In my last post, I discussed the underwhelming relation between interest rates and unemployment. In this post, I’ll look at a better way to connect unemployment to interest income. It turns out that if you take US net interest and divide […]
Unemployment and the Maturity of Capitalism
I]nterest rates are, first and foremost, a distributional variablethat affects the income shares of various social groups. — Louis-Philippe Rochon & Mark Setterfield (2007) When I read about monetary policy, I have a rule of thumb. Every time I see the
How Interest Rates Redistribute Income
recently read David Graeber’s book Bullshit Jobs: A Theory. If you’re not familiar, David Graeber is the anthropologist who wrote Debt: The First 5000 Years, a seminal book on the history of money and credit. In Bullshit Jobs, Graeber takes aim at pointless
The Productivity of Bullshit Jobs