EconAir

              As an economist, I define class in economic terms. In the past, income and income inequality were usually the main determinants. Now it is a combination of income and wealth (actual and potential).   There are four classes in America:   1) seniors with assets (wealth) and their inheriting kids. Demographically, the fastest growing class.           Total U.S. household and nonprofit net worth reached a record  $166.7 trillion  in the first quarter of 2026, according to the   Federal Reserve's Financial Accounts of the United States . This reflects the total value of all assets (like real estate, equities, and bank deposits) minus all liabilities (like mortgages and debt) across the nation.             The top 10% of households own 70% of the wealth.   Who are these households? They ...

    Like in the beloved old TV series of the same name, some people live in different time dimensions, alterative realities, altered states, or alternative universes.   We live in the modern version of the Roman Republic; Donald Trump lives in the Roman Empire.   We think the president should be like Washington and Lincoln; Donald Trump thinks he’s Nero or one of the crazier emperors of the late empire.   We believe in democracy; Donald Trump strongly supported Hungary’s president who believes in “illiberal democracy.” Moron supporting oxymoron.   We believe in democracy; Donald Trump supports the neo-Fascist political party in Germany. The last time a Fascist party took over Germany – how did that turn out?   Most Americans are Christians and believe in God; Donald Trump posted an image of himself as Christ. Throughout history, there’s been a name for people who do that.   We erect monuments in Washington DC to great former presidents; Donald Tru...

I HEARD THE NEWS TODAY, OY VEY The government of Greenland is putting the country up for sale. It will accept bids from any country or corporation. The reservation (minimum) price is $2 million per person, or $100 billion (the cost of 3 data centers), and distribute the money equally to its 57,000 citizens. Russia and China have expressed an interest, Russia to control the strategic Nordic region and China to strengthen its near-monopoly on rare-earth minerals. If sold, almost all residents said they intend to put their homes up for sale on Greenhouses.com and move to Denmark. A number of other countries are watching to see what happens. If Greenland is successful, they also intend to put their countries up for sale. For most countries of the world, even $1 million per person is substantially more than their residents could make in a lifetime. Some of the countries will probably be sold to corporations because of their mineral or oil resources. Invested at 5%, people from...

Adam Smith - Our Founding Father INTRODUCTION   This essay on Adam Smith and his famous example of a pin factory also serves as an introduction to some of the themes in the over 100 essays in this blog.   Adam Smith wrote the  Wealth of Nations  during the beginning of the Industrial Revolution. It was published in 1776. The dynamics of the Industrial Revolution continue to be a disruptive force; because of AI, it might be even more disruptive in the future.   ADAM SMITH’S PIN FACTORY   Adam Smith’s description of a pin factory is on the first page of  The Wealth of Nations .  (Chapter 1 – “Of the Division of Labour”)  Drawings of pin factories of this period show workers using hand tools. Smith says the process can be broken down into 18 distinct steps, including packaging the pins. Smith mentions that pin factory workers were poorly paid, despite their high productivity.    Adam Smith says he visited a pin factory empl...