Austerity, uncertainty, instability … all problems we associate with Europe today as it cycles from pre-GFC exuberance to today’s austerity. But to put things in perspective, these are minor problems compared what our grandparents endured after World War Two. In Britain many people did not have enough to eat, the government had secret plans for national catastrophe, the Cold War was raging, the colonies erupting, and Sterling was in crisis. In those days there were few policy economists, and macroeconomics was caught in a battle between non-interventionist classical economics and the Keynesian revolution of demand management.
Ever since the first arrangements were made for the exchange of some form of money for some form of sex, buying (or selling) sex has raised thorny issues for society’s rulers and governments. The Israelites condemned it, believing it would encourage men to seek sex outside marriage (Proverbs 23:27–28). Throughout much of European history, the profession was legal and often a source of tax revenue.
Agriculture is a means of living for a large percentage of the world’s population. Agricultural economics looks at the utilization and distribution of farming resources and aims to apply the principles of economic theory to farming and the production and allocation of food in order to optimize such processes. This month the annual conference of the Agricultural Economics Society is taking place.
In many scholarly and activist circles, the International Monetary Fund (IMF, or ‘the Fund’) has a reputation as a global bully. The phrase ‘Washington consensus’ has come to invoke a rigid orthodoxy of austerity and liberalization which the Fund, along with its cousins the World Bank and the US Treasury, imposes on developing countries. As an organization, the IMF is seemingly monolithic, drawing comparison to the Vatican even amongst its own staff.
Countries grow richer as one moves away from the equator, and the same is generally true if one looks at differences among regions within countries. However, this was not always the case: research has shown that in 1500 C.E., for example, there was no such positive link between latitude and prosperity. Can these irregularities be explained? It seems likely an answer can be found in factors strongly associated with latitude.
Currently a UK-authorized bank, insurer or securities firm has the right to carry on business in another EEA state without further authorization. This passporting right allows UK firms to access European markets and over 2000 UK investment firms benefit from a passport under MiFID. UK firms will lose this right if it exits the EU without mutual recognition.
E-cigarettes have an image problem. I mean this in two different ways. They are still seen as controversial products, often featuring in dramatic stories about battery explosions or toxic substances. Most of these stories play on public fears, exaggerate their claims, and are unhelpful for fostering a constructive public debate. But more generally, e-cigarettes have an image problem in that no one agrees on what they represent.
Whatever the international crisis – whether inter-state war (Russia-Ukraine), civil strife (Syria), nuclear proliferation (North Korea), gross violations of human rights (Israel), or violent non-state actors on the rampage (ISIS, al-Qaeda) – governments, pundits and NGOs always seem to formulate the same response: impose economic sanctions. In the mid-20th century, only five countries were targeted by sanctions; by 2000, 50 were.
What is happiness and how can we promote it? These questions are central to human existence and human flourishing now plays a central role in the assessment of national and global progress. Paul Anand shows why the traditional national income approach is limited as a measure of human wellbeing and demonstrates how the contributors to happiness, wellbeing, and quality of life can be measured and understood across the human life course. The following extract looks at the connection between income and wellbeing.
There are eleven diverse hill states in India which comprise the group of “Special Category States.” They all suffer from the disadvantages that result from remoteness and geographical isolation, as well as historical and demographic circumstances. In addition to pathetic infrastructures, scant resources, unrealized human potential, and stymied economic growth, these states also represented various groups of marginalized minorities.
frican Studies focuses on the rich culture, history and society of the continent, however the growing economies of African countries have become an increasingly significant topic in Economic literature. This month, The Centre for the Study of African Economies annual conference is taking place in Oxford. To raise further awareness of the growing importance of the study of African economics, we have created this reading list of books, journals and online resources that explore the varied areas of Africa and its economy.
History matters. Historical events can sometimes have consequences that last long after the events have finished. An important part of Africa’s past is its history of slave exporting. Although Africa is not unique to the trading of slaves, the magnitude of slave exporting rose to levels not previously experienced anywhere else in the world.
Last month HSBC, one of the world’s largest banks, decided not to move its headquarters from London to Hong Kong.The revelation that a company is staying put is usually not earth-shattering news. Nonetheless, HSBC’s decision made headlines in Asia, Europe, and the US for three reasons. First, HSBC is the world’s fifth largest commercial bank: it holds more than $2.5 trillion in assets and is exceeded in size only by four state-owned Chinese banks.
In 2016, women around the world are still fighting for their right to equality, even in the countries we think of as the most developed. Although in many areas, the gap has narrowed in recent years, gender inequality is still common in the labour market and in politics.
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).