Economics Archives

The Rise of the Useless Class: Is It Inevitable?

What is a useless class? Is the emergence of a useless class an inevitable consequence of advances in technology? In his book 21 Lessons for the 21st Century, Yuval Harari makes a point that advances in technology, specifically AI, are likely to lead to the creation of a useless class, much like mass industrialization created the working class. And although the AI will create new jobs, it’s likely that there will still be a net loss in employment, creating a useless class of unskilled workers. Keep reading to learn about the rise of useless class and what can be done

AI-Induced Unemployment: The Threat Is Real

Will AI cause mass unemployment? Are smart assisstants and self-driving cars going to make people lose their jobs? AI-based systems are taking every industry by storm. The concern of AI causing unemployment on a massive scale is becoming increasingly urgent as AI capabilities progress. Keep reading to learn about AI-induced unemployment, and some possible routes the government could take to adapt to the AI-automated economy.

Disney Buys Lucasfilm: The Fight for Creative Control

Why were negotiations so difficult when Disney bought Lucasfilm? How did Disney’s CEO Bob Iger convince George Lucas to give up his control? Disney CEO Bob Iger knew that it would be a difficult road if Disney bought Lucasfilm. Iger would have to negotiate with George Lucas, who was notorious for wanting control over the Star Wars mythology. After many disagreements, Lucas finally sold to Disney. Continue on to learn how Disney bought Lucasfilm.

Trump and the Commodore Hotel: Remaking a Classic

What was Donald Trump’s Commodore Hotel project? How long did it take to complete and make it a success? Trump bought the Commodore Hotel in 1976 and reopened it as the Grand Hyatt in 1980. As Trump envisioned, the venture became an overnight success, turning millions in annual profits almost immediately. Read about Trump’s Commodore Hotel project.

Dangers of Monopolies: Why We Need Competition

What are the dangers of monopolies? Why are monopolies so harmful for economic development? The dangers of monopolies stem from two issues: lack of competition and government control. Government interference can cause market tensions, and a need to bend the market to suit their own gain. Read more about the dangers of monopolies.

How Does the American Education System Work?

How does the American education system work? Is a government-run education system effective? In his book Capitalism and Freedom, Milton Freidman answers “how does the American education system work” through a capitalist lens. He argues that having government-funded and government-run schools take away choices and competition for students and parents. Keep reading to answer the question “how does the American education system work?”

Public Monopoly: Does It Work in a Capitalist Economy?

What is a public monopoly? Are public monopolies bad for the economy? A public monopoly can occur when the government directly produces goods for sale. A true public monopoly is uncommon in the U.S., but it can occur when government exerts control over the private sector. Read more about the public monopoly and how they affect the economy.

The Neighborhood Effect: Personal Economic Results

What is the neighborhood effect? Why is government involved in lessening negative neighborhood effects? The neighborhood effect is when one person’s economic activity imposes a cost on another individual. There are both positive and negative neighborhood effects. Read more about the neighborhood effect and how it works.

Different Types of Monopolies and How They Work

What are the different types of monopolies? How can you recognize these different types of monopolies? According to Milton Friedman, there are three types of monopolies: regulated, unregulated, and public. All of these types are harmful to economic development in different ways. Read more about the different types of monopolies and how they work.

Top 3 Quality Control Methods for Company Success

What are the best quality control methods? How can you implement them in your organization? There are three main quality control methods that can help you maintain consistency in your organization. You’ll need to take all of these factors into account when thinking about how to control the behavior of people in your company. Read more about quality control methods and how they apply to your organization.