A time-traveler, visiting from 1970s Britain, would be surprised by pretty much everything on the modern high street. While prestige brands such as Rolls Royce and Berry Bros. & Rudd have formed part of a much older landscape, the discriminating buyer of the Wilson and Heath eras would be astounded by the topsy-like growth of the modern luxury market.
Throughout history and across cultures, marriage has often been accompanied by substantial exchange of wealth. However, the practice has mostly died out in western societies, which is perhaps why the meanings of these marital transfers are often not well understood. In anthropological terms, a dowry can be seen as a form of pre-mortem bequest to the bride from her parents, while bride-price or groom-price is a transaction between the kin of the groom and the kin of the bride.
The business press and general media often lament that firm executives are exhibiting “short-termism”, succumbing to the pressure by stock market investors to maximize quarterly earnings while sacrificing long-term investments and innovation. In our new article in the Socio-Economic Review, we suggest that this complaint is partly accurate, but partly not.
Political Economy is back on the centre stage of development studies. The ultimate test of its respectability is that the World Bank has realised that it is not possible to separate social and political issues such as corruption and democracy from other factors that influence the effectiveness of its investments, and started using the concept.
The biggest story heading into the 2014-15 National Hockey League (NHL) season appears to not be what is happening with players on the ice. Rather, it is the people working off the ice who evaluate players’ performance on the ice that have a leading role in the NHL’s narrative. The analytics movement has come full force to professional hockey.
For years, social scientists have wondered about what causes political development and what can be done to stimulate it in the developing world. By political development, they mean the creation of democratic governments and public bureaucracies that can effectively respond to citizens’ demands.
Since World War II, homeownership has developed into the major tenure in almost all European countries. This democratization of homeownership has turned own homes from luxury items available to a lucky few into inherent and attainable life goals for many.
Why do organisations that know a crisis can cause intense damage to reputation and value take so few steps to prevent crises from happening in the first place? This is one of the perplexing questions of contemporary management.
It is well known that obesity rates have been increasing around the Western world. The American obesity prevalence was less than 20% in 1994. By 2010, the obesity prevalence was greater than 20% in all states and 12 states had an obesity prevalence of 30%. For American children aged 2 – 19, approximately 17% are obese in 2011-2012. In the UK, the rifeness of obesity was similar to the US numbers.
I have written about the dangers of making economic policy on the basis of ideology rather than cold, hard economic analysis. Ideologically based economic policy has laid the groundwork for many of the worst economic disasters of the last 200 years.
The latest resounding dystopian success is The Hunger Games—a box-office hit located in a nation known as Panem, which consists of 12 poor districts, starved for resources, under the absolute control of a wealthy centre called the Capitol. In the story, competitive struggle is carried to its brutal extreme, as poor young adults in a reality TV show must fight to death in an outdoor arena controlled by an authoritarian Gamemaker, until only one individual remains.
China has all but overtaken the US based on GDP at newly-computed PPP exchange rates, twenty years after Paul Krugman predicted: “Although China is still a very poor country, its population is so huge that it will become a major economic power if it achieves even a fraction of Western productivity levels.” But will it eclipse the US, as Arvind Subramanian has claimed, with the yuan eventually vying with the dollar for international reserve currency status?
Innovation is a primary driver of economic growth and of the rise in living standards, and a substantial body of research has been devoted to documenting the welfare benefits from it (an example being Trajtenberg’s 1989 study). Few areas have experienced more rapid innovation than the Personal Computers (PC) industry, with much of this progress being associated with a particular component, the Central Processing Unit (CPU). The past few decades had seen a consistent process of CPU innovation, in line with Moore’s Law.
Quite abruptly income inequality has returned to the political agenda as a prominent societal issue. At least part of this can be attributed to Piketty’s provoking premise of rising concentration at the top end of the income and wealth distribution in Capital in the Twenty-First Century (2014), providing some academic ground for the ‘We are the 99 percent’ Occupy movement slogan. Yet, this revitalisation of inequality is based on broader concerns than the concentration at the very top alone.
As a football team, the Dallas Cowboys are mired in mediocrity. In the 19 years since they last won the Super Bowl, their regular season record is a middling 146-142. The team made the playoffs seven times during that span, with only two wins to show for its efforts. The prognosis for the 2014 season is more of the same.
On September 18, Scots will go to the polls to vote on the question “Should Scotland be an independent country?” A “yes” vote would end the political union between England and Scotland that was enacted in 1707. The main economic reasons for independence, according to the “Yes Scotland” campaign, is that an independent Scotland would have more affordable daycare, free university tuition, more generous retirement and health benefits, less burdensome regulation, and a more sensible tax system.