More in Global Economy


5 years

Carbon Capture and Storage

In my experience, carbon capture and storage (CCS) is often viewed as a quirky technological possibility, not of central significance to the overall issue of reducing the rise of atmospheric carbon. This perception is incorrect. The Global CCS Institute provides an overview in Global Status of CCS 2019. As the report notes: 

5 years

Interview with Daron Acemoglu: Wellsprings of Growth

Tyler Cowen conducts one of his rich and illuminating "Conversations with Tyler" in "Daron Acemoglu on the Struggle Between State and Society" (Medium.com, December 4, 2019, both audio and transcript available). Here are a few tidbits from Acemoglu, but there's much more at the link:

5 years

Remembering Paul Volcker: 1927-2019

Paul Volcker, who was chair of the Federal Reserve from August 1979 to August 1987 has died. He is generally credited, or in some cases blamed, for the set of monetary policies which both ended the inflationary period of the 1970s but also brought on the very deep double-dip recessions of 1980 and 1981-2. The New York Times obituary is here.

5 years

Why Mississippi Deserves More Federal Aid, and Massachusetts Less

Imagine two school districts in a metropolitan area in the same state: one with higher incomes and property values, and the other with lower incomes and property values. Say that the schools are funded by local property taxes. Thus, if the same property tax rate applies to both school districts, children in the district with higher incomes and property values will have a lot more spent on their education than children in the district with lower incomes and property taxes.

5 years

The Next Wave of Debt Monetization Will Be A Disaster

According to the IMF (International Monetary Fund) and the IIF (Institute of International finance) global debt has soared to a new record high. The level of government debt around the world has ballooned since the financial crisis, reaching levels never seen before during peacetime. This has happened in the middle of an unprecedented monetary experiment that injected more than $20 trillion in the economy and lowered interest rates to the lowest levels seen in decades. The balance sheet of the major central banks rose to levels never seen before, with the Bank Of Japan at 100% of the country’s GDP, the ECB at 40% and the Federal Reserve at 20%.

5 years

Revisiting the Industrial Policy Question in East Asia

Many of the world's main economic growth success stories are clustered in east Asia, including Japan, South Korea, Taiwan, Malaysia, Singapore, and now of course China. Of course, everyone wants to claim credit for success stories: in particular, it's clear that the governments of these countries have often intervened in their economies, and so they are commonly cited as examples of how "industrial policy," rather than just a "free market," is needed for rapid growth. Reda Cherif and Fuad Hasanov resurrect these arguments in "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy" (IMF Working Paper WP/19/74, March 2019)

5 years

How Millennials are Struggling in the Modern Economy

The "Millennials" are commonly defined as the generation that grew up and came of age in the opening decades of the 21st century: that is, those born from approximately 1981 to 1996.

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