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More in Global Economy
The Remarkable Fall in Global Poverty
Back in 1990, the World Bank defined an "absolute poverty" line. It was based on the actual poverty lines as chosen by the governments of low-income countries around the world, and thus can be taken to represent those people who are beneath the most basic minimums for basic necessities like food, shelter, and clothing. This poverty line has been updated over time to adjust for changes in prices and exchange rates, and currently stands at $1.90 in consumption per person per day. The World Bank provides an overview of global poverty in its annual "Poverty and Shared Prosperity" report for 2018, titled "Piecing Together the Poverty Puzzle." Here are some points that caught my eye.
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Trade, Technology, and Job Disruption
Both technological developments and international trade can disrupt an economy, and in somewhat similar ways, but many people have very different reactions to these forces. To illustrate the point, I sometimes pose this question:
- 6
Global Alcohol Markets
Markets for beer, wine and spirits offer can patterns of broad cultural interest--and for the college teacher, may serve to attract the attention of students as well. Kym Anderson, Giulia Meloni, and Johan Swinnen discuss "Global Alcohol Markets: Evolving Consumption Patterns, Regulations, and Industrial Organizations" in the most recent Annual Review of Resource Economics (vol. 10, pp. 105-132, not freely available online, but many readers will have access through a library subscription). The authors take a global perspective on the evolution of alcohol markets. Here are a few points of the many that caught my eye.
- 5
Insights Into the Dramatic Rise in Pre-Marriage Cohabitation
If you go back 70 years, the share of women and men living together before marriage was under 1%. If you go back 50 years, it was less than 10%. Now, about 70% of men and women live together before marriage.
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Do Remittances Help Growth?
Remittances are money sent back to a home country by emigrants. On a global basis, remittances to developing countries topped $400 billion in 2017, far exceeding foreign aid to those countries, similar in size to flows of loans and equity investment in those countries, and beginning to approach the level of foreign direct investment in those countries.
- 4
Canada Legalizes Marijuana: What's Up in Colorado and Oregon?
Canada became the second country to legalize recreational use of marijuana this Wednesday. The first was Uruguay, back in 2013.
- 8
US Wages: The Short-Term Mystery Resolved
The Great Recession ended more than nine years ago, in June 2009. The US unemployment rate declined slowly after that, but it has now been below 5.0% every month for more than two years, since September 2015. Thus, an ongoing mystery for the US economy is: Why haven't wages started to rise more quickly as the labor market conditions improved? Jay Shambaugh, Ryan Nunn, Patrick Liu, and Greg Nantz provide some factual background to address this question in "Thirteen Facts about Wage Growth," written for the Hamilton Project at the Brookings Institution (September 2017). The second part of the report addresses the question: "How Strong Has Wage Growth Been since the Great Recession?"
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