“Everything we have been through here was the result of succumbing to the temptations of our era—to which no one is immune who has still to be struck down by the disease of putting his faith in force and retribution. Vengeance and envy are the prime motives of human behavior.”
Robert Blakeley, Whose Fallout Shelter Sign Symbolized the Cold War, Dies at 95 New York Times
Gottiboff: After the housing collapse comes the job lossesMacroBusiness. Sydney’s wildly overpriced housing market is finally taking a hit.
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The Pitfalls of Privatization Washington Monthly (resilc)
Dear @TheEconomist: Nice chart, but why have you fudged the scale for Britain? The line should be double as long. Trying to hide something?pic.twitter.com/n3aVGcWmVD— Laurie Macfarlane (@L__Macfarlane) October 25, 2017
With business booming under Trump, private prison giant gathers at president’s resort Washington Post
The Real Story of Automation Beginning with One Simple Chart Medium (Larry H). One chart I question is the one showing manufacturing production versus manufacturing jobs. The reason is that the “manufacturing production” chart almost certainly values production as the wholesale sales price. The problem is that in many industries, particularly cars, manufacture of many components takes place overseas with only final assembly with perhaps some other minor value added activities in the US. So those parts have embedded labor cost in them which is not at all reflected in the US job count. Not saying that a properly done chart would not show some displacement of labor by capital, but I suspect it would not be dramatic (ie, this chart reflects the impact of offshoring more than automation).