https://www.academia.edu/7099629/NEw_Ideas_from_Dead_Economists
2
Table
of
Contents
Title
Page
Copyright
Page
Foreword
Preface
to
the
Revised
Edition
Acknowledgements
CHAPTER
I
‐
Introduction:
The
Plight
of
the
Economist
CHAPTER
II
‐
The
Second
Coming
of
Adam
Smith
CHAPTER
III
‐
Malthus:
Prophet
of
Doom
and
Population
Boom
CHAPTER
IV
‐
David
Ricardo
and
the
Cry
for
Free
Trade
CHAPTER
V
‐
The
Stormy
Mind
of
John
Stuart
Mill
CHAPTER
VI
‐
The
Angry
Oracle
Called
Karl
Marx
CHAPTER
VII
‐
Alfred
Marshall
and
the
Marginalist
Mind
CHAPTER
VIII
‐
Old
and
New
Institutionalists
CHAPTER
IX
‐
Keynes:
Bon
Vivant
as
Savior
CHAPTER
X
‐
Milton
Friedman
and
the
Monetarist
Battle
Against
Keynes
CHAPTER
XI
‐
The
Public
Choice
School:
Politics
as
a
Business
CHAPTER
XII
‐
The
Wild
World
of
Rational
Expectations
and
Behavioral
Economics
CHAPTER
XIII
‐
Dark
Clouds,
Silver
Linings
Notes
Index
BIG DATA IS BIG BROTHER
Google to buy stake in ADT in home security push for $450 million
(Reuters) - Alphabet Inc’s (GOOGL.O) Google is picking up a 6.6% stake in ADT Inc (ADT.N) for $450 million, betting on the home security company’s strong customer base and an army of technicians to drive sales of its Nest devices.
ADT shares nearly doubled to hit a high of $17.2 and traded well above their IPO price of $14 for the first time since going public in 2018, briefly valuing the company at about $13 billion.
The investment gives ADT the backing of a high-profile technology partner and broadens its services business. In return, Google gets access to about 6.5 million customers, strengthening its presence as it competes with Amazon.com’s (AMZN.O) Ring and Boston-based SimpliSafe, among others.
ADT said on Monday that the two companies would work on ways to package popular Google products like Home Mini, Nest Thermostat and Nest Wifi with ADT’s strength in installation and maintenance.
“Later this year, we will begin integrating Google devices and make them available for installations to our customers,” ADT Chief Executive Officer Jim DeVries told Reuters.
“We will exclusively support Nest products,” DeVries said, adding that the companies will build products together and start rolling them out next year.
The companies will commit an additional $150 million each for co-marketing, product development, technology and employee training, ADT said.
Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.
Founded in 1874, ADT is backed by private-equity firm Apollo Global Management LLC, which owns 83.5% of the company, according to Refinitiv data. Apollo had taken ADT private in a nearly $7 billion deal in 2016.
POST COVID-19 ROBOTS ARE COMING FOR TYSON JOBS
Tyson Foods names new CEO as coronavirus raises costs
Banks, a former executive at Google-parent Alphabet Inc’s (GOOGL.O) experimental research division, will help the company integrate more technology into operations
(Reuters) - Tyson Foods Inc (TSN.N) named its president, Dean Banks, as its new chief executive on Monday as the meatpacker faces unprecedented disruptions from the COVID-19 outbreak.
FILE PHOTO: Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File Photo
Tyson said Banks will replace 37-year company veteran Noel White in October as it reported lower-than-expected quarterly sales. The company predicted the pandemic will increase operating costs and hinder sales volumes into next year.
Uncertainty over the reopening of the economy confronts Banks, who joined Tyson’s board in 2017 and became president in December 2019.
Tyson Foods wants China to lift ban on U.S. plant with COVID-19 cases
Chairman John Tyson said Banks, a former executive at Google-parent Alphabet Inc’s (GOOGL.O) experimental research division, will help the company integrate more technology into operations and focus on employee health.
The novel coronavirus has infected thousands of U.S. meatpacking workers and led to temporary meat shortages as processors like Tyson, JBS (JBSS3.SA) and Smithfield Foods [SFII.UL] closed slaughterhouses in April and May. Plants have reopened, but absences among workers who are afraid of getting sick continue to limit output.
Tyson said it faces reduced demand from restaurants and food-service outlets that has not been offset by stronger meat sales at grocers. The company predicted its chicken and prepared foods segments will suffer lower sales volumes in the last fiscal quarter.
In the third quarter ended June 27, Tyson’s chicken unit reported an adjusted operating loss of $120 million, compared with income of $237 million a year earlier.
“Our level of future growth is dependent on away-from-home eating occasions, which will be impacted by communities opening up and potentially reclosing,” White told analysts on a call.
JP Morgan said it expected the leadership change, although it may spook some investors. Shares were up about 1%.
Tyson’s quarterly sales fell to $10.02 billion from $10.89 billion. Analysts expected revenue of $10.56 billion, according to IBES data from Refinitiv.
Excluding items, Tyson earned $1.40 per share, beating analysts’ estimates for 94 cents.
Tyson said direct costs related to COVID-19 were about $340 million, including employee testing and personal protective equipment.
Reporting by Uday Sampath in Bengaluru and Tom Polansek in Chicago; Editing by Marguerita Choy and Steve Orlofsky
Judge rejects Trump restrictions on coronavirus sick leave for employees
NEW YORK (Reuters) - A U.S. judge on Monday voided parts of a Trump administration rule that restricted paid sick leave and emergency family leave for potentially millions of workers affected by the coronavirus.
Ruling in a case brought by New York Attorney General Letitia James, U.S. District Judge Paul Oetken in Manhattan said the Department of Labor overstepped its authority in denying eligibility for benefits to several groups of workers.
The rule was adopted in April to implement the Families First Coronavirus Response Act, which made as many as 61 million employees eligible for up to two weeks of paid sick leave and 12 weeks of mostly paid emergency family leave.
Congress passed that law with goals of encouraging employers not to slash payrolls, in part because they would be reimbursed through tax credits, and not forcing affected employees to choose between their jobs and their health.
Oetken struck down a provision in the rule letting some employers deny paid sick leave if the economic downturn resulted in their having no work available for affected employees.
The judge also invalidated what he called the rule’s “vastly overbroad” definition of “health care provider,” which the government conceded could keep people like English professors, librarians and cafeteria managers from obtaining benefits.
Oetken also voided provisions that workers obtain employer consent for intermittent leave and document their reasons for sick leave in advance. Other provisions were allowed to stand.
“The court acknowledges that the DOL labored under considerable pressure in promulgating the final rule,” Oetken wrote. “But as much as this moment calls for flexibility and ingenuity, it also calls for renewed attention to the guardrails of our government. Here, DOL jumped the rail.”
Neither the Labor Department nor James’ office immediately responded to requests for comment.
The case is New York v U.S. Department of Labor, U.S. District Court, Southern District of New York, No. 20-03020.
Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis and Tom Brown
