Paul Krugman Became An Economist To Be Like His Science Fiction Hero. Britain and the EU: The moment, behind closed doors, that David Cameron lost his EU argument last night. The euro crisis: Who killed the euro zone? Ghetto at the Center of the World | PD Smith | Kafka’s mouse. Times Literary Supplement, 18 November 2011, p 26 Ghetto at the Center of the World: Chungking Mansions, Hong Kong, by Gordon Mathews (University of Chicago), 241 + xi pp. Review by P. D. Smith Built in 1961, Chungking Mansions is a ramshackle building on Nathan Road, in Tsim Sha Tsui, at the tip of the Kowloon Peninsula. “Africans in bright robes or hip-hop fashions or ill-fitting suits; pious Pakistani men wearing skullcaps; Indonesian women with jilbab, Islamic head coverings; old white men with beer bellies in Bermuda shorts; hippies looking like refugees from an earlier era; Nigerians arguing confidently and very loudly; young Indians joking and teasing with their arms around one another; and mainland Chinese looking self-contained or stunned.”
Chungking Mansions is a microcosm of this dynamic and cosmopolitan city that has grown very wealthy as an entrepôt between China and the rest of the world. Mathews first came to Chungking Mansions in 1983 as a tourist. [N.B. The euro-zone crisis. Labour markets, cont'd: Social networkers of the world, unite. The Impact of Economics Blogs by David McKenzie, Berk Ozler. David McKenzie World Bank - Development Research Group (DECRG); Institute for the Study of Labor (IZA) Berk Ozler World Bank - Development Economics Research Group (DECRG)August 1, 2011 World Bank Policy Research Working Paper No. 5783 Abstract: There is a proliferation of economics blogs, with increasing numbers of economists attracting large numbers of readers, yet little is known about the impact of this new medium. Number of Pages in PDF File: 47 Keywords: Tertiary Education, E-Business, Economic Theory & Research, Information Security & Privacy, Agricultural Knowledge & Information Systems working papers series Suggested Citation McKenzie, David and Ozler, Berk, The Impact of Economics Blogs (August 1, 2011).
The Robin Hood tax: a big step for capitalism, a major stride for development | Global development. What connects hunger in Africa, people dying for want of medicines or health care and fast-paced global capitalism? A small tax on financial transactions. A new report about computer-driven high frequency trading (HFT), compiled by supporters of the Robin Hood tax campaign, reveals a niche world of millions of transactions each day.
The report highlights how HFT threatens a new financial crisis. Driven by computers and their "algorithmic trading", this activity is divorced from real-world fundamentals and is raising risk in alarming ways. It increases volatility and drives up prices, whether of shares or, increasingly, commodities such as oil or food. The Bank of England has identified high frequency trading as a serious systemic risk. HFT is a rapidly growing phenomenon, and now accounts for over 70% of the UK equities market. These millions of trades all rely on ultra-thin margins, meaning that one key way to reduce their number is a small tax on each transaction. As Lagarde Throws Germany And European Banks Under The Bus, Did She Just Truncate Her IMF Career?
SACSIS.org.za » News » The World » Why Iceland Should Be in the News, But Is Not. Picture credit: may15internationalorganization.blogspot An Italian radio program's story about Iceland’s on-going revolution is a stunning example of how little our media tells us about the rest of the world. Americans may remember that at the start of the 2008 financial crisis, Iceland literally went bankrupt. The reasons were mentioned only in passing, and since then, this little-known member of the European Union fell back into oblivion.
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. Five years of a pure neo-liberal regime had made Iceland, (population 320 thousand, no army), one of the richest countries in the world. Contrary to what could be expected, the crisis resulted in Icelanders recovering their sovereign rights, through a process of direct participatory democracy that eventually led to a new Constitution. Coppola Comment. What to do if the double dip is real? 18 August 2011Last updated at 15:36 It is gradually dawning on the global political elite that the economics they believe in do not work.
They do not work, in particular, in the current crisis and continued pursuance of present policy is threatening a double dip recession (Morgan Stanley, the Bank of England's Andy Haldane), a 1930s-style monetary collapse (Fed dissenter Richard Fisher), Eurozone breakup (Nouriel Roubini) and political mayhem (Jeff Sachs).
Free market economics caused the crisis and the rough-hewn Keynesian stimulus policies improvised in 2009 are failing to get us out of it. So, not particularly gradually, but rather with the urgency of Gerard Depardieu on an airplane, there is a sudden rush towards more radical solutions. Haldane, in a Bank of England discussion paper today, compares the situation with the one facing Roosevelt in 1938, when Congress forced him to rein in stimulus, prompting a double dip: he ripped up bank regulations and forced banks to LEND. Temporarily Embarrassed Millionaires.
Monetary_Union.pdf (application/pdf Object) Tyler Cowen on stagnation: Tyler Cowen on stagnation. Growth: Manufacturing, a political imperative. Board. Home » Messageboard » Message 10505304 mofaha wha, Wed 10 Aug 2011, 18:48, archived) b w Bourbon Fox Bourbon is a moron, Wed 10 Aug 2011, 18:49, archived) willion? FIEND, Wed 10 Aug 2011, 18:50, archived) Wankers. And willions too, because it sounds funny.
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Hahahahahaha oof Lord Kronos Go Team Pachyderm, Wed 10 Aug 2011, 18:57, archived) Ha ha ha Good ( hahaha likes this Yep. 'Haircuts' identified as a cause of financial crisis - physics-math - 09 August 2011. Editorial: "Ecology could teach economists a thing or two" With the world's financial system seemingly under threat this week, economic modellers have diagnosed a cause of the crisis and prescribed a possible solution.
The cause, it seems, are "haircuts", Wall Street jargon for the amount subtracted from the market value of an asset, such as a government bond, that is used as security when a bank borrows cash from another bank. During boom times, haircuts range from 1 to 10 per cent, making it easy for bankers to borrow. Having a cheap and plentiful source of ready cash tempts bankers to gamble it on risky and potentially "toxic" investments, as happened in the run-up to the crash in 2008. But in recession, haircuts zoom up as high as 100 per cent as banks rein in their assets, which can paralyse the financial system through a cash-flow drought. Hairy situation More From New Scientist Obesity linked to our ability to digest carbohydrates (New Scientist) More from the web Recommended by.
Stimulus thinking: Adventures in tea-party cognitive dissonance. Big Mac Index. The Economist updates their Big Mac Index, which as we all know, is the most accurate way to measure the global economy: It is based on the theory of purchasing-power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of a basket of goods and services around the world. At market exchange rates, a burger is 44% cheaper in China than in America. In other words, the raw Big Mac index suggests that the yuan is 44% undervalued against the dollar. But we have long warned that cheap burgers in China do not prove that the yuan is massively undervalued. When adjusted for GDP, we can see where Big Macs are actually expensive: Brazil, Argentina, and Sweden. [The Economist via kottke]
Jobs bill: The bridges of Miami County. 'The Economist' To Halt Production For Month To Let Readers Catch Up. Transfinancial Economics. Project by Robert Searle Transfinancial Economics (TFE) is an evolving project nearing basic completion. It should be said that there has been a degree of interest in it from a number of people with economic backgrounds such as Warren Mosler, Andy Dennis, Stephen Monrad, David Axelrod, Trond Andresen (cybernetics expert), Prem Sikka, and the noted autodidact, and futurist Hazel Henderson.In April 2010, TFE was also a subject discussed at a major scientific conference (the ICEME, or International Conference of Engineering, and Meta-Engineering, Florida, USA).
It is important to add that TFE regards the financial system as a huge global IT system, and recognizes the reality that virtually all money exists as electronic,or digital data transmitted from one bank account to another.This means that the free flow of capital can be tracked, and controlled if necessary. Please note that the following may be subject to changes, and possible corrections. It is still a "work in progress" project. PS. Manifesto54.pdf (application/pdf Object) Cut taxes not spending, says ex-Monetary Policy Committee member Blanchflower.
Mr Blanchflower, a staunch opponent of the austerity consensus, has urged the Coalition to abandon its spending cuts and, instead, offer workers a tax holiday to stimulate spending and fuel growth. He has called for a reduction in employees' National Income contributions (NICs) from 11pc to 5pc for two years and across all income groups "immediately". "This would encourage individuals to spend more, and companies would boost hiring because of the lower price of labour," he said.
"The danger is the Coalition's policies will push the economy back into recession... Cutting public spending and raising taxes at this point in the cycle is inevitably going to lower economic growth and raise the number of jobless. It's that simple. " By scrapping "the austerity Budget and its planned tax increases" and awarding workers a two-year "holiday" on NICs, public spending would be roughly £28bn higher than planned this year and £35bn higher in 2011.
Stephanomics. Timeline of the Great Depression. Thomas Palley. RSA Animate - Superfreakonomics. Emergency Budget June 2010. John Quiggin. John Quiggin (born March 29, 1956) is an Australian economist, a Professor and an Australian Research Council Federation Fellow and a Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government.[1][2] Education[edit] Academic and professional career[edit] From 1989 to 1990 he was an Associate Professor in the Department of Agricultural and Resource Economics of the University of Maryland, College Park, a Fellow of the Research School of Social Sciences of Australian National University from 1991 to 1992, a Senior Fellow from 1993 to 1994 and a Professor in 1995 at the Centre for Economic Policy Research of the Australian National University in 1995.
From 1996 to 1999 Quiggin was a Professor of Economics and Australian Research Council Senior Fellow at James Cook University. Other work[edit] He was appointed in 2012 to the Board of the Climate Change Authority of the Australian Government.[1] Awards[edit] 1994. John Quiggin. Fiscal, monetary policy and the state of economics: Day of the (brain) dead.