Recently, debates about inequality have risen to the forefront in academic and public debates. The publication of the French economist Thomas Piketty’s Capital in the Twenty-First Century in 2013 did not, to say the least, go by unnoticed. And many other prominent economists have partaken in the debate about global inequality: Paul Krugman, Joseph Stiglitz and Angus Madison, just to name a few.
Is the world a more perilous place than ever before? Why are there so many crises? What can we do about it? Newspaper headlines routinely reflect the fact that terrorist attacks, industrial accidents, and economic and financial meltdowns are becoming more frequent and more far-reaching in their effects.
Seven years ago this month the federal funds rate—a key short-term interest rate set by the Federal Reserve—was lowered below 0.25%. It has remained there ever since.Lowering the fed funds rate to rock-bottom levels did not come as a surprise. The sub-prime mortgage crisis led to a severe economic contraction, the Great Recession, and Federal Reserve policy makers used low interest rates—among other tools—in an effort to revive the economy.
It has begun again: the age-old cycle of hate and counter-hate, self-justification and counter-justification, the grim celebrations of righteousness and revenge. In the US, conservative politicians play on it as demagogues always have, projecting strength and patriotism by refusing to take refugees from the lands terrorized by ISIS; my own governor, Chris Christie, tries to outdo his competition by arguing that even five-year-old orphans from Syria should be stopped and sent back, as if they are tainted by being from the same part of the world as the murderers.
The law has long struggled to adapt to new forms of employment – who should be responsible for the protection of workers’ rights, from minimum wage and working time to discrimination law, in today’s fragmented economy? These fundamental questions are now returning to public discussion as a result of the meteoric rise of so-called “crowd-work”.
Volkswagen shocked the world. The world’s largest automaker admitted to creating software that would deliberately generate false exhaust emission information on many of its popular cars. Making matters worse, Volkswagen’s top leadership seemed unsure about how to respond to the crisis as it threatened the company’s reputation, operations, and long-term strategy.
Earlier in the year, Greece faced some unsettling economic troubles. The country voted on a referendum that would decide whether they would pull their membership from the European Union (and thus, the union’s currency and economic system). It’s a wonder to think that this country, less than a decade ago, was among one of the richer nations.
Corbynomics has yet to be unpacked. And when it is, there’s danger it will be branded as a return to the bad old days of tax and spend, when the 1983 Labour manifesto was dismissed by pundits as the longest suicide note in history. To avoid this, what Labour needs are some big and positive ideas; ideas that that resonate with the public and which capture that popular mood of radicalism that has put Jeremy Corbyn where he is.
Policies aimed at fostering economic growth through public expenditure in tertiary education should be better aware of the different contribution of each specific academic discipline. Rather than introducing measures affecting the allocation of resources in the broad spectrum of academic knowledge, policies might instead introduce ad-hoc measures to foster specific disciplines, for example through differentiated enrollment fees for students.
What value does the story of Henry George, a self-taught economist from the late nineteenth century, hold for Americans living in the early 21st century? Quite a lot, if we stop to consider the ways in which contemporary American society has come to resemble America in the late-nineteenth century, a period popularly known as the Gilded Age.
Is Europe heading towards an Energy Union — the ambitious goal announced by the Commission at the beginning of this year? If so, many would say that it is about time. Energy has long been neglected by Europe.
Today, the international community has its hands full with a host of global challenges; from rising numbers of refugees, international terrorism, nuclear weapons proliferation, to pandemics, cyber-attacks, organized crime, drug trafficking, and others. Where do such global challenges originate? Two primary sources are rogue states like North Korea or Iran and failed states like Afghanistan or Somalia.
Nobel laureate Amartya Sen, author of The Country of First Boys: And Other Essays talks to Amrita Dutta from The Indian Express about why inequality persists, his educational experiences, and his love for Sanskrit literature.
Research for the developing world is the application of science to the challenges facing poor people and places. In the 20th century, such research fell into two camps.
For over two centuries, newspapers were the dominant news medium. Yet today “dead tree” media-like stamp collecting is, well, so twentieth century. Now that millions of Americans get their news from social media on-line, newspapers have been in free-fall, prompting many pundits to wonder aloud if journalism has a future.
With elections just about a year away, Americans can expect to hear a lot about regulation during the next twelve months—most of it from Republicans and most of it scathing. Republican frontrunner Donald Trump typifies the GOP’s attitude toward regulation.