Inflation and the governance of prices
In 1959, the leaders of the Organization for European Economic Cooperation (OEEC, now the OECD) appointed a Group of Independent Experts “to study the experience of rising prices” in the recent history of the advanced capitalist countries. Between the end…
January 12, 2022Analysis
The history and politics of price controls and economic management in the United States
In the decades after the Civil War, Andrew Carnegie captured the American steel industry by pushing down prices. So effective was the Scottish-born telegraph operator at reducing costs, breaking cartels, and driving competition into bankruptcy during the downturns of the…
August 11, 2021Analysis
Employer claims of unavailable labor are rooted in an unwillingness to raise wages and the long-term decline of the nation’s system of training and allocating labor
As the American economy reopened in the first half of 2021, reports of a “labor shortage” spread throughout US industries. But there was one sector where employer panic about hiring was old news: the massive and decentralized US construction industry.
January 22, 2021Analysis
The many causes and effects of inflation.
Concerns over a generalized “inflation” loom in the recovery. Yet the prices that most heavily factor into the cost of living for US workers—housing, health, and education—have already been rising for decades. The question we should be asking is whether…