Summary: The new industrial revolution will have its greatest effect on industries that have large imbalances. Like retail, after decades of overbuilding stores. Lots of jobs will be destroyed. Watch closely, other industries will be hit with similar shocks. Hayley Petersen at Business Insider points to the next wave of the industrial revolution: "The retail apocalypse … Continue reading The new industrial revolution hits retail: prepare for mass firings.
Summary: Economists and financial experts are baffled by events because their minds know only the past and so do not see the new industrial revolution at work, slowly in its early days. Look at the retail sector. What explains unusually high corporate profits, rapid growth in sales -- along with slow growth in jobs and … Continue reading Look at the retail sector and see the power of the new industrial revolution
Summary: Corporate profits have rising to an amazingly large share of our national income, powering the stock market while GDP and household income lag far behind. This has played a large role in shaping the New America of the 21st C. What caused this rise? What might reverse it? See my column at Wolf Street … Continue reading Corporate profits are the market’s foundation, shaping a new America