Tag Archives: Economics

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The Dangerous Effects of Far-Right Populism on Global Peace and Economics

Last week, a New York court charged white supremacist and army veteran, James Jackson, with second-degree murder for fatally stabbing a black man, Timothy Caughman, to death. Jackson later revealed that his frequent usage of neo-Nazi website, The Daily Stormer, informed his hate views confirming the violent rise in far-right activities.

Like other hate-fueled crimes committed in the last few months across Europe and the U.S., an unrestrained progression in far-right attitudes, especially those ignorantly propagated by political leaders, might trigger more racial intolerance, negatively affect economies and serve a victory for religious extremism and communist states.

Most of these violent opinions have reversed racial and religious tolerance, triggering attacks on minority groups, and, if unchecked, might brook more violence with threat on social diversity. It could also re-institutionalize racism, leaving a negative backdrop on the prolific tourist industry in Europe and the U.S. since one in ten enterprises in the non-financial business economy of European states are linked to tourism.

These over 2.2 million enterprises employ 12 million persons. In fact, Germany and France are top beneficiaries, with an average of over €38 billion in revenue between them. Likewise in the U.S., tourism supports over 7 million jobs and produces an economic output of over $1.6 million.

Continue reading at Outset Magazine

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Commercialism in Music Is Totally Justified

Commenting on the events of the Academy Awards last month, Amanda Petrusich writes in The New Yorker an ambiguous column about the commercial phenomenon and success of Justin Timberlake. Timberlake opened the ceremony with a performance of “Can’t Stop the Feeling!” from the animated movie Trolls. Petrusich runs through the highlights of Timberlake’s career and observes that “[t]hese days, we have mostly divested ourselves of any notion that art and profit are inherently at odds, or that work made in service of consumerism is fundamentally compromised….Timberlake might be, at present, our most expressly and unapologetically commercial artist.”

The notion that art and profit are inherently incompatible is inconsistent with the historical record, and this is exactly why Timberlake is as omnipresent in the entertainment industry as he is. He consistently delivers a product that consumers enjoy and are willing to buy.

Artistic Value

According to Petrusich, Timberlake’s career has been shaped by corporate and commercial designs. He began his career with “The Mickey Mouse Club” and then joined the band N’Sync, a group “designed primarily to make money.” He recorded a jingle that was widely used by McDonald’s for advertising in the early 2000s. He has also “had a fashion line, a record label, restaurants, a golf course, and a minority stake in the Memphis Grizzlies; he cheerfully endorses many products, including a fragrance, a car, and Sony electronics. In 2012, he hosted a corporate meeting for Walmart shareholders.” All the while, his solo albums have sold almost 30 million records worldwide.

The amalgamation of Timberlake’s talent, public persona, and commercial presence has turned out to be a winning combo for him. Much like the corporations and businesses he has acted as spokesperson for, his products create value for listeners (and moviegoers), which is why they are willing to depart with their earned income to purchase them.

Continue reading at FEE.

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The Backwards Thinking of #DeleteUber

It’s no secret that taxi unions and Uber have been in competition with each other since Uber’s inception in 2009, but the battle has reached new and increasingly petty heights. New York City taxi drivers went on strike in solidarity with those affected by Trump’s new immigration policy at John F. Kennedy International Airport while Uber continued serving the airport and surrounding areas. Uber even turned off surge pricing (an element of their pricing system that often comes under fire during crises) as they carried protesters, attorneys, and the press back and forth from JFK late Friday evening.

Uber was accused of ruining the strike by continuing to run routes to JFK and the #DeleteUber social media campaign was started on Twitter. Why? To lambast the company for making the decision to increase human mobility and choice by providing uninterrupted service. The irony is clear, given that this was all a response to an immigration policy crisis that restricts human mobility and freedom of choice.

Although the intentions of the striking taxi drivers were undoubtedly good, it’s unreasonable to demonize Uber or to assume that the company was focused only on profiting during a time of humanitarian crisis.

Continue reading at FEE.

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Trump’s economic plans are pure fantasy

In an interview with the Washington Post, Republican Party presidential frontrunner Donald Trump insisted that he could eliminate the nation’s $19 trillion national debt within two terms as president.

Of all Trump’s exaggerations, this may be the greatest. Put simply, his stated policies make it impossible.

Earlier in his campaign, Trump introduced a tax proposal that would significantly reform the current tax code.

Analysis by the non-partisan Tax Foundation found that this proposal would cost upwards of $11.98 trillion over the next decade.

Read the rest on CapX, here.

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Long-Term Unemployed Still Recovering from Recession

Friday’s jobs report from the Bureau of Labor Statistics, at long last, contained some good news. The labor force participation rate, long a laggard of the economic recovery, finally cracked 63 percent.

The labor force participation rate, the share of people either working or seeking employment, was 66 percent before the recession, and bottomed out at 62 percent last year. As the labor market gets tighter, wage growth has started to pick up as well. While the unemployment rate did tick up by a tenth of a percentage point, that is likely good news if it means more people have started actively looking for jobs, rather than staying out of the labor force entirely.

Read the rest on Economics 21, here.