Author Archives: Yves Smith

Impoverished Economics? Unpacking the Economics Nobel Prize

Yves here. Even thought the mainstream media, as usual, duly applauded the winners of this year’s “Nobel” prize in economics, there’s been less attention paid to the recipients than usual and far more criticism, some very measured, others more critical. The winners helped develop and promote an approach to development economics they called “randomized control […]

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Automation Armageddon: a Legitimate Worry?

Yves here. Readers will notice a marked disconnect between Michael Olenick’s grim account of the impact of the automation of the early industrial era on workers’ lives as to his more sanguine posture for the future. One way to reconcile the two is that major shift in automation can have significant transition costs in terms […]

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