This is almost unheard of. Unemployment was most recently this low in December 1973, when the UK set an unrepeated record of just 3.4%.
The problem with this record is that the statistical definition of “unemployment” relies on a fiction that economists tell themselves about the nature of work. As the rate gets lower and lower, it tests that lie. Because – as anyone who has studied basic economics knows – the official definition of unemployment disguises the true rate. In reality, about 21.5% of all working-age people (defined as ages 16 to 64) are without jobs, or 8.83 million people, according to the Office for National Statistics. Continue reading
At the heart of Guilluy’s inquiry is globalization. Internationalizing the division of labor has brought significant economic efficiencies. But it has also brought inequalities unseen for a century, demographic upheaval, and cultural disruption. Now we face the question of what—if anything—we should do about it.
A process that Guilluy calls métropolisation has cut French society in two. In 16 dynamic urban areas (Paris, Lyon, Marseille, Aix-en-Provence, Toulouse, Lille, Bordeaux, Nice, Nantes, Strasbourg, Grenoble, Rennes, Rouen, Toulon, Douai-Lens, and Montpellier), the world’s resources have proved a profitable complement to those found in France. These urban areas are home to all the country’s educational and financial institutions, as well as almost all its corporations and the many well-paying jobs that go with them. Here, too, are the individuals—the entrepreneurs and engineers and CEOs, the fashion designers and models, the film directors and chefs and other “symbolic analysts,” as Robert Reich once called them—who shape the country’s tastes, form its opinions, and renew its prestige. Cheap labor, tariff-free consumer goods, and new markets of billions of people have made globalization a windfall for such prosperous places. But globalization has had no such galvanizing effect on the rest of France. Cities that were lively for hundreds of years—Tarbes, Agen, Albi, Béziers—are now, to use Guilluy’s word, “desertified,” haunted by the empty storefronts and blighted downtowns that Rust Belt Americans know well. Continue reading
Meritocracy, Franks argues, is the ideology that allowed Democrats to self-consciously claim the mantle of social justice and egalitarianism while subverting both. In this framework, one’s race, creed, color, gender, or sexual orientation shouldn’t matter when it comes to achieving success in America; what does matter is having the talent and ability to graduate from a place like Harvard Law. But at the same time, meritocracy demands inequality—not everyone, after all, can go to Harvard Law or become a doctor or a high-tech executive. In fetishizing meritocracy, therefore, the Democratic Party has embraced an ideology based on inequality.
Frank contrasts this ideology with the GOP’s more traditional plutocratic one. In the United States, as elsewhere, having a lot of money gives you power. But this “hierarchy of money,” as he puts it, is rivaled by another: a “hierarchy of merit, learning, and status.” The lawyers, doctors, and academics who compose “the liberal class” (to use the journalist Chris Hedges’s term) have erected their own edifice of power—one that has also come to ignore the interests of working-class people and reproduced structures of extreme racism, particularly in the prison system.
This Note argues that the current framework in antitrust—specifically its pegging competition to “consumer welfare,” defined as short-term price effects—is unequipped to capture the architecture of market power in the modern economy. We cannot cognize the potential harms to competition posed by Amazon’s dominance if we measure competition primarily through price and output. Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive. These concerns are heightened in the context of online platforms for two reasons. First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have rewarded. Under these conditions, predatory pricing becomes highly rational—even as existing doctrine treats it as irrational and therefore implausible. Second, because online platforms serve as critical intermediaries, integrating across business lines positions these platforms to control the essential infrastructure on which their rivals depend. This dual role also enables a platform to exploit information collected on companies using its services to undermine them as competitors.
Here is a typical example. Minority President Trump has said that he intends to get rid of 75% of government regulations. What is a “regulation”?
The term “regulation” is framed from the viewpoint of corporations and other businesses. From their viewpoint, “regulations” are limitations on their freedom to do whatever they want no matter who it harms. But from the public’s viewpoint, a regulation is a protection against harm done by unscrupulous corporations seeking to maximize profit at the cost of harm to the public. Continue reading