Tag: Ross Gittens

Why so many businesses are behaving badly

“Entitlement: When the Rich and Powerful feel it’s their Right” (ODT)

It’s an important, though sensitive, question for economists since their simple “neo-classical” model of markets predicts firms won’t mistreat their customers because, if they did, they’d lose them to a competitor.

Sims offers seven reasons for this evident “market failure” – a term economists use to acknowledge when real world markets fail to deliver the benefits the textbook model promises.
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The social sciences: so essential we neglect them

This is what  ultra-Conservatives rail against and want our universities to be rid off HASS Humanities and Social Science degrees. They were poison to the Nazis as well the  Catholic Church which banned Catholics from studying or reading Sociology it’s too dangerous for them the Curch that is. In fact the social sciences can cause individuals to break down. Sociology likens  social life of men as sitting on a mop bucket and caught by the balls. When trying to stand putting ones foot on the pedal each time trapped. By revealing the mop buckets of our social life social science has the ability to set one free and that for conservatives is dangerous. (ODT)

It makes no sense. As Senator Arthur Sinodinos said while minister for industry, innovation and science, “the advancement of the Australian economy relies on robust research from physical science and social science alike.

Not being ones to boast, the social scientists would like you to know their former students pretty much run the world. They’ve produced the majority of ASX-listed chief executives. Probably just as true of the public service and politicians.

Add the arts and humanities, and most of the tertiary-educated workers in Australia have HASS degrees. Almost three-quarters of university students are in HASS courses. Most of the overseas students paying full freight for their degrees – and now constituting one of our top export earners – do HASS courses, particularly business courses.

The social sciences: so essential we neglect them

Let’s put the hype aside, jobs growth shifts from extraordinary to ordinary

But while we’re deflating the government’s triumphalism, its critics also need taking down a peg. They like to remind us that the official unemployment rate understates the true extent of worklessness. Specifically, it fails to take account of under-employment – people with part-time jobs who’d like to work more hours.

All that’s true. But when you correct the unemployment rate (for May) of 5.4 per cent by adding the underemployment rate of 8.5 per cent to give a broader measure of labour “underutilisation” of 13.9 per cent (as, admittedly, the bureau encourages you to do), you’ve gone from understating the problem to overstating it.

via Let’s put the hype aside, jobs growth shifts from extraordinary to ordinary

Budget 2018: This budget is too good to be true

Much of this rapid return to “the old normal” rests on the government’s forecast that the past four or five years of exceptionally weak growth in wages will end next month. Wage rises will be a lot higher in 2018-19, higher again the following year and still higher, at 3.5 per cent a year, in the following two years and for the remaining years out to 2028-29.

I think this is the basic explanation for the budget’s forecasts and projections, prepared by that well-known Italian economist, Rosie Scenario.

via Budget 2018: This budget is too good to be true

Banking royal commission: Misbehaviour shows power of KPI’s

 

Amid all the reluctant truth-telling at the banking royal commission, one big lie has yet to be apprehended: shame-faced witnesses keep admitting they put their shareholders’ interests ahead of their customers’. Don’t believe it.

via Banking royal commission: Misbehaviour shows power of KPI’s

The neoliberalism of Margaret Thatcher and Ronald Reagan has run its course

You can see it overseas in the electoral popularity of Bernie Sanders and Jeremy Corbyn, and the anti-establishment revolts in the Brexit vote and the election of Donald Trump.

Source: The neoliberalism of Margaret Thatcher and Ronald Reagan has run its course