A few years ago when the Greek economic and financial crisis was rocketing markets around the globe and seemed to justify the bashing of that “poor country of tax cheaters” to the point of threatening the majestic European Union project and dishonouring an entire continent, French philologist Jacqueline de Romilly reminded the world of some of things owed to Greece: the invention of democracy, philosophy, and tragedy.
Why would agricultural producers engage in practices such as conservation, animal welfare, waste management, or organic farming? The literature hints that economic, social, and personal motivations are drivers of adoption. Sustainable practices are welcomed by farmers if there is a potential increase in profitability through more efficient processes, or as a source of differentiation (i.e. labelling).
Neologisms (from Greek néo-, meaning ‘new’ and logos, meaning ‘speech, utterance’) – can do all sorts of jobs. But most straightforwardly new words describe new things. As such they indicate areas of change, perhaps of innovation. They present us with a map, one that can redefine what we know as well as revealing newly explored areas; new words for new worlds.
The words digital economy conjure images of young, tech-savvy entrepreneurs breaking moulds in a world where technology is disruptive. But could the reality be much more mundane and mercantile? When Facebook released “Facebook at work” earlier this year, the social networking goliath laid a huge challenge at the feat of LinkedIn, a powerful incumbent that had until then dominated its corner of the market.
Europe’s economy has barely grown since the financial crisis broke in 2007. And unemployment, especially among the young, has soared in most countries. Eastern and Southern Europe, the least affluent regions, have suffered the most. Today, in the most affected countries, around one in two young adults seeking a job is not able to find one. If there is one recipe for social and political trouble in the years ahead, this is surely it.
It is indisputable that chocolate consumption gives instant pleasure and comfort, especially during episodes of ‘emotional eating’, which involves searching for food (generally in large amounts) even if not physiologically hungry in order to get relief from a negative mood or bad feelings (e.g. stressful life situations, anxiety, depression). The pleasure experienced in eating chocolate can be, first of all, due to neurophysiological components.
Global inequality, particularly as it exists today, is more “process” than natural phenomenon. An era of unprecedented interconnection means that individual practices, just as much as large-scale social, political, and economic actions, shape, sustain, and reinforce power dynamics.
The Chinese New Year begins on 8 February, ushering out the year of the sheep (or goat, or ram) and bringing in the year of the monkey. People in China will enjoy a week-long vacation and will celebrate with dragon dances and fireworks. Given the financial fireworks emanating from China, this is a good time to briefly review some of the major economic news coming out of the Middle Kingdom.
UK tax-credits are benefits first introduced in 1999 to help low-paid families through topping up their wages with the aims of ‘making work pay’ and reducing poverty, although they also cover non-working families with children.
The United States faces a paradox: being on the cutting edge of technology seems to have in recent years only a marginal effect on job creation. The history books and our traditional economic theories seem to have failed us – whereas before, technological revolutions usually led to tremendous growth in both GNP and employment, now, on the eve of some of the most impressive innovations we’ve ever seen, the economy and employment are recovering since the 2008 “Great Recession” at the slowest rate since the Depression.
There are hundreds of investment products in the market that claim to outperform. The idea is that certain information is identified that allow us to pick stocks that will do better than average and those that will do worse than average. When you buy the stocks that will do better and short sell the ones that you think will do worse, you have potentially identified a strategy that will ‘beat the market.’
Economists are better at history than forecasting. This explains why financial journalists sound remarkably intelligent explaining yesterday’s stock market activity and, well, less so when predicting tomorrow’s market movements. And why I concentrate on economic and financial history. Since 2015 is now in the history books, this is a good time to summarize a few main economic trends of the preceding year.
At President Obama’s urging, the US Department of Labor (DOL) has proposed a new regulation condoning state-sponsored private sector retirement programs. The proposed DOL regulation extends to such state-run programs principles already applicable to private employers’ payroll deduction IRA arrangements. If properly structured, payroll deduction IRA arrangements avoid coverage under the Employee Retirement Income Security Act of 1974 (ERISA) and the employers implementing such arrangements dodge status as ERISA sponsors and fiduciaries.
The Big Picture and The Big Short: How Virtue helps us explain something as complex as the Financial Crisis
The star-studded new film The Big Short is based on Michael Lewis’s best-selling expose of the 2008 financial crisis. Reviewers are calling it the “ultimate feel-furious movie about Wall Street.” It emphasizes the oddball and maverick character of four mid-level hedge fund managers in order to explain what it would take to ignore the rating agencies’ evaluations and bet against the subprime industry—that is, their own industry.
In this episode of the Oxford Law Vox podcast, banking law expert Nikoletta Kleftouri talks to George Miller about banking law issues today. Together they discuss some of the major legal and policy issues that arose from the financial crisis in 2008, including assessing systemic risk and whether the notion of “too big to fail” is on the road to extinction.
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.