sulla povertà digitale di questi assets intangibili big data c'è stato un intervento ben più autorevole del premio nobel, almeno non si è limitato ad evidenziare il problema ma si è spinto a proporre soluzioni 

:-)

Attendevo ovviamente l'intervento di Hobi, questa roba la pubblico in primis per lui.

Grazie a tutti, il mio piccolo contributo -il semplice riportare un articolo piuttosto interessante

per chi ha i basics- ha sortito il suo risultato, a scoppio ritardato.

L'articolo di Pence aggiunge un nuovo tassello al tema della diseguaglianza economica che è lo snodo da cui dipende il fattore principale che  condiziona lo sviluppo delle economie moderne : la domanda o meglio la scarsità della domanda.

La ragione  fondamentale sinora era vista nella concentrazione  di potere (economico,finanziario e politico ) che sta operando da alcuni decenni contro il "lavoro" ed a favore del "capitale".

Ora Pence sottolinea che i cosiddetti  "intangible assets " sono un  fattore di ulteriore aggravamento della condizione del "lavoro" nella spartizione della ricchezza.

Il pezzaculista ,che benevolmente puo essere definito come " persona non in grado di capire ,se non confusamente ,quali sono i propri interessi " potrà continuare a parlare di cazzate perchè argomenti quali il "potere in generale " e gli "intangible assets " sono troppo difficili per gente abituare a parlare di "negri " ,Casalino, congiure  e terrapiattismi vari.

Viva  HK

interssante Tuco.

Il Nobel ci sta sottolineando alcuni aspetti NON evidenti dell'attuale transizione.

dopo il bel pezzo del grande Tuco (l'unico ad aver capito subito il covid) metto un altro articolino ..

https://www.ilfattoquotidiano.it/2020/09/03/la-pay-tv-non-paga-la-lega-calcio-le-toglie-i-diritti-succede-in-inghilterra-dove-la-premier-league-ha-spento-il-segnale-di-suning/5919539/

a me tutti questi soldi nel calcio e la scomparsa delle 'bandiere' mi ha portato a non sopportare più il calcio ... ho visto tifosi piangere per Messi, non esistono più i Totti, i Maldini, I del piero, i Bergomi, ecc. ... stanno disaffezionando la gente , io spero che sempre meno paghino abbonamenti a stadi o tv, a me è bastata la collezione di auto di lusso di cr7, si crede un gran fico in posa di fianco alle sue fuoriserie mentre è veramente ridicolo ... il grande Alex Ferguson ha una opinione su raiola ('sacco di merda') che condivido 

:-)

Incollo qui il Nobel Spence, mi sembra il luogo più adatto.

Aug 31, 2020

Winners and Losers of the Pandemic Economy

MICHAEL SPENCE

MILAN – Much economic commentary nowadays focuses on “divergence”: while broad equity-market indices are at or near all-time highs, much of the wider economy struggles to recover from one of the most severe downturns ever. Whereas the Russell 2000 is still down 5.4% year to date, the S&P 500 and the Russell 3000 have fully recovered to their pre-pandemic levels, and the Nasdaq, which tilts toward digital and technology companies, is up some 26%.

Many have concluded that the market is unmoored from economic reality. But, viewed another way, today’s equity markets may be partly reflecting powerful underlying trends amplified by the “pandemic economy.” Equity prices and market indices are measures of value creation for the owners of capital, which is not the same thing as value creation in the economy more broadly, where labor and tangible and intangible capital all play a role.

Moreover, markets reflect the future expected real returns to capital. When it comes to measuring the present value of labor income, there simply is no comparable forward-looking index. In principal, then, if there is a significant anticipated economic rebound, the outlooks for capital and labor income could be similar, but only capital’s expected future would be reflected in the present.

But there is more to the story. Market valuations are increasingly based on intangible assets, not least the ownership and control of data, which confers its own means of value creation and monetization. According to one recent study of the S&P 500, stocks in companies with high levels of intangible capital per employee have recorded the biggest gains this year, and the less intangible capital per employee companies have, the worse their stocks have performed.

In other words, incremental value creation in markets and employment are diverging. And while this was true even before the pandemic, the trend has now accelerated. There are at least two reasons for this. One is the rapid adoption of digital technologies as part of the response to lockdown measures. The second is that many labor-intensive sectors (which normally add value mainly with labor and tangible capital) have been partly or totally shut down as a result of lockdowns, social distancing, and consumer risk aversion.

For example, the Dow Jones US Airline Index clearly took a large hit and has yet to recover. In normal times, this sector generates value mainly with tangible capital, labor, and fuel (though there are significant digital elements to its business, too).

To be sure, general market valuations have been supported by the US Federal Reserve and other major central banks’ interest-rate policies. In the current context, highly accommodative monetary policies are principally aimed at creating space for governments to use debt to finance large fiscal programs in response to the COVID-19 shock.

But while ultra-low interest rates may provide some general support for today’s market valuations, they do not account for the stark differences across sectors. After all, the part of the economy not represented by publicly traded stocks is also suffering (though there are, of course, private companies in digital sectors whose valuations and returns are similar to, or even higher than, the upper end of the intangible-capital spectrum in public markets).

More broadly, lower-income households and many small businesses with thin, fragile balance sheets have been left with no effective shock absorbers, and many of the labor-intensive sectors that generate significant employment in normal times (including hotels, restaurants, and bars) have been partly shut down. To address these trends, sovereign balance sheets are being used as a shock absorber for large swaths of the economy.

But not all swaths. Because the current crisis is actually boosting the value of certain companies, it is worth asking who owns the bulk of their stock. It certainly isn’t the private households and businesses whose balance sheets are too weak to serve as shock absorbers. Today’s high-valuation companies are owned by individuals and institutions with balance sheets that are already substantial enough to provide a cushion of economic resilience.

When the post-pandemic phase comes into view, labor-intensive sectors with lower intangible capital per employee may enjoy a period of outperformance as they bounce back. Yet even in this scenario, the economy’s digital footprint is likely to expand, and the underlying trend favoring intangible capital and its owners will continue.

It is not surprising that intangible-capital-intensive sectors would have an advantage. For the most part, their cost structures are abnormally tilted toward fixed costs and low or negligible marginal costs. This makes some platforms massively scalable, which in turn confers significant power in terms of pricing and market access.

One could draw a few conclusions from these economic realities. For starters, the pandemic economy has accelerated the pre-pandemic trend favoring intangible-asset value creation through firms with relatively fewer employees. We can expect this trend to continue, albeit not at the heightened pandemic-induced pace. Traditional businesses will recover, but the disconnect between value creation across firms depending on intangibles per employee will persist and remain a major economic and social challenge.

The idea that markets and the economy are diverging reflects a narrow focus on particular indices. But no single index can offer a useful summary of overall market, let alone economic, conditions and trends. And in the pandemic economy, equity-market indices obscure even more than they otherwise would, owing to the large divergences in economic outcomes across sectors and for the people who work in them.

Finally, given the outsize contribution of digital intangible assets to value creation, it is hard to see a way to reverse the trend of rising wealth inequality. Because the balance sheets of those lower down the income and wealth ladder are largely devoid of assets with high intangible and digital content, the rewards of current economic and technological dynamics will pass them by.

Le frequenze è riuscito a portarle in borsa, non può fare lo stesso con un partito politico

probabilmente cederà i crediti al nuovo proprietario, lasciando i colonnelli, ma è chiaro che il prossimo prestanome avrà meno carisma a nasconderne il vuoto metafisico

forse è tutto destinato a sciogliersi come neve al sole, e rimarrà una breve parentesi tra la fine di andreotti nel 94 e l'inizio di qualcosa di diverso che arriva da bruxelles e non da washington

scartati di maio perchè troppo onesto e conte perchè avido di potere, il nuovo andreotti potrebbe essere draghi?

Non e' solo un problema del cav. La funzione degli eredi di chi ha costruito una fortuna e' quella di

dissiparla (la fortuna).

Nessuno degli eredi di quelli dei "salotti buoni" degli anni 50/60 quali Bastogi, Gemina, Mediobanca

ha fatto alcunche' di significativo. Il cav poi ha anche l'onere di gestire i rapporti con i siciliani per cui

i pargoli meglio lasciarli indenni.

Antitrader ma ti sei mai chiesto perchè forza italia non ha mai avuto un avvicendamento nel leader e gli eredi non rientrano nella linea di successione?

forse FI, creatura nata con incessante pubblicità in tv, con le frequenze p2 e prestiti d'onore,  rappresenta qualcosa di berlusconi ha solo l'usufrutto, chiedi a graviano per conferma

Peavey,

quello succedera' sicuramente, e in tempi stretti, il destino di cialtronia iniziato nel 1994 sta per compiersi,

del resto, un paese che vuole vivere di "cultura", turismo, spettacolo e affittacamere che fine vuoi che faccia?

Abbiam passato 26 anni a recitare il copione di mediaset sotto la guida di un noto cantastorie che ha ridotto

la fauna a una madria di allucinati. Poi internet ha fatto il resto, quando sento dire che, per risollevare l'Italia,

ci vuole la banda larga metto mano all'artiglieria pesante.

Conte ha vita breve, non e' gia' caduto solo perche' c'e' il virus da gestire, ma quando cadra' (presto) si va

verso un regime autoritario, c'e' solo da sperare che non sara' il terzo 20ennio.

il bertinottiano (nel 1928 Keynes) lavorare meno per lavorare tutti ormai è di moda

https://www.ilfattoquotidiano.it/2020/08/31/meno-ore-di-lavoro-a-parita-di-stipendio-lidea-rispunta-in-chiave-ripresa-post-covid-le-richieste-dei-sindacati-e-i-piani-del-governo/5913349/

Willies hai inventato il dipendente del catasto?

ah è vero quello non fa un cazzo, prende le stecche

questo periodo di transizione non dura tanto

https://www.ilfattoquotidiano.it/2020/08/30/reddito-di-1-200-euro-al-mese-incondizionato-1-milione-di-candidati-in-tre-giorni-per-il-progetto-pilota-tedesco-finanziato-da-privati/5913762/

VIVA  JOSHUA   WONG   , UNICO EROE DEI NOSTRI TEMPI

Joshua Wong, one of Hong Kong’s best-known pro-democracy campaigners, expects to be arrested at any moment and fears disappearing into a secret jail across the border in mainland China. “My arrest seems to be a matter of timing. Time is running out on my personal safety,” Mr Wong told the Financial Times on Thursday. “Once they arrest me . . . I might be extradited to China immediately,” he added. “Of course, that is the worse scenario. A lot of people ask me: are you ready for it? And I say, of course nobody will be ready for sentencing in a Beijing black jail for ever.” Mr Wong, who led the now-disbanded party Demosisto and rallied protesters during months of demonstrations for greater freedoms in Hong Kong last year, is one of the most visible opponents of Beijing’s increasing control over the territory’s affairs. The prediction of his imminent arrest came as it emerged that authorities had rounded up another activist, Andy Li, as he tried to escape in a speedboat to Taiwan to seek asylum, local media reported. Mr Li had been out on bail since he was arrested under the national security law Beijing imposed on Hong Kong at the end of June. I would say that Hong Kong was not Hong Kong any more after 11pm on June 30 Joshua Wong Dozens of activists have been arrested in Hong Kong under the law, which seeks to crack down on secession, subversion, terrorism and collusion with foreign forces. Such offences carry lengthy jail sentences, including life imprisonment. The law also allows for Hong Kong citizens to be taken over to the mainland to stand trial. Mr Wong was disqualified from standing in legislative elections that were due to take place this month but were postponed as Beijing extended the current term of Hong Kong’s legislature by “at least a year”. But, Mr Wong said, the delay in holding elections could be extended well beyond a year and it was possible they never take place. “I would say that Hong Kong was not Hong Kong any more after 11pm on June 30,” he said, referring to the time when the national security law was imposed. Recommended Lunch with the FTBest of Lunch with the FT 2019 From the archive: Joshua Wong — ‘We used to play laser tag. Now we face bullets’ The Asian business hub was promised a “high degree of autonomy” under a 1997 agreement between the UK and China that handed the territory back to mainland rule. But Mr Wong said the imposition of the national security law proved that Beijing had no intention of honouring a pledge to allow Hong Kong to maintain its legal autonomy. International businesses concerned by the loss of judicial independence in Hong Kong were contemplating leaving the territory for Singapore or other capitals in the region, Mr Wong said. But a more important issue, he added, was the extension of China’s reach far beyond the territory. Mr Wong said the extraterritorial powers that Beijing had awarded itself under the security law meant that mainland agents could even kidnap people in the west and bring them back to China to face trial. Asked why he did not attempt to escape abroad following the imposition the security law, Mr Wong said: “Apart from wishing to fight until the last minute, I believe that keeping the local protest momentum going really matters.” Arrest of outspoken media boss renews fears of Hong Kong clampdown 

Viva  HK

Non hai ancora capito che la bufala covid è un'invenzione per dare colpe alla cina e bloccarla economicamente, un embargo tout court

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pensare che sta bufala la hanno divulgata per primi proprio i cinesi .... pensa quanto sono coglioni .... comunque guardando i dati economici di tutti è innegabile che l'obiettivo 'ammazza la Cina' della bufala ha avuto pieno successo