August 24, 2011

Kilkenomics 2011

Posted in News · 28 comments ·

Kilkenomics is taking place again this year from November 2nd – 6th. Hope to see you in kilkenny!

  1. irishminx

    Who have you lined up for this year David?

  2. thirdeye

    Who is attending this years event.Will some of the economists in the clip be making a reappearance and either backing up what they have previously stated at the show or have a completely different view.

  3. Reality Check

    David May I suggest John Maudlin His book “Endgame The end of the debt supercycle and how it changes everything” is a damn good read and he does public speaking engagements aswell.

    Also if you could get Reinhart and/or Rogoff?

  4. PARTIAL ANSWER TO IRELAND’S ECONOMIC PROBLEMS — SAME AS AMERICA’S: LEGALLY MANDATED SECTOR-WIDE LABOR AGREEMENTS — puts politicians more in the grip of the average persons’ interests too. (Pardon the long comment — I’m spamming thousands of these to American journalists so I might as well add one more — will spam Israel too where the unbalanced labor market is much more the core problem than in Ireland.)

    30 years of Republicans fulfilling every (last) voodoo economics wish have left America awaiting a second-dip low-demand recession inside a prolonged illiquidity contraction (normal recovery 7-8 years) and US Treasury bonds downgraded and ducking default.

    80′s Reagan got his 25% across the board income tax cuts — building unprecedented peacetime debt — his dereg’ing savings and loans crashing the industry. ’90′s Sen. Graham and friends tore down the Glass-Steagall Chinese wall between retail and investment banking — not without help from Clinton Democrats — setting the stage for our much troubled 2000s. ’90s Greenspan noted Wall Street partying too hard while failing to remove the punch bowl — the burst bubble end gave us the 2001 recession.

    2000′s Bush cleared away more financial reg’s — while smiling on little reg’ed shadow banking’s proliferation — converted Clinton budget surpluses into trillions in tax cuts for the better off — which cuts flooded by now much degreg’ed banks and never much reg’ed non-banks with too much savings to be lent to too many borrowers — inflating an oversize real estate bubble whose burst aftermath left said prolonged illiquidity contraction and said low demand dips — while trillions of piled up Reagan-Bush debt inhibit routine Keynesian easing of low demand dips with temporary deficit spending.
    Decades of de-unionization have left half our hourly wage workforce earning less than what the minimum wage woulda-coulda-shoulda been. Today’s median (not minimum) wage is $15/hr.

    LBJ’s 1968 minimum was $10.15/hr ($1.60/hr adjusted). Doubled per capita output since 1968 — as jet engines, copying machines (put millions of pool typists out or work), computers and improvements in between made us twice as productive per capita — would expect the minimum wage to increase at least 50% — to $15/hr.

    After the “big” $2.10/hr federal minimum wage hike, in early 2007, it remains $3/hr below LBJ’s. A $15/hr federal minimum wage would give half of America’s hourly wage earners a raise at an easily computed cost of 3% direct inflation. My Chicago neighborhood Mac’s traffic seemed to go up with Governor Blagojevich’s $8/hr minimum wage (IKE’s 1956 level!) — mostly in the third world end.

    [Bonus: In the essay linked to above, the author (perhaps the strongest voice warning against irresponsible over lending) suggests that moderate inflation -- 4-6% a year -- could quicken our exit from the illiquidity contraction (would clear the real estate market). Would reduce real federal debt too.]
    Over the past two-thirds of a century and around the world only one collective bargaining mechanism has proven able to fend off the race to the pay and benefits bottom as well as guarantee representative political forums via labor lobbying power: legally mandated, sector wide labor agreements — wherein every employee working the same job in the same geographic locale (nationwide for airline workers, etc.) works under a single collectively bargained contract with all employers.

    In every OECD economy where sector wide labor agreements is not the bargaining model the average person’s interests have gone bye-bye: in Japan, the lifetime security half of the workforce pays for it with 60 hour weeks, the other half may live more like our illegals; in Australia, unionization has dropped from 40% to 20% over 25 years; in England (did not adopt sector wide postwar; not sure if or how much since), watch TV; in Israel reformers complain of “ ‘an economic policy of privatization that leaves the free market without reins…making our daily existence a war for survival to subsist with dignity’ ”, read para. 4 & 5 in “What to make of the Israeli movement for social justice.” In America, the “Great Wage Depression” prevails (also known as “inequality” to our progressive elite), see above.

    American supermarket and airline workers would kill for sector wide agreements — the perfect places to introduce the only fair and balanced labor market model known to contemporary economics (if never, ever heard of from our contemporary progressive economists).

    [Bonus: restoring lost income share to segments who would spend (all of) it could ease low-demand dips -- without building federal debt. According to this author of a Wall Street Journal blog post, "Five False Premises about Economic Recovery", top 1% earners share alone grew from 10% to 22.9% between 1979 and 2006 (see #4).]

    Denis Drew

    • If you think things are bad in the taxi industry in Chicago buddy-consider yourself lucky!!
      Study the wholesale destruction of wages of your Irish peers by so called “deregulation” and the sale of unlimited taxi plates by a state Quango ironically titled “The taxi Regulator”!
      Meanwhile the public sector unions members(and the countless government sponsored Quangos) wages and pensions remain relatively unscathed.
      As for the Kilkenny gig I would dearly love to attend David, but I have already booked flights to Valencia for the annual ATP world tour tennis tournament!
      Regrettably it seriously overlaps with your gig

  5. Reality Check

    Denis, what’s that got to do with Kilkenomics?

    • Since I (am) was a Chicago cab driver I am not fully versed on what Kilkenomics is — but have figured out after 15 years of trying to figure out why I (and American workers in general) are starving that anything less than a fair and balanced labor market is at least partial cause for every other economic woe. I just read that Irish firms don’t have to bargain with unions if they don’t want to — a sure weakening of the average person’s economic and political leverage. I’m only presenting legally mandated, sector wide bargaining is a fractional answer to Ireland’s missteps: if unions had fuller power to “watch the store” there, maybe the banks and the politicians who let the banks go crazy would have been hemmed in. Definitely something to consider for the future.

      How crazily bad the American labor market has become — un-hemmed in Republicans blowing down every sensible rule along the way — is presented to you as an example of just how bad things can go if labor unions are not a factor at all (also I just have to cut and paste it :-]) — work back from there as partial lesson for you.

      How crazy is it here? You would not believe it. Between 1981 and 1997 the Chicago taxi meter had a single (one!) 30 cent per mile raise — at which 1990 midpoint Chicago started adding 40% more taxi cabs while cutting our business in half with subways to both airports, unlimited limos and free trolleys between all the hotspots downtown. That’s America — until we get the labor market back I wouldn’t recommend it.

      Anyway I have 5 Irish grandparents counting my mother’s stepmother and I just can’t shut up. :-)

  6. adamabyss

    Cannot wait, I am there already. Are we having a forum meet up again David?

  7. adamabyss

    How about Michael Lewis, Michael Hudson or Matt Taibbi? Three Americans I know but they just came to mind. Anyway, I’m sure it will be a great line up, last year’s was amazing.

  8. The Dork of Cork

    Comedy is cheap

    • adamabyss

      Personally I have no interest whatsoever in the comedians who will be on the line up. There was enough laughs, entertainment and stimulation watching the economists going head to head last year.

  9. McGoo

    I’ll probably be there on my own (billy no-mates-who-are interested-in-economics). How about organising an alcohol-based gathering over the weekend for those in the same situation?
    Also, can anyone suggest a good place to stay? I’ll need car parking, a roof and a bed within walking distance of the various venues.

    • irishminx

      I stayed in Langtons last year, it was excellent value and their staff are lovely. They have car space around the back of the hotel. Plus a lot of gigs, I attended were within Langtons. The other venue’s are within easy walking distance of Langtons too.

      About 5 of us from this site met up on the Saturday night & David joined us for a wee while. The best bar is the one on the way into the Langtons venue, on the right, where a lot of the gigs were held. You get to meet the speakers there too. :)

      Enjoy it, because it is a fantastic gig. Unfortunately, I cannot afford to go this year!

    • adamabyss

      I am definitely going and will be on for a meet up.

  10. Reality Check

    Defo on for a meeet up too.

    Another one for the wish list and following on from Martin Lousteau last year;
    How about the Peruvain economist Hernando de Soto?

  11. Reality Check

    Max Keiser is confirmed!
    “I’m looking forward to being at this year’s Kilkenomics Festival in Kilkenny, Ireland!”

  12. Fantastic if Mark Engler would put in an appearance..

  13. 30somethingHiBrit

    Good to see Kilkenomics 2011 now has confirmed dates. The website, however hasn’t been updated. Any idea when it will be? (Just booked my hotel room for Sat and Sun nights…)

  14. Adam Byrne

    I think Paul Mason would be a good guest at Kilkenomics next year David, if not this:

  15. McGoo

    So, has a meet up been organised? It sounds as if the bar at Langtons on Saturday Night is the default plan if nothing more definite is organised.

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