Found 1394 article(s) in category 'Economic Growth'

New Perspectives on the History of Political Economy

New Perspectives on the History of Political Economy. Sophus Reinert, 2018, Book, “This volume offers a snapshot of the resurgent historiography of political economy in the wake of the ongoing global financial crisis, and suggests fruitful new agendas for research on the political-economic nexus as it has developed in the Western world since the end of the Middle Ages. New Perspectives on the History of Political Economy brings together a select group of young and established scholars from a wide variety of disciplinary backgrounds—history, economics, law, and political science—in an effort to begin a re-conceptualization of the origins and history of political economy through a variety of still largely distinct but complementary historical approaches—legal and intellectual, literary and philosophical, political and economic—and from a variety of related perspectives: debt and state finance, tariffs and tax policy, the encouragement and discouragement of trade, merchant communities and companies, smuggling and illicit trades, mercantile and colonial systems, economic cultures, and the history of economic doctrines more narrowly construed.Link

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Kenneth Rogoff concerned by the dark side of the technology revolution

Kenneth Rogoff concerned by the dark side of the technology revolution. Kenneth Rogoff, March 9, 2018, Video, “Harvard University economics professor and world-class chess player Kenneth Rogoff is caught on the horns of a dilemma.On the one hand, the former International Monetary Fund chief economist believes a disruptive technological revolution is underway that will boost dwindling productivity and lift economic growth.Link

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Trump’s Trade Gimmickry

Trump’s Trade Gimmickry. Dani Rodrik, March 9, 2018, Opinion, “The imbalances and inequities generated by the global economy cannot be tackled by protecting a few politically well-connected industries, using manifestly ridiculous national security considerations as an excuse. Such protectionism is a gimmick, not a serious agenda for trade reform.Link

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Saving the heartland: Place-based policies in 21st Century America

Saving the heartland: Place-based policies in 21st Century America. Edward Glaeser, Lawrence Summers, March 8, 2018, Paper, “America’s regional disparities are large and regional convergence has declined if not disappeared. This wildly uneven economic landscape calls for a new look at spatially targeted policies. There are three plausible justifications for place-based policies–agglomeration economies, spatial equity and larger marginal returns to targeting social distress in high distress areas. The second justification is stronger than the first and the third justification is stronger than the second. The enormous social costs of non-employment suggests that fighting long-term joblessness is more important than fighting income inequality. Stronger tools, such as spatially targeted employment credits, may be needed in West Virginia than in San Francisco.Link

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Wesley Mitchell’s Business Cycles After 100 Years

Wesley Mitchell’s Business Cycles After 100 Years. Walter A. Friedman, March 6, 2018, Paper, “This paper revisits economist Wesley Mitchell’s classic text, Business Cycles (1913), and assess its impact on economic and political thought in the years prior to the Keynesian Revolution. It describes the key contributions of the book and outlines Mitchell’s career and progression as an economist. It emphasizes the book’s influence on three groups—empirical economists, economic forecasters, and policy makers. For all three, in different ways, Mitchell’s Business Cycles seemed to offer new and exciting possibilities for measuring, predicting, and even controlling economic fluctuations.Link

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A decade from now, bitcoin is more likely to be $100 than $100,000

A decade from now, bitcoin is more likely to be $100 than $100,000. Kenneth Rogoff, March 5, 2018, Video, “The likelihood of bitcoin prices falling to $100 is greater than that of the digital currency trading at $100,000 a decade from now, Harvard University professor and economist Kenneth Rogoff said on Tuesday. “I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now,” Rogoff told CNBC’s “Squawk Box.”“” Link

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On the Direct and Indirect Real Effects of Credit Supply Shocks

On the Direct and Indirect Real Effects of Credit Supply Shocks. Laura Alfaro, March 5, 2018, Paper, “We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset incorporating information on the universe of corporate loans for 2003-2013. Using methods from the matched employer-employee literature for handling large data sets, we identify bank-specific shocks for each year in our sample. Combining the Spanish Input-Output structure and firm-specific measures of upstream and downstream exposure, we construct firm-specific exogenous credit supply shocks and estimate their direct and indirect effects on real activity.Link

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The macroeconomic effects of the 2017 tax reform

The macroeconomic effects of the 2017 tax reform. Robert Barro, Jason Furman, March 4, 2018, Paper, “In December 2017, Congress enacted the most sweeping set of tax changes in a generation, lowering statutory tax rates for individuals and businesses and altering the tax base—in some cases to remove distortionary tax preferences and in some cases to create new ones. The law generated substantial debate on many issues, notably about its long-term impact on the capital-labor ratio, GDP per worker, real wages and, in the transition to the new steady state, economic growth. One of us (Robert) joined a group of economists (Wall Street Journal, November 26, 2017) to argue that the corporate-tax part of the tax reform would have substantially positive long-term effects in all of these dimensions. Another of us (Jason) was a consistent critic of the law.Link

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Economists vs. Scientists on Long-Term Growth

Economists vs. Scientists on Long-Term Growth. Kenneth Rogoff, March 2, 2018, Opinion, “Artificial intelligence researchers and conventional economists may have very different views about the impact of new technologies. But right now, and forgetting the possibility of an existential battle between man and machine, it seems quite plausible to expect a significant pickup in productivity growth over the next five years.Link

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Summers Warns Next U.S. Recession Could Outlast Previous One

Summers Warns Next U.S. Recession Could Outlast Previous One. Lawrence Summers, February 28, 2018, Video, “The next U.S. recession could drag on longer than the last one that stretched 18 months. That’s the assessment of former Treasury Secretary Larry Summers. With the economy in its ninth year of expansion, even if one were to take a hawkish view of upcoming Federal Reserve tightening, it would be some time before the level of interest rates rates gets high enough to allow them to again be reduced by the 500 basis points typical for a U.S. recession, Summers said at a conference in Abu Dhabi.” Link

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