These Job Losses are Good News

Nicholas Crafts says Europe would be better off “if the dark side of productivity improvement implied by creative destruction – exit of established producers and re-deployment of labour – were accepted and facilitated.” He also wishes that “ministers could bring themselves to think (better still occasionally to say) ‘these job losses are good news.’” Sorry, […]

The Perplexing Paradox of Plenty

I assume you are familiar with the “natural resource curse“:  The idea that natural resources might be more an economic curse than a blessing began to emerge in the 1980s. In this light, the term resource curse thesis was first used by Richard Auty in 1993 to describe how countries rich in natural resources were […]

All This Need Not End Horribly

Ken Rogoff says if we don’t hit the brakes on global growth soon, we’re headed for a train wreck: Time to put the brakes on this runaway train, by Kenneth Rogoff, Commentary, Project Syndicate: The global economy is a runaway train that is slowing, but not quickly enough. That is what the extraordinary run-up in […]

Have Production Subsidies Helped Chinese Exporters?

Do production subsidies work?: Can production subsidies explain China’s export performance?, bySourafel Girma, Yundan Gong, Holger Görg, and Zhihong Yu, Vox EU: China’s exports are booming and – somewhat surprisingly – not just in labour-intensive goods. As Yale trade economist Peter Schott writes in his recent Vox column, China exports an astonishingly wide range of […]

Expectations and Oil Prices

Martin Feldstein says if we lower the expected future price of oil, that will lower the price today: We Can Lower Oil Prices Now, by Martin Feldstein, Commentary, WSJ: Although most experts agree that financial speculation was not responsible for the surge in the global prices of food and energy, many people remain puzzled about […]

China and Wal-Mart: Champions of Equality

Christian Broda argues that globalization has not increased inequality. The argument is that “China and Wal-Mart have increased the purchasing power of the poor more than the rich,” and this offsets unequal changes in income. [My response is here and here. The response argues that a full assessment of the change in worker circumstances should […]

“Is Income Volatility Really Rising?”

I’ve presented quite a bit of Jacob Hacker’s work here, so it’s only fair that I also present intelligent responses to it. Justin Wolfers has the details, and I added a few comments at the end: Is Income Volatility Really Rising? For Whom?, by Justin Wolfers: Jacob Hacker’s Great Risk Shift described rising income risk […]

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