Author Archives: Yves Smith

Bill Black: Kenneth Arrow’s (Ignored) Impossibility Theorem

Nobel Prize winner Kenneth Arrow’s most celebrated theorem illustrates why economics isn’t just wrong-headed but actually destructive.

How Antitrust Enforcement Can Spur Innovation: Bell Labs and the 1956 Consent Decree

A concrete example of how well-designed antitrust enforcement produced large economic benefits.

Links 2/22/17

Michael Hudson: Why Failing to Solve Personal Debt and Polarization Will Usher in a New Dark Age

Crushing personal debt loads have repeatedly produced economic and social crises. The elites ignore the warning signs at their peril.

French Presidential Contender Macron Backs Tough Stand on Brexit

Macron, who has taken a recent hit as a result of a campaign blunder, took a forceful position on Brexit in a meeting with Theresa May.

As US Attorney, Trump Labor Secretary Nominee Enabled Drug and Biotechnology Executives’ Impunity

Yet another Trump appointee who was soft on big business misconduct.

CalPERS’ Private Equity Portfolio Continues to Earn Way Too Little for the Risk

CalPERS private equity returns are not pretty, but at least the giant pension fund seems to recognize private equity’s glory years are past.

Links 2/21/17

European Polls Head for Heaven and Hell

Le Pen’s recent surge in French presidential polls has Mr. Market fretting, while results in Germany are a bright spot.

Biggest Gasoline Glut In 27 Years Could Crash Oil Markets

High gasoline and crude inventories do not bode well for oil prices this year.

The Opioid Epidemic and the Face of Long-Term Unemployment

The role the opioid epidemic plays in long-term unemployment.

Globalisation and Economic Nationalism

An in-depth data analysis shows a strong correlation between exposure to competition from imports and a rise in right-wing nationalism.

Links 2/18/17

Why Extreme Inequality Causes Economic Collapse

A look at how rising inequality becomes systemically destructive.