tanya tussing@groundwork.bsky.social :
Airfare ✈️ is up 20.7%
Tomatoes 🍅 are up nearly 40%
Coffee ☕️ is up 18.5%
Beef 🥩 is up 14.8%
Eggs 🍳 are up 1.5%
And wages? Up 0.2%.
Mike @ Misaligned Markets(1/12) The 'AI bubble' is a political economy story I've spent over 20k words unraveling. LLMs aren't just a technology; they're a mirror of the same delusions that drive market fundamentalism: a naive understanding of innovation, deference to capital, and the denigration of human labor.
Our debates are implicitly about all of these and more. A thread 🧵:
RE: https://mastodon.social/@tanyatussing/116346855124702428
From #MikeKonczal : "The romance of #markets as self-correcting, dynamic, and resilient machines has made us forget about the crisises, collapse, and depressions that have always come with #capitalism. But it has also made us forget how necessary the legal and political environment is to creating #innovation and #Prosperity , and how vulnerable it becomes when the economy is treated as the mere property of owners.”
@isabellamweber.bsky.social: "The world #energy shock is coming — it will deepen #inequality in ways we've seen before."
"without urgent government action, the Strait of #Hormuz crisis will ripple through our economies and rip apart our societies"
"cost shocks don't just pass through markets neutrally—they give dominant corporations cover to hike prices, protect margins, and *increase* profits. We called this sellers' inflation."
https://bsky.app/profile/isabellamweber.bsky.social/post/3mhlf23l4ds2r
Isabella M. Weber (@isabellamweber.bsky.social)
The world energy shock is coming — it will deepen inequality in ways we've seen before. Our new @newstatesman1913.bsky.social piece argues that without urgent government action, the Strait of Hormuz crisis will ripple through our economies and rip apart our societies. Here's why. 1/
Chrematistics or accumulation without limit was the most important concept I ever learned about. It's not #greed per se, it's something much worse and it dominates our world. #capitalism #philosophy #misalignedmarkets #poliecon
https://medium.com/@misaligned-markets/greed-is-not-selfishness-0474653eba10
The latest #misalignedmarkets post is about historical developments that are core to understanding what market capitalism is and how it works. https://misaligned.markets/contingencies-of-capitalism/
(3/3) Not only do the protocols of capitalism result in rules written and influenced by capital holders, but the rules are so gameable they create easily exploitable vulnerabilities.
The favored position of capital and the breaking of capitalism's rules are fundamental to how capitalist systems evolve. Getting the broader public to recognize that, I think, is the first step towards fighting for a fairer world.
“Manufacturing employment is down three-months in row for a cumulative loss of 37,000. Since its peak in early ‘23, its down 173,000. Because so much US #manufacturing depends on imported inputs, I’m very concerned that Trump’s escalating #tradewar exacerbates this negative trend.” - @jaredb-econ.bsky.social
Biggest experiment in US economy in a long time.
From @jc-econ.bsky.social :
The weighted average tariff in effect on US imports continues to creep higher w/ every announcement taking it to levels not seen since the 1930s & customs collections are on track for >$350bn in taxes on US firms & consumers per year while the media dutifully reports things as "not as bad as feared"
“ #Trump admin is raising #prices that are at the heart of the #affordability crisis". --#JaredBernstein
Post-trade war, tariffs are up $21 billion/month.
Or $736/year for every man, woman. & child living in the US.
At the moment, importers are eating a lot of this tax, but sometime this year, much of this will pass through to consumers. The rest will result in lower margin for businesses without #monopoly power.
https://econjared.substack.com/p/did-someone-neglect-to-tell-the-president?publication
