Menenberg on Reuters: Would Summers Be a Rash Decision-Maker?

You may have missed EconoMonitor blogger Aaron Menenberg’s fascinating Leadership Trait Analysis of Ben Bernanke in September 2012, which concluded at the time: “His style as a function of responsiveness to constraints, openness to information, and motivation suggests he is ‘reactive’ leader who focuses on assessing what is possible in the current situation given the […]

Basel III Phase-in Begins to Bite

30th July 2013. The PRA updated its statements on bank and capital leverage ratios to include Barclays. A brief summary of 2013 statements to date: Lloyds/RBS– the PRA has mandated the capital requirements- the two banks’ compliance plans will be announced once discussion with all 8 major banks are concluded. Co-operative Bank– needs to generate an extra £1.5bn […]

US GDP Grows 1.7 Percent in Q2, Beating Expectations, but Earlier Quarters Revised Down to a Crawl

The Bureau of Economic Analysis today released its much anticipated advance estimate of second quarter GDP growth, along with rebenchmarked data for earlier quarters. Q2 growth was reported as 1.7 percent, hardly scintillating, but better than some analysts had expected. However, growth for Q1 was revised down from 1.8 percent to just 1.1 percent, and […]

A Cry from the Heart: Syria and the Mathematics of War

Take a good look at the horrific pictures all over the Internet today showing the massive destruction to the city of Homs, in Syria and then come back to this article. With the images destruction fresh in our minds, let us try and put politics aside for a moment, if that is at all possible. […]

MMT and Main Street vs Wall Street

Here’s a pretty good piece on MMT, by a “retired career PhD scientist” who has recently “become a serious student of macroeconomics and the role of government in our economy.” What I’d like to know is why this is so hard for PhD macroeconomists? Why can’t heterodox macroeconomists–who studied most of the same economics literature […]

Catching-up in the emancipating economies: How fast? How far?

Looking at things from the perspective of development economics and political economy of the future, I suggest we talk of “emancipating” economies. It’s a huge difference compared to “emerging” markets, as this time they are treated like subjects rather than objects. While in the case of  “emerging markets” society is something less significant, a part […]

Three Cheers for Dull Growth

My regular column is available to subscribers on This is an excerpt. At one time when you would struggle to get a 0.6% rise in gross domestic product to lead the business pages, let alone every news bulletin. A 0.6% GDP rise, which we had in the second quarter, is pretty dull. These days, […]

Fort McMurray Evicts Oil Sands Companies that Helped it Grow

The Canadian town of Fort McMurray, population 76,000, is the heart of Alberta’s oil sands largesse–but the town is bursting at its seams with nowhere to expand because the land surrounding it is owned by oil companies. The government’s answer to this is to cancel all the leases on 22,000 hectares of land surrounding Fort McMurray—effective immediately. In an […]

What Happens to Oil Markets if Iraq Collapses?

Oil production from Iraq may be in decline along with political stability in the country. The government aims to produce 9 million barrels of oil per day by the end of the decade. A weekend attack on an oil pipeline to Turkey, however, highlights some of the export restrictions that are keeping investors at bay. […]

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