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Showing posts from April 29, 2017

Today's Trumpery

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It’s Time to Regulate the Gig Economy

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[The Gig Economy. It's regular employment masquerading under a variety of cutesy appellations with the goal of allowing employers to not call themselves employers, and so, sidestepping employment laws and avoiding all normal legal responsibility for their workers. *RON*]
Posted by Yves Smith, Naked Capitalism, 18 April 2017

By Janine Berg an economist with the International Labour Organisation and Valerio De Stefano, a lawyer with the International Labour Organisation. Originally published at Open Democracy.

Over a century ago, labour laws began to be instituted in diverse countries throughout the world. These laws were intended to provide protection to workers in what was recognised as an unequal relationship of exchange, but it also gave authority to managers to organise and direct their employees’ work. While the world of work has changed since these initial labour regulations were instituted, the fundamental reasons for the existence of la…

The fading American dream: Trends in absolute income mobility since 1940

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["First, children’s prospects of earning more than their parents have faded over the past half century in the United States. Absolute income mobility has fallen across the entire income distribution, with the largest declines for families in the middle class. With the current distribution of income, higher GDP growth rates alone are insufficient to restore absolute mobility to the levels experienced by children in the 1940s and 1950s. If one wants to revive the 'American dream' of high rates of absolute mobility, then one must have an interest in growth that is spread more broadly across the income distribution." *RON*]

Raj Chetty1,*, David Grusky2,*, Maximilian Hell2, Nathaniel Hendren3,*, Robert Manduca4, Jimmy Narang5, Science, 24 April 2017: eaal4617, DOI: 10.1126/science.aal4617

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Abstract

We estimated rates of “absolute income mobility”—the fraction of children who earn mo…