Economic Theory


Why Do The Middle Classes In South Africa Pay Their Domestic Workers Such Low Wages?

Here is an article that I read yesterday: “Why Do The Middle Classes In South Africa Pay Their Domestic Workers Such Low Wages?” It’s written by a Human Rights graduate student at Columbia University in New York, with interests in women’s rights, youth and gender in Southern Africa. I don’t really want to turn this […]

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Thailand’s Ridiculous Rice Piles

Every week, I attempt (and usually fail) to read my way through the Economist before the new one comes out. And for ages, I’ve been trying to force myself to read through the stories in the Asia/Oceania section. It’s the names, you see. There are too many that are too foreign, and it’s all too […]

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Heresy: Disbelieving Demand Theory Part 1

There are many variations on the theory of spiritual/moral development: famously, those of James Fowler and Lawrence Kohlberg. While the number of stages in the process vary from theory to theory, you can summarise them generally into four main personalities: Stage 1: The Reprobate Chaos, where your moral actions are defined by what punishes and […]

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Trade Unions, The Bastards

South Africa’s Gold Mining industry began its wage negotiations last week. The key players: The Chamber of Mines (CoM) – representing the collective interests of the Gold Mining Companies (or, at least, around 7 of the big ones) The National Union of Mineworkers (NUM) – representing the collective interests of 65% of workers in the […]

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The GDP Spiral: Contraction, Recession, Depression

In the BBC newsfeed this morning: “Eurozone recession continues into sixth quarter.“ The headline made me think about how most of us know the words “recession” and “depression” as interchangeable jargon used by the business news anchor. Also: “contraction”. It’s the kind of language that floats ominously around the TV room while you’re tweeting an […]

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Bitcoin: the Art of Free Market Currency

Link:¬†Dear Austrians – thoughts? Bitcoin looks to me like a free market currency. Some background: most Austrian economists agree that the Reserve Banks and the banking system (and government intervention) are responsible for all the world’s financial evils. Or, at least, for making them far worse than what they need to be. One of their […]

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Link: it’s like the American Version of a British sitcom, except less funny. In a month of grand measures, Ben Bernanke came out of the monetary closet and announced a string of homeownersexually-stimulating parties by buying up $40 billion of MBS a month. The key points: Open-ended Purchases Of $40 billion worth of mortgage securities […]

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Daily News Roundup 2012: Wednesday 29 August

Good morning An observation: if you would like to receive posts via email, please sign up at the top of the sidebar on the Home page. The headlines (and it’s a Republican-themed day): Mitt Romney gets nominated. Link: and Ron Paul gets cheered. Well this isn’t really a surprise – but I suppose it’s all […]

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Daily News Roundup 2012: Tuesday 8 May

Good morning The headlines: Consumer credit in the US is growing. Consumer credit “surged” in March: its largest monthly movement in a decade. The increase came mostly from new car and student loans (but the indicator released by the Fed doesn’t track home mortgages – so where else is the increase going to come from?). […]

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