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Manufacturing Jobs and Trade: A Tale of Two Graphs
The first decade of this century was pretty awful for manufacturing workers. In December of 1999, we had 17.3 million manufacturing jobs. This number had fallen to 11.5 million by December of 2009. This amounted to a loss of 5.8 million jobs, or one-third of all the manufacturing jobs that had existed at the start of the decade. That looks like a pretty big deal.

Dean Baker / August 06, 2023

Article Artículo

Playing Games with GDP Numbers: China’s Growth Has Not Slowed to a Crawl
GDP growth in the United States is always reported as an annual rate. This means that if the economy grew 0.5 percent from the first quarter to the second quarter, it would be universally reported as 2.0 percent growth, with reporters always giving the annual rate. This is basically four times the quarterly rate. (It's actually the first quarter's growth rate taken to the fourth power, but this will be the same for small numbers.)

Dean Baker / August 04, 2023

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Review of the Myth that Made Us, by Jeff Fuhrer
The full title of this book is The Myth that Made Us, How False Beliefs About Racism and Meritocracy Broke Our Economy and How to Fix It. The book is a direct attack on how economists, and probably most people, are inclined to see the economy and society, arguing against the idea that outcomes reflect merit and effort.

Dean Baker / August 03, 2023

Article Artículo

Bad Things That Could End the Good Times
Along with everyone else (okay, not Republicans), I have been celebrating the great economic news we’ve been getting the last few weeks. Inflation is clearly slowing, the unemployment rate remains low, real wages are rising, investment is growing rapidly, and the green conversion is going faster than any of us could have imagined, even if it’s nowhere near fast enough.

Dean Baker / July 29, 2023

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Why We Do This Crap: Review of The Ends of Freedom, by Mark Paul
Mark Paul has done a useful public service in etching out the goals of progressive economic policy. Many of us get bogged down in debate over things like whether the Average Hourly Earnings series is more accurate than the Employment Cost Index, or whether Section 230 protection is giving Facebook, Twitter and other Internet giants a subsidy compared to competitors in print and broadcast media.

Dean Baker / July 25, 2023

Article Artículo

The Fed Needs to Take Stock
In the last sixteen months, we have seen the fastest run-up in interest rates since Paul Volcker declared war on the 1970s inflation spiral. The Fed’s rate hikes to date have had less impact in slowing the economy and job growth than almost anyone anticipated, including the Fed itself. Nonetheless, inflation has slowed sharply by every measure, as has wage growth. We are now approaching rates of wage and price growth that are close to the Fed’s target. Given this situation, it is important that

Dean Baker / July 24, 2023

Article Artículo

Patent Monopolies Lead to Corruption #64,526
The New York Times ran a piece this morning claiming that Gilead delayed the introduction of a new drug for treating HIV because it wanted to take full advantage of the patent life for its drug Truvada, which was a huge blockbuster for the company. The new drug has a patent life that runs to 2031. Truvada’s patent expired in 2017.

Dean Baker / July 22, 2023