As we approach the annual St Patrick’s Day celebration, the story of the Irish economy in the last five years is worthy of reflection. In late 2010, the Irish Government, following in the footsteps of Greece, was forced to request a deeply humiliating emergency financial bailout from the International Monetary Fund (IMF) and the European Union (EU). Against the background of the recent controversy over the latest “Greek crisis”, what can be said about Ireland’s experience? Here are five relevant issues
Differences in regulatory norms are increasingly seen as the key barriers to the growth of regional and global markets, and regulatory disputes make up some of the most contentious issues in world politics. Negotiations among the most developed economies of the world about regulatory synchronization have made little progress in the last decade, and nearly all harmonization attempts failed when they had involved economies at lower levels of development.
The industrialized world is currently moving through a period of ultra-low interest rates. The main benchmark interest rates of central banks in the United States, the United Kingdom, Japan, and the euro-zone are all 0.50% or less. The US rate has been near zero since December 2008; the Japanese rate has been at or below 0.50% since 1995. Then there are the central banks that have gone negative: the benchmark rates in Denmark, Sweden, and Switzerland are all below zero. Other short-term interest rates are similarly at rock-bottom levels, or below.
Tomorrow night’s appearance before a joint session of Congress by Israeli Prime Minister Benjamin (“Bibi”) Netanyahu raises four important questions, including the following: Should Speaker John Boehner have invited the Israeli Prime Minister to speak without first consulting with President Obama?
Modern society requires a reliable and trustworthy Internet infrastructure. To achieve this goal, cybersecurity research has previously drawn from a multitude of disciplines, including engineering, mathematics, and social sciences, as well as the humanities. Cybersecurity is concerned with the study of the protection of information – stored and processed by computer-based systems – that might be vulnerable to unintended exposure and misuse.
Migrant farmworkers plant and pick most of the fruits and vegetables that you eat. Seasonal crop farmers, who employ workers only a few weeks of the year, rely on workers who migrate from one job to another. However, farmers’ ability to rely on migrants to fill their seasonal labor needs is in danger. From 1989 through 1998, roughly half of all seasonal crop farmworkers migrated — traveled at least 75 miles for a US job. Since then, the share of workers who migrate has dropped by more than in half, hitting 18% in 2012.
We are by now more or less aware that income inequality in the United States and in most of the rich OECD world is higher today than it was some 30 to 40 years ago. Despite varying interpretations of what led to this increase, the fact remains that inequality is exhibiting a persistent increase, which is robust to both expansionary and contractionary economic times. One might even say that it became a stylized fact of the developed world (amid some worthy exceptions).
Must economic growth be privileged over ecological security? Jairam Ramesh argues that this is the wrong question to ask; the two work in concert, not in opposition, and a bright economic and political future requires a safe, protected environment. As India grows as a global power, the nation has become a leader in progressive environmental policies.
Millions of Americans are eagerly anticipating this year’s Academy Awards ceremony. For over a century, motion pictures have been a dominant cultural and leisure medium. There are, however, two aspects worth highlighting: the sheer novelty of motion pictures and the medium’s initial democratic nature. Twenty-first century Americans have difficulty imagining the wonder and awe motion pictures inspired in the early 1900s.
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.
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.
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.
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?
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.
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.
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.