Comments by "James Adams" (@ExPwner) on "David Lin "
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@michaelmappin1830
Valuable Waste: Soviet management of food scarcity in the early 1930s
“Stalin’s “Great Break” of 1928 threw the Soviet population into a period of extreme material shortages. As hunger swept over the country, waste and its management became a central concern of the Party-State. This article situates food waste as a systemic feature of the Stalinist regime, providing fresh insights into both Food and Soviet histories. It explores the large campaigns that were launched to educate the Russian public about the need to minimize food waste in the 1930s and traces the uncertain rise of state canteens: eateries that were promoted as a rational and modern way to produce and distribute food throughout this period. In practice, as this article will show, these efforts to curtail waste and alter food behaviors were largely unsuccessful. Poor transport and storage conditions led to the deterioration of large quantities of food. But because of the severe shortages, spoiled food was frequently prepared and eaten by consumers regardless, leading to regular bouts of food poisoning for which cooks and canteen managers were blamed. All the while, Soviet political elites continued to perform their power and (relative) opulence by wasting their own food behind closed doors. In Soviet society, food waste was both a disgraceful practice to be avoided and a subtle symbol of wealth, prestige, and power.”
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@michaelmappin1830 actually I have looked at the data. You have not hence why you outsource to another leftist channel rather than a comprehensive look at worker coops.
WAGES, EMPLOYMENT, AND CAPITAL
IN CAPITALIST AND WORKER-OWNED FIRMS
JOHN PENCAVEL, LUIGI PISTAFERRI, and FABIANO SCHIVARDI*
The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the great- est incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the years 1982–94 largely corroborate the implications of orthodox behavioral models of the two types of enterprise. Co-ops had 14% lower wages than capitalist enterprises, on average; more volatile wages; and less volatile employment. Given the quality of the data set analyzed, the authors argue, these results can be regarded as having broad generality.
Socialist growth revisited: insights from Yugoslavia
Leonard Kukić
European Review of Economic History, Volume 22, Issue 4, November 2018, Pages 403–429
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@michaelmappin1830 productivity did not increase faster than wages. You know that this is a lie because I have repeatedly provided the data and debunking of that stupid talking point. Stop spewing lies.
TL;DR: The EPI graph isn’t measuring productivity vs. pay, even for "typical workers"; it’s measuring wage inequality.
The graph only includes the lowest paid 80% of the workforce production/non-supervisory workers. When using all workers, which is what you want to know if labor is lagging productivity, you must use all workers or else you aren't measuring pay vs. productivity! In fact, EPI uses all workers in another graph and shows the gap decreasing significantly. Strangely, that's not the graph that gets passed around. The headline and wage-inequality graph gets passed around. Savvy move on EPI's part, I have to commend them.
The graph uses average hourly wages which does not include overtime, bonuses, shift premiums, and employer benefits. Former VP of St. Louis Fed explains the problem. The graph provided ignores (better said, partially reflects) the growing share of compensation in benefits, not wages. This still smarts, no doubt, as no worker wants to see their paycheck just match inflation, benefits or otherwise.
The graph uses the slow moving NDP to deflate output, while using the fast moving PCI to deflate compensation. NDP is chained, but CPI is not. EPI has an explanation, that Matt Rognlie disposes of without breaking a sweat:
PCE weights, on the other hand, are taken from the expenditure estimates recorded in the national accounts; the same figures are used to calculate the NDP deflator, which EPI is using to obtain productivity. Using the PCE and NDP indices together, with weights derived from the same source, is at least an apples-to-apples comparison; mixing CPI-U-RS and NDP, you end up with a “terms-of-trade” gap that’s nothing more than a mishmash of composition bias and formula bias.
Number 3 is a big one, as Scott Sumner points out:
"This is not one of those “he said, she said” where reasonable people can disagree on whether the PCE or CPI is a better price index. This is a pay/productivity gap being invented by using the slowly moving price index (NDP, which is similar to the PCE) to make worker productivity look better, and the faster moving price index (CPI) to make real wages look lower. That’s not kosher. You need to use the same type of index for both lines on the graph." The EPI themselves point out
This matters quite a bit, as Mankiw points out below, if it were true, it would reflect a 40 plus year trend of labor markets disequilibrium (not good!).
"Economic theory says that the wage a worker earns, measured in units of output, equals the amount of output the worker can produce. Otherwise, competitive firms would have an incentive to alter the number of workers they hire, and these adjustments would bring wages and productivity in line. If the wage were below productivity, firms would find it profitable to hire more workers. This would put upward pressure on wages and, because of diminishing returns, downward pressure on productivity. Conversely, if the wage were above productivity, firms would find it profitable to shed labor, putting downward pressure on wages and upward pressure on productivity. The equilibrium requires the wage of a worker equaling what that worker can produce."
Essentially, we should not see 40 year runs of compensation lagging productivity due to some outsized returns to shareholders. That would likely reveal a structural problem in the labor market, at least by my understanding.
So, to wrap up, we've got a graph that leaves out the most productive workers, a chunk of the compensation to those workers, and deflates compensation much more than their output. The EPI was transparent enough in their methodology to at least allow a critical analysis, as Sumner, PIIE and others have done.
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@AdamGeest that is not at all a fact, it is a lie. Real wages have increased and not stagnated.
The Annoying Persistence of the Income Stagnation Myth
By Scott Lincicome
“But it’s (mostly) wrong. In general, inflation‐adjusted incomes for all groups—rich, poor, and in‐between —have been increasing for decades, and the middle class is “disappearing” into higher income brackets.”
“One of the simplest and most common “income stagnation” errors is the assessment of trends over cherry‐picked periods of time—especially ones that start at the peak of a business cycle and end in the trough. This was particularly a problem during and immediately following the Great Recession, which did a real number on incomes (and pretty much everything else) to a much greater extent, we now know, than we realized at the time. Numerous analyses simply ignored that fact and presented income and other economic data as if recession‐induced nadir were the new normal. It rarely (if ever) is.
It’s thus critical to examine all economic trends—including incomes—between similar points in the business cycle or over as long a period as possible (to let readers see the trends for themselves). For example, if you looked at a common measure of income—real (inflation‐adjusted) median household income from the Census Bureau—between 2006 and 2014, it looks really bad. However, if you extend the exact same series to the maximum period provided in the St. Louis Fed’s FRED database (1984–2019), the picture changes:” see graph in the article
“Many of the most pessimistic studies about the fate of the American middle class ignore the changes in the American family since the 1970s and the effects [they] have had on the way we measure changes in household income. … But the biggest problem with the pessimistic studies is that they rarely follow the same people to see how they do over time. Instead, they rely on a snapshot at two points in time. So for example, researchers look at the median income of the middle quintile in 1975 and compare that to the median income of the median quintile in 2014, say. When they find little or no change, they conclude that the average American is making no progress.
But the people in the snapshots are not the same people. You can’t use two snapshots to conclude that only the rich have made progress. It’s possible that everyone from the earlier snapshot has actually gotten richer and then been replaced by different people whose incomes will also rise. This is especially true when there is immigration. If new immigrants are disproportionately less skilled than Americans already here, measured incomes can fall even when those who are already here have steadily improving economic prospects.
And when marriage rates are falling and people are increasingly living on their own, household income can fall while every individual is doing better. Estimate[s] of economic progress based on household income are distorted by these effects.”
“As Roberts also notes, “household” changes matter too—and contrary to the conventional wisdom, the “proportion of households with two earners has actually decreased since 1980… because while more married couples are households where both spouses are working, the marriage rate has fallen.” Thus, unadjusted “household” trends can paint an inaccurate picture of changes to the individuals within those households over the same time period. It’s thus essential to adjust the household (which raises all sorts of other questions) or, even better, just to examine individual experiences (even when it’s not the same individuals).
Doing this for incomes shows additional gains. For example, the first chart of real household income showed a decent, 30 percent increase between 1984 and 2019, but real personal income shows a 47 percent change during the same period:” again see graph in the article
“Another common issue is how to measure inflation in order to make an apples‐to‐apples comparison of nominal compensation (what your paycheck says) over time. If inflation is higher, you’ll have lower real income gains over time as the cost of living eats into any nominal (paycheck) gains. As documented by economist Scott Winship, the most common inflation gauge—the Consumer Price Index (CPI)—overstates inflation and therefore causes real wage gains to appear smaller than they actually are. (The aforementioned census tables use CPI.) Using the better “deflator”—“personal consumption expenditures” (PCE), which many other government organizations use—reveals significantly higher real income gains.
So if we recalculate the aforementioned household/personal income figures from the census, using the standard PCE deflator, the already‐decent 30 percent (household) and 47 percent (personal) increases between 1984 and 2019 improve to 43 percent and 61 percent, respectively:” another graph here
“Finally, there’s the question of what we mean by “income” at all: just wages? Wages and benefits? Wages, benefits and government transfers (tax credits, welfare, Medicare, etc.)? This matters because (as we noted two weeks ago) tens of millions of Americans receive a government subsidy, many more than just one, and because non‐wage compensation is an increasingly big chunk of American workers’ total income (i.e., the flow of all resources into a household that can be used for consumption and saving):
The average worker received 32 percent of total compensation in benefits including bonuses, paid leave and company contributions to insurance and retirement plans in the second quarter of 2018. That was up from 27 percent in 2000, federal data show. The rising cost of health insurance accounts for only about one‐third of the trend. And the data do not include the increased prevalence of non‐monetary benefits like flexible hours or working from home, or perks like gyms and “summer Fridays.”
So if employer compensation is increasingly in the form of non‐wage benefits (benefits that many workers want or that many employers are required by the government to provide), then wage growth will be smaller than it would have been if employers simply paid in cash (employers don’t have a money tree, after all). Thus, for example, a worker making $30,000 in 2014 had to forgo a $7,800 pay raise (26 percent of her salary) due to increased health insurance premiums paid by her employer, but her wages alone captured none of this real compensation.”
You have no leg to stand on.
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dsgio7254 article titled “Flawed Fossil-Fuel “Subsidy” Math”
“First, the paper, entitled “Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies,” was not published in a peer-reviewed journal and does not represent the official views of the IMF. The title page specifically states that “IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.”
Second, the authors derive their conclusions by confusing subsidies with externalities. They divide the $7 trillion in subsidies into what they call explicit subsidies (such as mispricing of labor, capital, and materials) and implicit subsidies (such as harm from emissions and traffic congestion). About 18 percent, or $1.4 trillion, of the subsidies are explicit, and 82 percent, or $5.6 trillion, are implicit.”
“The $5.6 trillion of the so-called implicit subsidies are what economists call “negative externalities,” such as global warming and air pollution. The authors conclude that fossil fuels could be causing large damage to the planet in the future, and negatively affecting people’s health—a difficult number to calculate. Implicit subsidies are based on estimates of the social cost of carbon, which is the damage caused by carbon-dioxide emissions. These estimates depend on a variety of assumptions, such as equilibrium climate sensitivity, choice of discount rate, and time horizon, and are not robust, according to Heritage Foundation scholar Kevin Dayaratna in testimony before the House Committee on Science and Technology.”
Do you not understand what words mean or are you paid to just babble the same dumb talking points over and over again?
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@FreeTheColonized Wolff's entire argument stems from his ignorance of economics, which is pretty hilarious because he's apparently an "economist." I've seen him make this same point over and over, and it's ridiculous each time. He always says something like "when you negotiate for your pay, let's say it's $20/hr, the only reason the capitalist can pay you that is because your labor generates MORE than $20/hr, otherwise the employer wouldn't hire you." This is logically incoherent. It's just wrong and indefensible. What is generating $20/hr is NOT simply the work of THAT LABORER. It's the work of that laborer mixed with everything else that went into creating and running the company, which includes the contributions of the owner. For example, if I build a machine that produces shoes at a rate of $100 worth of shoes per hour, but I need somebody to pull the lever every few minutes to generate a new pair of shoes, and I hire you to pull that lever. You're not generating $100/hr. It's you plus the machine.
The concept Wolff is talking about is Marginal Product of Labor, and a real economist would know that the marginal product of an additional unit of labor is NOT the same thing as what your labor is "worth." He's just wrong, plain and simple. It just sounds good to people who are either a) dumb or b) already inclined towards being sympathetic to Marxism..... but I repeat myself.
Guessing you are too stupid to comprehend this as well.
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dsgio7254 article titled “Flawed Fossil-Fuel “Subsidy” Math”
“First, the paper, entitled “Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies,” was not published in a peer-reviewed journal and does not represent the official views of the IMF. The title page specifically states that “IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.”
Second, the authors derive their conclusions by confusing subsidies with externalities. They divide the $7 trillion in subsidies into what they call explicit subsidies (such as mispricing of labor, capital, and materials) and implicit subsidies (such as harm from emissions and traffic congestion). About 18 percent, or $1.4 trillion, of the subsidies are explicit, and 82 percent, or $5.6 trillion, are implicit.”
“The $5.6 trillion of the so-called implicit subsidies are what economists call “negative externalities,” such as global warming and air pollution. The authors conclude that fossil fuels could be causing large damage to the planet in the future, and negatively affecting people’s health—a difficult number to calculate. Implicit subsidies are based on estimates of the social cost of carbon, which is the damage caused by carbon-dioxide emissions. These estimates depend on a variety of assumptions, such as equilibrium climate sensitivity, choice of discount rate, and time horizon, and are not robust, according to Heritage Foundation scholar Kevin Dayaratna in testimony before the House Committee on Science and Technology.”
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