Oxford University Press's
Academic Insights for the Thinking World

9780195169928

Is consumer credit growth worth worrying about?

A news release on 6 February 2015 from the Federal Reserve Board, together with a selection of dense numerical tables, showed once again that consumer credit in use has increased over the course of a year. This is the fourth year in a row and the 67th yearly increase in the 69 years since 1945. But does this mean that credit growth is a meaningful worry? Total consumer sector income and total assets have also increased in 67 of the 69 years since World War II.

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Why green growth?

There is universal acknowledgment of the fact that India needs to come back on the path of high economic growth quickly. Although GDP grew at an unprecedented annual average rate of growth of almost 7.7% during the past decade (the highest for any democracy in the world), the last two years have been disappointing.

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The economics of chocolate

Cocoa and chocolate have a long history in Central America but a relatively short history in the rest of the world. For thousands of years tribes and empires in Central America produced cocoa and consumed drinks based on it. It was only when the Spanish arrived in those regions that the rest of the world learned about it. Initially, cocoa production stayed in the original production regions, but with the local population decimated by war and imported diseases, slave labor was imported from Africa.

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Quantitative easing comes to Europe

Last month, the European Central Bank (ECB) announced its plans to commence a €60 billion (nearly $70 billion) of quantitative easing (QE) through September 2016. In doing so, it is following in the footsteps of American, British, and Japanese central banks all of which have undertaken QE in recent years. Given the ECB’s actions, now is a good time to review quantitative easing. What is it?

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Forder-Macroeconomics and the Phillips Curve Myth

Revising the expectations argument

The way most economists organize their ideas about the development of macroeconomics says that 1968 was a crucial year in the demise of old-fashioned Keynesianism. That was the year of the publication of Milton Friedman’s Presidential Address for the American Economic Association.

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9780199914081

An estate tax increase some Republicans might support

In his State of the Union address, President Obama proposed several tax increases aimed at affluent taxpayers. The President did not suggest one such increase which some Republicans might be persuaded to support: limit the estate tax deduction for bequests to private foundations.

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The influence of economists on public policy

There’s a puzzle around economics. On the one hand, economists have the most policy influence of any group of social scientists. In the United States, for example, economics is the only social science that controls a major branch of government policy (through the Federal Reserve), or has an office in the White House (the Council of Economic Advisers). And though they don’t rank up there with lawyers, economists make a fairly strong showing among prime ministers and presidents, as well.

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Razzu-Gender Inequality in the Labour Market UK

Gender inequality in the labour market in the UK

The analysis of gender inequality in labour market outcomes has received substantial attention from academics of various disciplines. The distinct literatures have explored, often from differing perspectives and approaches, the various forms of inequality women experience in the labour market.

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The economics behind detecting terror plots

How many good guys are needed to catch the bad guys? This is the staffing question faced by counterterrorism agencies the world over. While government officials are quick to proclaim “zero tolerance” for terrorism, unlimited resources are not made available to prevent terror attacks, nor should that be the case. Indeed, as with most public policy decisions, the appropriate staffing level depends upon both the benefits and costs of fielding counterterrorism agents.

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Cohen-Imagining Women's Careers

Career horizons for women

When back in the 1990s I started doing research into women’s careers I was struck by how many respondents apologized for not having had a ‘career plan’ or indeed for not having a career at all. When I returned to these respondents seventeen years later I was curious about what had happened to their dreams, and wondered if they had been fulfilled, or somehow shattered.

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9780199322190_450

One regulation too few

Burdensome, costly, and—let’s face it—just plain stupid government regulation is all around us. And even well-meaning, reasonably well-designed regulations can impose costs all out of proportion with their benefits.

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9780199914081

Congress should amend and enact the Marketplace Fairness Act

The “lame duck” session of the 113th Congress managed to avoid a shutdown of the federal government, but did not accomplish much else. Among the unfinished business left for the new, 114th Congress assembling this month is the Marketplace Fairness Act (MFA). The MFA would permit states to require out-of-state Internet and mail order sellers […]

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Hobson-Worklife Balance

Making choices between policies and real lives

Wrapping up 2014, the EU year of Workplace Reinvention, once again brings Worklife Balance (WLB) policies into focus. These policies, including parental leave, rights to reduced hours, and flexible work hours, are now part of European law and national laws inside and outside of Europe. For example, Japan has similar WLB policies in place.

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How the US government invented and exploited the “patent troll” hold-up myth

A patent like other property rights is a right to exclude others and not a right or an obligation to make the patented invention. Yet today there is a growing campaign by certain industry sectors and the government against patent holders that do not make any products but enforce their patent rights for licensing revenues, often pejoratively called patent “trolls.”

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Allen et al-Towards a Better Global Economy

Where is the global economy headed and what’s in store for its citizens?

The Great Recession of 2008–09 badly shook the global market, changing the landscape for finance, trade, and economic growth in some important respects and imposing tremendous costs on average citizens throughout the world. The legacies of the crisis—high unemployment levels, massive excess capacities, low investment and high debt levels, increased income and wealth inequality—reduced the standard of living of millions of people.

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