Found 1465 article(s) in category 'Economic Growth'

Productive Ecosystems and the Arrow of Development

Productive Ecosystems and the Arrow of Development. Ricardo Hausmann, 2018, Paper, “Economic growth is often associated with diversification of economic activities. Making a product in a country is dependent on having, and acquiring, the capabilities needed to make the product, making the process path-dependent. We derive a probabilistic model to describe the directed dynamic process of capability accumulation and product diversification of countries. Using international trade data, the model enables us to empirically identify the set of pre-existing products that enables a product to be exported competitively. We refer to this set as the ecosystem of the product. We construct a directed network of products, the Eco Space, where the edge weight is an estimate of capability overlap. Analysis of this network enables us to identify transition products and a core-periphery structure.Link

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Is tax reform working? Not if you’re a worker in need of a raise

Is tax reform working? Not if you’re a worker in need of a raise. Jason Furman, July 10, 2018, Opinion, “We now have about six months of macroeconomic data since the passage of the 2017 tax cut, reform, scam, or whatever you want to call it — since the “Tax Cut and Jobs Act” name was removed in the amendment process.Link

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How To Avoid a Trade War

How To Avoid a Trade War. Dani Rodrik, July 10, 2018, Opinion, “Economists typically argue against focusing excessively on the losers from freer trade, and they decry the tendency to overlook the beneficiaries on the export side. They should not be prone to the same fallacy now, by ignoring that US protectionism surely will generate some beneficiaries as well in other countries.Link

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U.S. Should Use Allies, WTO, To Combat China On Trade

U.S. Should Use Allies, WTO, To Combat China On Trade. Robert Lawrence, July 9, 2018, Audio, “GUEST: Robert Lawrence, Professor of International Trade and Investment at Harvard Kennedy School and former economic advisor to President Bill Clinton, on the global supply chain and whether trade globalization can be undone at this point.Link


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The Economy Is Growing Faster Than the Government Says

The Economy Is Growing Faster Than the Government Says. Jason Furman, July 9, 2018, Opinion, “If you’re looking for the most accurate view of economic growth, you won’t find it in the government’s top-line statistics. Last month the Bureau of Economic Analysis revised its estimate for the first quarter of 2018; the BEA now says gross domestic product grew 2%, annualized, down from the previous figure of 2.2%. This dramatically understates the economy’s actual performance. A better measure, factoring in statistics on incomes, shows growth steaming along at a much stronger 2.8%.” Link

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Global Markets and Inequality in African Countries

Global Markets and Inequality in African Countries. Eric Maskin, 2018, Paper, “Globalization has had a big impact on many African countries in the last 20 years. It has provided a considerably expanded market for their exports; allowed them to specialize more in products for which they have a comparative advantage; and given their consumers access to an array of goods that they would not otherwise enjoy. In addition, it has led to impressive GDP growth in much of Africa, and has been an important force for improving average prosperity.Link

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A jobs guarantee — progressives’ latest big idea

A jobs guarantee — progressives’ latest big idea. Lawrence Summers, July 2, 2018, Opinion, “The percentage of US workers, or those seeking employment, aged 25-54 has declined over the past two decades. The impulse behind the latest “big” progressive idea of offering job guarantees is entirely valid. Studies show that those without jobs are much more likely to be dissatisfied with their lives, to become addicted to alcohol or drugs, and to be abusive within their family than even those working at low wages they find inadequate.Link

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Too-Tight Fed Policy Greater Risk Than Inflation

Too-Tight Fed Policy Greater Risk Than Inflation. Lawrence Summers, July 1, 2018, Video, “Former U.S. Treasury Secretary Lawrence Summers said Federal Reserve interest-rate hikes that slow the nearly decade-long expansion are a greater risk to the economy than inflation. “Is the strategy one of relying on the Phillips curve and trying to preempt inflation, or is the strategy one of trying to let the economy grow as much as possible and respond to inflation problems as they arise,” Summers said in an interview Wednesday on Bloomberg Television. “I would very much favor the second.”Link

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Whither American Exceptionalism?

Whither American Exceptionalism? Niall Ferguson, 2018, Book Chapter, “When you give an essay a title like “Whither American exceptionalism?” there is obviously a joke to be made. Is American exceptionalism withering? Th at is really the question that I want to pose. Let me fi rst talk a little bit about economic and political history, and tell you what has not been exceptional about American history. Let us look at population fi gures since the time of the early republic (see figure 1); the gray line is the population of the United States. Th e x- axis is on a logarithmic scale so that we can fi t China in. Th is story is a clear- cut one.Link

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