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The World Economy

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Espace. Space2. Work. Government debt explained (in a few minutes) AlterNet: System Failure: We Are Approaching the End of Society As We Know It. Benoit Mandelbrot: Fractals and the art of roughness. World. Emptress. Management. Play 'corporate òr state' publishing power. eCommerce. Financial Crisis' Shopping. 10 Skills Every Survivalist Should Learn.

Jhagey2. "The Usual Suspect" by J. Bradford DeLong. Exit from comment view mode.

"The Usual Suspect" by J. Bradford DeLong

Click to hide this space BERKELEY – Across the Euro-Atlantic world, recovery from the recession of 2008-2009 remains sluggish and halting, turning what was readily curable cyclical unemployment into structural unemployment. And what was a brief hiccup in the process of capital accumulation has turned into a prolonged investment shortfall, which means a lower capital stock and a lower level of real GDP not just today, while the recovery is incomplete, but possibly for decades. One legacy of Western Europe’s experience in the 1980’s is a rule of thumb: each year that lower labor-force attachment and reduced capital stock as a result of declining investment depresses production $100 billion below normal implies that productive potential at full employment in future years will be $10 billion below what would otherwise have been forecast.

"Schumpeter Calls Krugman" by Michael Heller. Exit from comment view mode.

"Schumpeter Calls Krugman" by Michael Heller

Click to hide this space In the noisy urgent quarrel about economic crisis almost everybody is asking how to get out of recession or how not to get into recession. You’d be forgiven for thinking the menu boils down to “growth or austerity”, like a limited choice of “rabbit or fish” in a poor pueblo or kampung restaurant. Recently Paul Krugman complained to his son with characteristic biting humor:“Standard economics in this case — that is, economics based on what the profession has learned these past three generations, and for that matter on most textbooks — was the Keynesian position. "Schumpeter's Opinion of Budget Deficits" by Michael Heller. I let the following quote speak for itself, and hope to return soon to draw out more substantive points relating to policy during a recession.

"Schumpeter's Opinion of Budget Deficits" by Michael Heller

"Down with Debt Weight" by Robert Skidelsky. Exit from comment view mode.

"Down with Debt Weight" by Robert Skidelsky

Click to hide this space LONDON – Nearly four years after the start of the global financial crisis, many are wondering why economic recovery is taking so long. Indeed, its sluggishness has confounded even the experts. According to the International Monetary Fund, the world economy should have grown by 4.4% in 2011, and should grow by 4.5% in 2012. In fact, the latest figures from the World Bank indicate that growth reached just 2.7% in 2011, and will slow this year to 2.5% – a figure that may well need to be revised downwards. CENSORSHIP OF INTERNET AND SOCIAL MEDIA. Don't Sweat the Bond Markets. The ongoing eurozone debacle has driven home certain straightforward lessons: the fiscal rules enshrined in the EU's 1997 Stability and Growth Pact had almost no teeth, government bonds of EU nations are not a risk-free asset, and voters do not readily tolerate economic austerity.

Don't Sweat the Bond Markets

Beyond these, however, the last few years have also contained subtle lessons about the relationship between governments and capital markets. More specifically, they have shown that our understanding of the pressures that private capital markets place on governments is incomplete. Although holders of government debt certainly would react markedly to a change in the membership of the eurozone, they would not likely react strongly, or over the longer term, to many other government policy decisions and political outcomes.

And these reactions have varying consequences for governments, depending on how governments have managed their debt profiles. The Truth Revealed About Debt and Deficits. April 18, 2012 |

The Truth Revealed About Debt and Deficits

Fr££d0mOfSp££cH. The New Economy Movement. 5 Big Ideas For A New Economy. An exciting moment is upon us, where some of the assumptions that have long governed our economy are beginning to unravel.

5 Big Ideas For A New Economy

There is the possibility that we could come out of this recession with a new concept of what the economy is, who it serves, and how it works. Reflecting on history, we know that moments for truly re-thinking the economy are scarce. The replacement of mercantilism with liberal economic theory was such a moment. Are the "commons" a metaphor of our times? By Jesús Antón, OECD Trade and Agriculture Directorate, and Jeff Dayton-Johnson, Monterey Institute of International Studies The late Argentinian writer Jorge Luis Borges wrote that "Perhaps universal history is the story of a handful of metaphors".

Are the "commons" a metaphor of our times?

By that standard, Elinor Ostrom's contribution has been huge, for over the years she has been responsible for a new and powerful metaphor–that of the local commons and their economic governance–which underpins so much global public policy debates. International. Calls for urgent action to boost ailing global economy. Central Banks to the Rescue: Should We Be Encouraged or Terrified? - Jim Tankersley - Business. Strong action by the world's stewards of monetary policy was necessary -- for now.

Central Banks to the Rescue: Should We Be Encouraged or Terrified? - Jim Tankersley - Business

Hardly anyone believes that the central banks' actions are more than scotch tape over a shattered EU. Central bankers around the world are very, very worried about Europe, and they're starting to do something about it. This is equal parts terrifying and encouraging. Chicago Booth Blog: Fault Lines by Raghuram Rajan - Fault Lines by Raghuram Rajan. CHICAGO – Poor Ben Bernanke!

Chicago Booth Blog: Fault Lines by Raghuram Rajan - Fault Lines by Raghuram Rajan

As Chairman of the United States Federal Reserve Board, he has gone further than any other central banker in recent times in attempting to stimulate the economy through monetary policy. He has cut short-term interest rates to the bone. He has adopted innovative new methods of monetary easing. Global Recession Looms as Euro Crisis Deepens. Costas Lapavitsas: Crisis deepens as Germany fails to sell-out 10 year bonds; the public must take over the financial system - Bio Costas Lapavitsas is a professor in economics at the University of London School of Oriental and African Studies.

He teaches the political economy of finance, and he's a regular columnist for The Guardian. Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. Universal social net good macroeconomics. J. Ghosh: A safety net helps to raise wages and create real demand - Bio Dr. Jayati Ghosh is Professor of Economics and currently also Chairperson at the Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University, New Delhi. Educated at Delhi University, Jawaharlal Nehru University and the University of Cambridge, England, her research interests include globalization, international trade and finance, employment patterns in developing countries, macroeconomic policy, and issues related to gender and development.

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History of the Current Crisis. Occupy Wall Street etc. Eurozone. The World Economy 2012. Capitalism vs. the Climate. Denialists are dead wrong about the science. Legal / Copyright. A Colossal Fracking Mess. Fracking is an energy- and resource-intensive process. Every shale-gas well that is fracked requires between three and eight million gallons of water. Wrong-Headed on Rare Earths by Reinhard Bütikofer. Exit from comment view mode. Click to hide this space BRUSSELS – For more than two years, the world’s industrialized countries have been locking horns with China over the supply of rare earth elements, a critical component of many high-tech products.

Now, these tensions may be reaching a breaking point, after the United States, the European Union, and Japan recently filed a complaint with the World Trade Organization against China’s export restrictions on a number of critical minerals, including rare earths. How Mozambique could shake up Putin's world. Among the news from East Africa the last two days: Italy's ENI raised its estimated natural gas reserves in Mozambique to the oil equivalent of 6.5 billion barrels, a full third greater than the 5 billion barrels it previously estimated.

Exactly What Is Crony Capitalism, Anyway? Coronary Capitalism - Kenneth Rogoff. Blaming Capitalism for Corporatism - Edmund S. Phelps and Saifedean Ammous. Capitalism: A Ghost Story. "Capitalism and the Ivory Tower Intellectuals" by Michael Heller. Exit from comment view mode. Al Gore and David Blood: A Manifesto for Sustainable Capitalism. Why the Clean Tech Boom Went Bust. Wind Power: Plummeting natural gas prices now make this option comparatively expensive.Photo: Dan Forbes John Doerr was crying. Dancing on the Sand - By Bruce Jones. At 4:00 a.m. on Tuesday morning, 1,000 or so advanced delegates at Rio+20 (formally, the United Nations Conference on Sustainable Development) laid down their pens and shut off their laptops. "Rio’s Unsustainable Nonsense" by Jagdish Bhagwati. Exit from comment view mode. Click to hide this space.

"The Middle Class Goes Global" by Johannes Jütting. The Global Middle Class Is Bigger Than We Thought - By Shimelse Ali and Uri Dadush. "The Female Economy" by Nena Stoiljkovic. Workers of the World Divide. In Praise of Leisure - The Chronicle Review. "Fast Food’s “Ethnic Insights”" by Andrew Billo. Artful Dodgers - By Joshua Keating. Can We Prevent the Next Bubble? How the Fed Can Prevent the Next Financial Crisis. How Europe's Double Dip Could Become America's) Chicago Booth Blog: Fault Lines by Raghuram Rajan - Fault Lines by Raghuram Rajan. Cash Is Better Than Food Stamps in Helping Poor: Edward Glaeser.

Five Years After Crisis, No Normal Recovery. Innovation: Sharing the knowledge burden. Barbara Ehrenreich: Preying on the Poor. "Share the Work" by Barry Eichengreen. Can disruptive policy create a sustainable finance system? James K. Galbraith: The Final Death (and Next Life) of Maynard Keynes. ARE WE APPROACHING THE ENDGAME FOR THE EURO? The Cult of Incompetent Bankers.

The God Clause and the Reinsurance Industry. The Map is Not the Territory: An Essay on the State of Economics. A Formula for Economic Calamity. Economics: Rituals of rigour. Why Economic Models are Always Wrong. What Would John Maynard Keynes Tell Us to Do Now? Is Modern Capitalism Sustainable? - Kenneth Rogoff. No easy solution.

The Straits of America - Nouriel Roubini. Capitalism - What Comes Next? Debt and Dumb. Debt, Deficits, and Modern Monetary Theory — An Interview with Bill Mitchell. Wall Street Is Already Occupied. The Great Bank Robbery - Nassim Nicholas Taleb and Mark Spitznagel. Commodity Traitors: Financial Speculation on Commodities Fuels Global Insecurity. Buying Tomorrow. Cargill: Inside the quiet giant that rules the food business - Oct. 27. Why Do Dangerous Financial Criminals Roam Free? Financial Reform: Unfinished Business by Paul Volcker. Michael Spence on Globalization & Unemployment. "Labor’s Paradise Lost" by Robert Skidelsky.

As Banks Start Nosing Around Facebook and Twitter, the Wrong Friends Might Just Sink Your Credit. Reforming Repo Rules - Mark Roe. Swap-a-Skill.com.