Inequality is real, personal, expensive, and it was created WTO Videos: Trade and Innovation Least developed countries experienced growth in 2012 and 2013 that was below their previous average, but could gain from an upturn since a large share of their exports go to Europe, which is recovering, Director-General Roberto Azevêdo told a press conference on the latest trade statistics on 14 April 2014.World trade is expected to grow by a modest 4.7% in 2014 and at a slightly faster rate of 5.3% in 2015 WTO economists said. > Press release See also: > International trade statistics > Economic research and analysis > Director-General > Business, trade and the WTO
Income Inequality Exists...But It Doesn’t Have To By Lebaron Sims on 07/11/2013 @ 04:00 PM Tags: Economic Inclusion Income inequality is real. It’s personal. It’s expensive. That’s the lesson the Economic Policy Institute hopes to share with its exciting new site Inequality.is. Where does income inequality come from? So, where do we fit in? As an African-American male in my mid-20s with a graduate degree, I make, on average, around $15,000 less than a White male, and $4,000 more than an African-American female, of the same station. Wealth inequality has followed a similar trajectory, and is far more insidious. A favorite econo-blogger of mine, Noah Smith, helps put the influence of policy on inequality into better context, in a Chris Brown-quoting post at his Noahpinion blog. So, what to do about the chasm between the rich and the other 300 million plus that populate our nation?
Automation Anxiety In Ulysses (1922), it’s been said, James Joyce packed all of life into a single Dublin day. So it shouldn’t be surprising that he found room in the novel for Leopold Bloom to tackle the problem of technological disruption: A pointsman’s back straightened itself upright suddenly against a tramway standard by Mr Bloom’s window. Couldn’t they invent something automatic so that the wheel itself much handier? Well but that fellow would lose his job then? Notice Bloom’s insights: first, that technology could obviate arduous manual labor; second, that this would cost somebody a job; and third, that it would also create a job, but for a different person altogether. Surprisingly few people have grasped this process as well as Joyce did. More than a century has passed since that now-celebrated day in 1904 when Joyce’s creation crisscrossed Dublin, and for most of that time technology and jobs have galloped ahead together. History can shed some light on our concerns. And who were those workers?
Peter Turchin – The history of inequality Today, the top one per cent of incomes in the United States accounts for one fifth of US earnings. The top one per cent of fortunes holds two-fifths of the total wealth. Just one rich family, the six heirs of the brothers Sam and James Walton, founders of Walmart, are worth more than the bottom 40 per cent of the American population combined ($115 billion in 2012). After thousands of scholarly and popular articles on the topic, one might think we would have a pretty good idea why the richest people in the US are pulling away from the rest. In his book Wealth and Democracy (2002), Kevin Phillips came up with a useful way of thinking about the changing patterns of wealth inequality in the US. We found repeated back-and-forth swings in demographic, economic, social, and political structures From 1800 to the 1920s, inequality increased more than a hundredfold. An obvious objection presents itself at this point. So it looks like the pattern that we see in the US is real.
How to Think About the Federal "Nudge Squad" | Mind Matters Fox News this week has the not very surprising news that the Obama Administration is looking for social scientists to help form a "Behavioral Insights Team" that, like the group of the same name in Britain, will develop policies that work with, rather than against, the mind's unconscious and irrational components. The British version proudly cops to the name "nudge squad," since a lot of what it does to help people "make better choices for themselves" involves "nudging" people to what's right by subtly shaping their choices, rather than explicitly commanding or persuading them. I say this news isn't surprising because the President is known to be interested in the behavioral insights that are relentlessly replacing "Rational Economic Man" as models for how people think and act. It's no surprise that Obama's government would move to harness behavioral insights to shape policy. The first problem: Who decides what is the better choice? That sounds about right.
Amy Glasmeier Dr. Glasmeier holds a professional masters and PhD in City and Regional Planning from the University of California, Berkeley. In spring 2009, she became the Department Head of Urban Studies and Planning at MIT. Live Chat TODAY with Economist Richard Wolff In Bill’s first interview with economist and professor Richard Wolff, he asked viewers to submit questions for Wolff to answer. We received hundreds, some of which the professor tackled on this week’s Moyers & Company. We invited Wolff back to our studios for a live chat with viewers on Tuesday, March 26, in which he answered more of your questions. Replay the chat by pressing play in the box below. Wolff is known for his ability to explain the complex causes of America’s current economic challenges — most notably, runaway capitalism and our growing income inequality.
is real The Economic Policy Institute (EPI), a non-profit, non-partisan think tank, was created in 1986 to broaden discussions about economic policy to include the needs of low- and middle-income workers. EPI believes every working person deserves a good job with fair pay, affordable health care, and retirement security. To achieve this goal, EPI conducts research and analysis on the economic status of working America. EPI proposes policies that protect and improve the economic conditions of low- and middle-income workers and assesses policies with respect to how they affect those workers. EPI was founded by economists who felt that the story of the economy is best told through the lens of working people and their families: if they are suffering, the economy is suffering, no matter how high the stock market soars. EPI partnered with Periscopic, an industry-leading information visualization firm, to create this interactive experience.
How computer games can help us overthrow capitalism | Paul Mason You walk into a village inn and it turns out the landlord sells swords. You're short of gold so you pop out and shoot some wolves with your bow and arrow. You add their pelts into the deal and buy the sword. Skyrim is a computer game set in the mythical world of Tamriel, where human intercourse consists of fighting, stealing, magic and trade. But what happens if you try to subvert in-game economics? What I am proposing is something different. With Skyrim, the "modding" community – techies adept at creating unofficial versions of the game – have already done clever things with the economy of Tamriel. But what if you could choose to play any of these games without trying to gain wealth through conquest, violence or the mercantile capitalist strategy of buying cheap and selling dear? These are good questions, because a whole school of economists thinks what they describe is the basic problem facing us in the real world. Information goods undermine economic systems based on scarcity.