Monday, October 19, 2020

The World Series Matchup Is a Referendum on Baseball’s Economics - WSJ

Assuming the coronavirus pandemic allows for a normal season in 2021 the Los Angeles Dodgers will owe three of their players—Clayton Kershaw, Mookie Betts and Kenley Jansen—around $75 million combined. The Tampa Bay Rays rarely pay that much to their entire roster.

Yet these two franchises, who operate on opposite ends of the sport's disparate financial spectrum, now find themselves in the exact same place: squaring off for a championship in the World Series after posting the best records in their respective leagues.

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Publisher: WSJ
Date: 2020-10-19T13:25:00.000Z
Author: Jared Diamond
Twitter: @WSJ
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In case you are keeping track:

Biden's economic plan could crush nation's recovery from coronavirus pandemic,

Former Democratic presidential candidate Bob Kerrey weighs in on the most pressing issues from the 2020 presidential election.

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The Democratic presidential candidate's plan would ultimately result in about 4.9 million fewer full-time employees and reduce the nation's GDP, the broadest measures of goods and services produced in the country, by more than 8% over the next decade, according to the report, which was authored by Casey Mulligan, a University of Chicago professor who previously served as chief economist of the White House Council of Economic Advisers; Kevin Hassett, also a former

Publisher: Fox Business
Date: 2020-10-19
Twitter: @FoxBusiness
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Economists Still Don't Expect Things To Get Back To Normal Until At Least 2022, Survey Says

People walk by outdoor dining tents built in Korea Town as the city continues the re-opening efforts ... [+] following restrictions imposed to slow the spread of coronavirus on October 17, 2020 in New York City.

Some 30 economists say there is a two-thirds probability that the economy wouldn't be back to normal until 2022 or later—that's essentially unchanged from what they were expecting in May, according to the most recent survey results from earlier this month.

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Publisher: Forbes
Date: 2020-10-19
Author: Sarah Hansen
Twitter: @forbes
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The Failed Economics of Care Work - The American Prospect

What is something "worth" in the marketplace? Who gets to decide that? If you ask someone steeped in classical economic theory, they will tell you that something is worth exactly what someone else is willing to pay for it. They will say that the "market" decides, through the laws of supply and demand. And they will say that all of these individual market transactions come together to make up "the economy."

Care work is a perfect example. Classical economic theorists would tell us that care work simply isn't very valuable, and neither are the workers who conduct it. If the best way to determine something's worth is how much people receive in payment for it, then this would be exactly right. More than one in six domestic workers, including house cleaners, nannies, home health care aides, and child care providers in their own home, are in poverty.

Publisher: The American Prospect
Date: 2020-10-19T05:25:00
Author: Janelle Jones
Twitter: @theprospect
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Many things are taking place:

China's economy accelerates as virus recovery gains strength

BEIJING (AP) — China's shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions.

Growth in the world's second-largest economy accelerated to 4.9% over a year earlier in the three months ending in September, up from the previous quarter's 3.2%, official data showed Monday. Retail spending rebounded to above pre-virus levels for the first time and factory output rose, boosted by demand for exports of masks and other medical supplies.

Publisher: AP NEWS
Date: 2020-10-19T02:21:24Z
Twitter: @ap
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Report to examine economic impact of "Castle Rock"

DEVENS – About a year after the second-season premiere of the Hulu television series “Castle Rock,” the Massachusetts Production Coalition plans to release a new report tallying the economic impact of what it says is the first episodic TV series to film in Massachusetts in more than 25 years.

The first season of the Warner Brothers show, based on the works of Maine author Stephen King, was in production from March 2017 through February 2018 and the second season was in production in 2018 and 2019. The second season began airing on Hulu on Oct. 23, 2019.

Publisher: Lowell Sun
Date: 2020-10-19T17:26:20 00:00
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Twitter: @FinancialTimes
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Opinion | Here's the Biden economic agenda that might draw GOP support - The Washington Post

That sounds similar to a lot of the bread-and-butter proposals former vice president Joe Biden advanced during the campaign (along with green infrastructure, child care, expanding the Affordable Care Act, college tuition).

No one expects the worst anti-government, demagogic Republicans to go along with anything that departs from supply-side plutocratic economics, but there are more than a few Republicans who have embraced pieces of this (e.g., Sens. Marco Rubio of Florida and Mike Lee of Utah on expansion of the child tax credit).

Publisher: Washington Post
Date: 2020-10-19T17:30:54.593Z
Twitter: @WashingtonPost
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