Political economy is economics as a branch of knowledge or academic discipline; political economics is what politicians use when they need red meat rhetoric for their base of supporters. Thus, U.S. Senator Cory Booker (D-New Jersey), a vegetarian, and Senator Elizabeth Warren (D-Massachusetts), still vying to be the populist vice presidential candidate, are demanding some rather obvious answers from the major meat packers. They asked each major company ten questions but there are really two key things they want to know:
Why did the companies pay less for animals when the number of head available was relatively high, and their capacity to process them was low?
Why did the companies charge consumers higher prices after they p...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
