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More in Global Economy
Some Facts on Global Current Account Balances
I'm the sort of joyless and soul-killing conversationalist who likes to use facts as the background for arguments. In that spirit, here's an overview of some facts about global trade balances, taken from the IMF External Sector Report: Tackling Global Imbalances and Rising Trade Tensions (July 2018).
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The Emergence and Erosion of the Retail Sales Tax
About 160 countries around the world, including all the other high-income countries of the world, use a value-added tax. The US has no value added tax, but 45 states and several thousand cities, use a sales tax as an alternative method of taxing consumption. John L. Mikesell and Sharon N. Kioko provide a useful overview of the issues in "The Retail Sales Tax in a New Economy," written for the 7th Annual Municipal Finance Conference, which was held on July 16-17, 2018, at the Brookings Institution.
- 3
Thoughts on Single Payer Health Care
The label of "single-payer" health care tends to hide the reality that many choices would still need to be made. For example, a "single payer" plan could involve the government providing a voucher for a standardized health insurance plan, or it could offer choices between insurance plans provided by private firms. It could involve supplementary private health insurance: for example, the single-payer Medicare plan is often supplemented with "Medi-gap" private policies. A "single payer" plan could be funded out of general tax revenues, or by charging insurance premiums that might vary by age or in some other way. A "single payer" plan might have have most health care providers as government employees, or as employees of private firms. A "single-payer" plan could be run at the national level, or at a regional or state-by-state level. It could involve the same price-and-payment structure across the country, or allow for substantial variations across areas.
- 7
US Dollar: Many Roles in the Global Economy
The US dollar is sometimes called the world's "reserve currency," which is true enough, but doesn't actually capture the multiple ways in which firms and nations around the world make use of the US dollar. Moreover, these other issues can complicate how other nations are affected by changes in the foreign exchange value of the US dollar. Fernando Eguren Martin, Mayukh Mukhopadhyay and Carlos van Hombeeck lay out these issues in "The global role of the US dollar and its consequences," published in the Bank of England Quarterly Bulletin (2017, Q4).
- 4
David Ricardo's Comparative Advantage After Two Centuries
Two centuries ago in 1817, the great economist David Ricardo published his most prominent work: "On the Principles of Political Economy and Taxation."Among many other insights, it's the book that introduced the idea of "comparative advantage" (especially in Chapter 7) and thus offered a way of thinking about the potential for gains from trade -- both between countries and within areas of a single country -- that has been central to economic thinking on these topics ever since. In Cloth for Wine? The Relevance of Ricardo’s Comparative Advantage in the 21st Century, Simon Evenett has edited a collection of 15 short essays thinking through how and when comparative advantage applies to modern economies. The book is published by the Center for Economic Policy Research (CEPR) Press, in association with the UK government Department for International Trade.
- 7
Migration from a Global Perspective
International migration is one of the hot-button subjects everywhere. The World Migration Report 2018 from the International Organization for Migration (the UN Migration Agency) provides a wealth of facts and background not just about the economics, which is my focus here, but also about regional aspects of migration, international frameworks governing migration, media coverage of migration, how potential migrants perceive their choices, and more.
- 6
How Coalitional Instincts Make Weird Groups and Stupid People
I like to think of myself as an individual who makes up his own mind, but that's almost certainly wrong for me, and you, gentle reader, as well. A vast literature in psychology points out that, in effect, a number of separate personalities live in each of our brains. Which decision gets made at a certain time is determined in part by how issues of reward and risk are framed and communicated to us. Moreover, we are members of groups. If my wife or one of my children is in a serious dispute, I will lose some degree of my sunny disposition and rational fair-mindedness. Probably I won't lose all of it. Maybe I'll lose less of it than a typical person in a similar situation. But I'll lose some of it.
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