arts organizations and the economy

... is, they have essentially assumed the expectations hypothesis. Assessing the variability as well as the level of the term premium, and the relationship between the term premium and the macroeconomy, ... been the close feedback between the real economy and financial conditions. In many countries, the credit and housing boom that preceded the crisis went hand in hand with strong spending and production. ... seems likely that the recent financial and economic crisis the Great Panic and Recession of 2008 and 2009—will both rearrange the economic landscape and affect the focus of economic and financial research...

Ngày tải lên: 17/02/2014, 03:20

... but also by the quantity and quality of the labor force. The indicators of the quantity and quality of the labor force include the change in the proportion of the population in their prime-age ... Source: Piketty and Saez. Note: The vertical axis is the share of total income. The observed relationship between the top tax rates and the income share of the top 0.1% and the top 0.1% are ... of the top 0.1% (the top solid line in the figure) and the top 0.01% (the lower dashed line) since 1945. 32 Under both definitions of the top of the income distribution (i.e., the rich), the...

Ngày tải lên: 20/02/2014, 19:20

... the Netherlands, the Nordic countries, Poland and the United Kingdom), while playing only a minor role in others (e.g. Hungary, Luxembourg, Portugal and Switzerland). Across the OECD, there are ... common in other OECD countries, such as in the Netherlands and the United Kingdom, although they generally constituted a much smaller share of the loan pool than in the United States. 8. The analysis ... observed in the United Kingdom and the Netherlands – in these two countries the responsiveness of new housing supply to housing prices is noticeably low (Figure 4.1). By contrast, other countries where...

Ngày tải lên: 23/03/2014, 20:20

... York. Immigrants in the Economy extends the same question to the 25 largest metro areas of the United States. Immigrants and the Economy was undertaken with the support of 32BJ of the Service Employees ... growth and the growth of the immigrant workforce that is evident in the country’s largest 25 metropoli- tan areas applies to the five largest metro areas in the East: the economy and the immigrant ... Taken together, this data illustrates the close and consis- tent relationship between the immigrant share of popu- lation and the contribution that immigrants make to the economy. Just a handful...

Ngày tải lên: 31/03/2014, 05:21

... displays the trend in the income (before taxes) share of the top 0.1% (the top solid line in the figure) and the top 0.01% (the lower 39 CRS analysis of the data contained in the 1996 and 2006 ... but also by the quantity and quality of the labor force. The indicators of the quantity and quality of the labor force include the change in the proportion of the population of the population ... Source: Piketty and Saez. Note: The vertical axis is the share of total income. The observed relationship between the top tax rates and the income share of the top 0.1% and the top 0.01% are...

Ngày tải lên: 31/03/2014, 05:21

... connected. For the greater the taxes and disbursements, the greater the gain of the one and the loss of the other, and vice versa . . . . 6 “Ruling” and “ruled” apply also to the forms of government ... 2. DD and SS are the demand and supply curves respectively. OC is the control price and FP the market equilibrium price. At OC, the quantity demanded is less than the quantity supplied, by the ... Rothbard 48 prices, these are determined by the supply of and the demand for money. For the array of prices to rise, there must be an increase in the supply of money, a decrease in the schedule of the demand...

Ngày tải lên: 11/06/2014, 12:44

... little morebrightly.Theseare the employeesof the automaker beingrefreshedwithnewlight.Anothertransferofwealth hastakenplace. The autoworkersinturnmakepurchases fromotherbusiness,small and large, and the lightcontin- uestoparadethrough the tunnel. We also know that behind the walls of the tunnel there are more businesses and interconnections ... way “takingover.”There is little attention given to the more mundane and immediatethreatsto the jobmarket and the overall economy.  Perhaps the technologists just assume that once the ... tunnel. While these businesses ob- viouslydon’tcaterdirectlyto the globalmassmarket,theyarenone- thelessintegratedinto the activitythatoccursin the tunnel, and they are heavily...

Ngày tải lên: 20/06/2014, 20:20

... mayhaveactuallyin- creasedforatime,astheywereabletolowertheirprices. Asaresult,theirprofits, and therefore the wealthoftheir topemployees and shareholdersincreased.Thesewere the brighterlightsin the tunnelthatinitiallybecamestronger. However,asnearlyallbusinessesin the tunnelcontinued toautomatejobs,atsomepoint the decreasein the num- berofpotentialcustomersbeganto ... on the seconddayyouhavetwocents and thenfourcentson the thirdday, and soon. The firstcharton the nextpageshows the firstfifteen daysasourpennydoubles.Youcanseethatwestartout very slowly and then ... are growingdark.Nowweseethatmanyof the verybrightest lightsin the tunnelfinallyfeel the impact and alsobeginto losetheirlight. The ownersof the businessesin the tunnel areseeingmuchoftheirwealthgraduallydrainaway. The ...

Ngày tải lên: 20/06/2014, 20:20

... madeeven morechallengingby the factthat the objectscouldbein manypossibleorientationsorconfigurations.Consider the simplecaseofapairofsunglassessittingonatable. The sunglassesmightbeclosedwith the lensesfacingdown,or with the lensesup.Orperhaps the glassesareopen with the lenses oriented vertically. Or maybe one side of the glassesisopen and the other closed. And, ofcourse, the glassescouldberotatedinanydirection. And perhapsthey are ... securities werethensoldtobanks and financialinstitutionsallover the world,with the understandingthattheywereverylow riskinvestments. When the subprimeborrowersstarteddefaulting, the valueof the mortgage-backed securitiesplunged, and the derivativesdidnotworkasexpected.Inmanycasesitwas difficultorimpossibletocalculatetheirvalue.Inaddition, financialinstitutionshadengagedinmanyothercomplex interrelationships ... more popular.Whatwillwedoifsomedayasubstantialpercen- tageof the three and ahalfmillioncashiersin the U.S.no longerhavejobs?Whatadditionaleducation and training canweoffertheseworkers? And whatjobswoulditpre- parethemfor? And what is the impact of thatpotential unemploy- mentonmarketdemandforgoods and services?Cashiers aregenerallynothighlypaid,buttheynonethelessexistas lightsinourmassmarkettunnel.Cashiers,justlikeother workers,drivecars,buyclothes and consumerelectronics, rent...

Ngày tải lên: 20/06/2014, 20:20

... demand will in- crease, and the economy will therefore produce more goods and services.Inotherwords, the samenumberof workerswillbeemployedbuttheywillproducemore. 32  The ... collating and faxing in- formation. The intellectualportionof the job—eitherap- provingordenying the loan—isprobablyalreadyessential- lyhandledbyacomputer.Throughout the economy, there   * Formoreonrobotics and itspotentialimpactonemployment and on ... Germany, in-storeretailsales and customerassistanceisbeingauto- matedviaacell-phoneinterface.Shoppersareabletoget realtimeassistance,whileshopping,throughtheirmobile phones.Theycanalsoscanbarcodesastheyshop and, in the nearfuture,willbeabletopayfortheirpurchasesdi- rectly through their phones—presumably avoiding the checkoutislealtogether. The specterofnearfullyautomatedsupermarkets and chainretailstoresiscauseforgenuineconcern.Theseare now the jobsoflastresort.Theseare the jobsthatworkers displacedfromotherindustriestakebecausethereisnoth- ingbetteravailable.Lookbackat the tableonpage59.We havealreadymentionedthat3.5millioncashiersarepoten- tiallyatrisk. The tableshowsanother4millionretailsales- persons and 2.3millionlaborers and freight,stock and ma- terialmovers,aswellas1.7millionstockclerks and order fillers.Whatnewjobscouldwepossiblyfindforallthese people? Readanyarticlein the popularpressabout the fieldof robotics and itspotentialfutureimplications, and youwill almostinvariablyfindasentencepointingoutthat“in the future,...

Ngày tải lên: 20/06/2014, 20:20

... within their capabilities, then how will they acquire the income necessary to create the demand thatinturndrivesproduction?Ifweconsider the singular- ityinthiscontext,thenisitreallysomethingthatwillnec- essarilypushusforwardexponentially?Orcoulditinac- tualityleadtorapideconomicdecline? *    * The technologistswhospeculateabout the singularitydon’tseemtoo concerned ... shouldersofAmerican and Europeanconsumers. And aswehavenotedagain and againinthisbook,those Westernconsumersalldependonjobs.Ifautomationbe- ginstodramaticallyimpactemploymentinChina,whileat the sametimedemanddwindlesin the West and certain- lyif the catastrophiceventdescribed at the beginning of thischapteroccurs—thenthiseconomicperpetualmotion machineisgoingtocollapse. Givenallthis,whatcanwereallysayabout the future ofChina?Nearlyafourthof the world’spopulationlives inChina;therefore,thereisnodoubtthatthiscountrywill continuetohavesignificant, and perhapsincreasing,influ- encein the decadestocome.However,simplyextrapolat- ingcurrenttrendsisveryunlikelytogiveanaccuratepro- jection.Chinaisgoingtobeheavilyimpactedbyaccelerat- ing ... purchasing the goods they are producing. Or eveniftheycanaffordtobuythoseproducts,theyareun- likelytodo sobecausetheyaremuchmoreinterestedin THE LIGHTS IN THE TUNNEL...

Ngày tải lên: 20/06/2014, 21:20

... to decline.Rememberthatwearetalkinghereaboutaverage workers.Toget the graphabove,youmighttake the dis- tributionofincomesin the UnitedStates and thenelimi- nateboth the richest and the poorestpeople.Thengraph the averageincomeof the remaining“typical”people (the bulk of consumers) ... by industries,productionbecomesmoreefficient.Thisresults insomelossofjobs,butitalsoresultsinlowerpricesfor goods and services.Inotherwords,itputsmoremoneyin consumers’ pockets. These consumers then go out and buyallkindsof things, and so the resultisincreasedde- mandfor the productsproducedbyalltypesofindustries. Some ... it undermines the mass market. That is a reality that ulti- matelywillaffect everyone and the corporate CEOsof the future are going to find themselves on the frontline when the wavehits. Currently,businessesin the UnitedStatescandeduct all...

Ngày tải lên: 20/06/2014, 21:20

... elimi- nates the jobsthatprovideincometoconsumers. The es- sentialideaisthatweshouldimposesomecombinationof aconsumptiontax and/ oraspecialdirecttaxonbusiness thatcaptures the incomewhich,inanon-automatedecon- omy,wouldbepaidoutinwages.Overtime,as the wages paidtoaverageworkersdecrease(asapercentageofreve- nue),thesetaxeswouldbegraduallyincreasedtorecapture atleastaportionofthisincome. The overallobjectiveisto recapturejust the optimalamountofincome and thenget itinto the handsofconsumerssothattherewillbesuffi- cientconsumerdemandtocontinuedriving the economy.  Once the income ... unless there is either existing market de- mandor the reasonableexpectationofsuchdemandin the foreseeablefuture. The idea that productionrespondsto demandisoneof the definingcharacteristicsofcapitalism. Removing ... corruption amongofficialsin the country.Thesepeopleveryoftenact primarilyfortheirownbenefit and, inparticular,inways that preserve theirpositions and power—rather thanfor the benefitoftheircountryasawhole.In the finalanaly- sis,...

Ngày tải lên: 20/06/2014, 21:20

... have strongeducations and training.Thesepeoplearebeneficia- riesof the informationage.On the toxicwastelandsideof the fence, are relatively unskilled workers. These people THE LIGHTS IN THE ... Amazon havebeenheavilyimpactedbybothtechnology and globa- lization.Theyoftensurvivebystringingtwoorthreepart timejobstogetherorworkinlowwagejobswithfewben- efits. The obvioussolutionisforustofindawaytooffer thesepeopleadditionaltraining—sotheycanhopoverto the goodsideof the fence. Ithinkthat the problemwiththisscenarioisthat the fenceisgoingtomove, and itmaymoveveryrapidly. The good sideof the fenceisgoingtocontract, and increasingnum- bersofwell-educatedworkersaregoingtofindthemselves suddenlyon the toxicside.AsIpointedoutinChapter2, we ... Light The natural cycle in the tunnel is stable and reinforcing. The vast majority of the consumers in the tunnel now glowwithapredominantlygreenlight.Astimepasses, the collectiveintensityof the lightscontinuestograduallyin- crease. Suddenly,...

Ngày tải lên: 20/06/2014, 21:20

... acentrallyplanned economy,  and perhaps most chillingly, the overthrow of govern- ments and a“dictatorshipof the proletariat.”In the wake of the collapse of communism, these ideas ... Amazon manjudge. The otherparticipantsareanotherperson and amachine—bothofwhomattempttoconvince the judge thattheyarehumanbyconductinganormalconversation. If the judgecan’ttellwhichparticipantiswhich,then the machineissaidtohavepassed the TuringTest. The TuringTestisperhaps the mostwell-known and acceptedmethodformeasuringtruemachineintelligence. Inpractice, the ruleswouldneedtobefurtherrefined, and it ... great many of the moreroutinejobsin the economy.  WhilenarrowAIisincreasinglydeployedtosolvereal worldproblems and attractsmostof the currentcommer- cialinterest, the HolyGrailofartificial...

Ngày tải lên: 20/06/2014, 21:20

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