, The Evolution of Beauty, evolutionary biologists dismiss the possibility of anything besides natural selection. Likewise, mainstream economists dismiss the possibility that anything besides competition for profits could account for the economic world around us… . . . → Read More: Beauty and Profit: The Evolution of Beauty (2017) by Richard O. Prum

Dead Empires: How China May Overtake the U.S.

“The earth is the tomb of dead empires, no less than of dead men.” Thus wrote the American economist and journalist Henry George in his 1879 worldwide bestseller, Progress and Poverty. Adam Smith had identified cooperation and specialization—“the division of labor”—as the forces that generated economic growth and prosperity. George claimed that those same forces led eventually to collapse, as monopolization of land and other natural resources directed more and more wealth into ever fewer hands. Two astute observers have recently offered complementary predictions of the imminent demise of the American empire, and its replacement by China. . . . → Read More: Dead Empires: How China May Overtake the U.S.

The Mouse That Wouldn’t Die: How a Lack of Public Funding Holds Back a Promising Cancer Treatment

Spring 1999. “Professor Cui, this mouse didn’t get cancer. Should I get rid of him?” “There must have been a mistake,” said Cui, “Inject him again.” Two weeks later, still no cancer. “Try again with a higher dose!” Still no cancer. No cancer even at a million times the lethal dose. Cui decided to breed the mutant mouse. . . . → Read More: The Mouse That Wouldn’t Die: How a Lack of Public Funding Holds Back a Promising Cancer Treatment

Increasing the Minimum Wage Can Actually Create Jobs–If It’s Enforced

Back when I studied economics, we “proved” in class that a minimum wage causes unemployment. But that proof depends on assuming a perfectly competitive market. Big low-wage employers like Wal-Mart have substantial market power; they can deliberately under-staff operations to force down wages. In that case, a minimum wage increase can actually create jobs–if it can be enforced. . . . → Read More: Increasing the Minimum Wage Can Actually Create Jobs–If It’s Enforced

Taxing Carbon is Like Taxing Diamonds

A carbon tax would operate much like a diamond tax, for reasons both of demand and supply. . . . → Read More: Taxing Carbon is Like Taxing Diamonds