Oxford University Press's
Academic Insights for the Thinking World

  • Search Term: Richard S. Grossman

9780199322190_450

The economics of Scottish Independence

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.

Read More
Book thumbnail image

Transparency at the Fed

By Richard S. Grossman
As an early-stage graduate student in the 1980s, I took a summer off from academia to work at an investment bank. One of my most eye-opening experiences was discovering just how much effort Wall Street devoted to “Fed watching,” that is, trying to figure out the Federal Reserve’s monetary policy plans.

Read More
Book thumbnail image

The danger of ideology

By Richard S. Grossman
What do the Irish famine and the euro crisis have in common? The famine, which afflicted Ireland during 1845-1852, was a humanitarian tragedy of massive proportions. It left roughly one million people—or about 12 percent of Ireland’s population—dead and led an even larger number to emigrate. The euro crisis, which erupted during the autumn of 2009, has resulted in a virtual standstill in economic growth throughout the Eurozone in the years since then.

Read More
Book thumbnail image

Changing focus

By Richard S. Grossman
For the past half dozen years or so, the first Friday of the month has brought fear and dread to large portions of the United States. This heightened anxiety has nothing to do with the phases of the moon, the expiration of multiple financial derivatives, or concerns about not having a date for the weekend.

Read More
Book thumbnail image

Can we finally stop worrying about Europe?

By Richard S. Grossman
Because Europe accounts for nearly a quarter of the world’s economic output, this question is important not only to Europeans, but to Africans, Asians, Americans (both North and South), and Australians as well. Those who forecast that the United States’s relatively anemic five-year-old recovery is poised to become stronger almost always include the caveat “unless, of course, Europe implodes.”

Read More
Book thumbnail image

The economics of sanctions

By Richard S. Grossman
Russia’s seizure of Crimea from Ukraine has left its neighbors—particularly those with sizable Russian-speaking populations such as Kazakhstan, Latvia, Estonia, and what is left of Ukraine—looking over their shoulder wondering if they are next on Vladimir Putin’s list of territorial acquisitions. The seizure has also left Europe and United States looking for a coherent response.

Read More
Book thumbnail image

Something to like about bitcoin

By Richard S. Grossman
Within months of being introduced in 2009, enthusiasts were hailing bitcoin, the digital currency and peer-to-peer payment system, as the successor to the dollar, euro, and yen as the world’s most important currency. The collapse of the Mt. Gox bitcoin exchange last month has dulled some of the enthusiasm for the online currency.

Read More
Book thumbnail image

Five myths about the gold standard

By Richard S. Grossman
Although the dollar has had no legal connection to gold since 1973, the gold standard continues to hold an almost mystical appeal for many politicians and commentators. The 2012 Republican Platform called for the creation of a commission to study the possible restoration of the link between the dollar and gold. When asked about the gold standard this summer, Sen. Rand Paul (R-KY), a potential 2016 Republican presidential nominee, replied: “We need to think about our currency that once upon a time had a link to a commodity, and I think we should study it.”

Read More
Book thumbnail image

In case you missed it … six notable economic stories from 2013

By Richard S. Grossman
2013 was an eventful year from the perspective of economics. The US government was shut down for 16 days as ideologically-driven Republicans held the budget hostage in an effort to repeal the Affordable Care Act. Japan’s new nationalistic government embarked on a bold, and so far largely successful attempt to revive the country’s anemic economy.

Read More
Book thumbnail image

What can we learn from economic policy disasters?

Is it morbid or therapeutic to analyze the economic catastrophes of the past? What critical strategies can be imported from the realms of medicine and military history to the study of the current state of the economy? Richard Grossman, author of Wrong: Nine Economic Policy Disasters and What We Can Learn From Them, skillfully dissects the cadavers of economic policies.

Read More
Book thumbnail image

Holiday party conversation starters from OUP

The time for holiday dinner parties is approaching. Bring more than a smile and a sweater to your next soiree. Offer your family and friends the most powerful libation: knowledge. Here are some gems that you can drop to keep the conversation sparkling.

Read More
Book thumbnail image

The gold standard and the world economy [infographic]

By Richard S. Grossman
Britain operated under the gold standard for nearly 100 years before World War I forced Britain — and many other countries — to abandon it. During that century, Britain was the world’s military, financial, and industrial superpower.

Read More
Book thumbnail image

Seven historical facts about financial disasters

By Richard S. Grossman
In the early 1600s, the King of Sweden declared that copper, along with silver, would serve as money. He did this because he owned lots of copper mines and thought that this policy would increase the public’s demand for copper—and also its price, making him much wealthier.

Read More
Book thumbnail image

The trouble with Libor

By Richard S. Grossman
The public has been so fatigued by the flood of appalling economic news during the past five years that it can be excused for ignoring a scandal involving an interest rate that most people have never heard of. In fact, the Libor scandal is potentially a bigger threat to capitalism than the stories that have dominated the financial headlines.

Read More
Book thumbnail image

The Oxford Companion to the London 2012 Opening Ceremony

By Alice Northover
Many questioned how the London 2012 Summer Olympic Games Opening Ceremony was going to make a mark after the spectacular Beijing Olympics only four years earlier. While Beijing presented the Chinese people moving as one body — dancing, marching, and presenting a united front to the world — the British answer was a chaotic and spirited ceremony, shifting from cricket matches to coordinated dance routines, Mr Bean’s comedic dream to a 100-foot Lord Voldemort.

Read More