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The extensive media coverage since Fidel Castro died has included many different voices—from those of journalists who interviewed him and wrote about him, especially in the early years, through Cold Warriors and Cuban émigrés who did battle with him to political figures whose comments have been crafted to align with contemporary constituencies and goals.* But the media have left […]

  Right now, after Donald’s Trump surprising victory and in the midst of the messy transition, everyone is curious about how the U.S. economy will change if and when the president-elect’s economic policies are enacted.* But first things first. We need to have a clear understanding of what the U.S. economy looks like now, during the uneven […]

  Are mainstream economists responsible for electing Donald Trump? I think they deserve a significant share of the blame. So, as it turns out, does Dani Rodrick. My argument is that, when mainstream economists in the United States embraced and celebrated neoliberalism—both the conservative and liberal versions—they participated in creating the conditions for Trump’s victory in the […]

I understand readers’ attention is mostly focused on today’s election. However, it is not too soon to look beyond the results themselves, to consider the economic policies of the new administration. If Hillary Clinton is elected (as seems likely), reducing “labor market monopsony” appears to be one of the directions economic policy will be going.   For decades […]

The latest—and, in terms of the presidential campaign, last—jobs report was generally greeted with cheers. Here’s a representative example, from FiveThirtyEight’s Ben Casselman: It may be too late to affect Tuesday’s election, but the economy is finally delivering real wage growth to American workers. The average U.S. employee earned $25.92 an hour in October, the […]

The paradox of the 2016 presidential race is that both major party candidates claim (or at least are identified by those in the media with) support of portions of the U.S. working-class and yet neither campaign offers anything in the way of concrete policies or strategies that actually respond to the real issues and problems faced by the […]

Yesterday, I explained that the 2016 Nobel Prize in Economics Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Oliver Hart and Bengt Holmstrom because, through their neoclassical version of contract theory, they “proved” that capitalist firms—employers hiring labor to produce commodities in privately owned corporations—were the most natural, efficient way […]

Technically, there is no Nobel Prize in economics. What it is, instead, is the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, which members of the Nobel family and a previous winner (Friedrich von Hayek) have criticized. So, where did the prize come from? As Avner Offer explains, The Nobel prize came […]

Donald Trump doesn’t know what he’s talking about. But he owned Hillary Clinton during the first part of Monday’s debate. And his attacks on free trade are in fact resonating among working-class voters. That, and the fact that the polls show the presidential election much closer at this stage than anyone expected, has finally made […]

We can thank Donald Trump for one thing: he’s put the white working-class on the political map.* In recent months, we’ve seen a veritable flood of articles, polls, and surveys about the characteristics, conditions, and concerns of white working-class voters—all with the premise that the white working-class is fundamentally different from the rest of non-working-class, non-white Americans. But why […]