Frank Ramsey, the great Cambridge philosopher, economist, and mathematician, was a superstar in all three disciplines, despite dying at the age of 26 in 1930. One way to glimpse the sheer genius of this extraordinary young man is by looking at some of the things that bear his name. My favourite was coined by Donald […]
Many compare the Great Recession to the Great Depression for its severity and scale. Yet, a decade later, it is clear that their consequences on the distribution of economic resources in the United States cannot be more different. The decades following the Great Depression substantially reduced the wealth of the rich and improved the economic […]
According to McKinsey & Company, 84% of executives agree on the importance of innovation in growth and strategy in their organizations but only 6% know the exact problem and how to improve in innovation. As the world is moving faster and getting more complex, it is important to find ways to constantly innovate for organizations and […]
The poor who lack jobs often suffer from substance abuse, violence, and unstable families. As the suffering persists for many of these outsiders to our system, scholars and politicians on both the left and right ask how to reform or overturn our current economic system so that all can flourish. The Great Fact of economic […]
In mid-August, 2019, 183 leaders of some of America’s largest companies—AT&T, American Airlines, Johnson & Johnson, JPMorgan Chase, Chevron, Caterpillar, Citigroup, and John Deere—issued a “Statement on the Purpose of a Corporation” under sponsorship of the Business Roundtable.
Board-level employee representation has re-entered the political agenda. Even in countries that have traditionally been skeptical about giving employees more say in corporate decision-making now discuss board-level employee representation. Former UK Prime Minister Theresa May suggested changes in this direction in her country in 2017. More recently, Senator Elizabeth Warren, one of the leading presidential […]
It has been over a decade since the global financial crisis of 2007-2008, which threatened to destroy the financial system, and wreaked havoc on the financial well-being of households, firms, and governments.
Africa’s GDP growth is projected to accelerate to 4.0 percent in 2019 and 4.1 percent in 2020. The economy continues to improve in future. The study of African economy consists of trade, agriculture, finance and employment.
Contemporary labour markets are characterised by more atypical or alternative work arrangements. Some of these – like independent contractors – have emerged in the context of self-employment, while others – like zero hours contracts and temporary work – are evolutions of traditional employment contracts.
Two centuries ago, in 1820, Asia accounted for two-thirds of world population and more than one-half of world income. The subsequent decline of Asia was due largely to its integration with the world economy shaped by colonialism and driven by imperialism. By 1962, its share in world income had plummeted to 15%. Even in 1970, […]
Philosophers once predicted that religion would die out as societies modernize. This has not happened. Today, more than four out of every five people on Earth believe in God. Religion seems to be serving a purpose that modernization does not replace. New research finds that people become more religious when hit by natural disasters. They are more likely […]
Housing has become unaffordable for all but the lucky few in many of the world’s great cities. Who can afford to live in New York or Paris? Yet, housing prices can be kept in check. Some cities have succeeded in doing so, as we shall see. The secret is simple: housing supply, which can be […]
When I turned 21, my friends brought me to a dive in East Atlanta called the Gravity Pub. The menu offered burnt tater tots, deep fried chili cheese dogs, and donut sandwiches. Happy hour featured rot-gut whiskey, red-eye gin, and one-dollar cans of Schlitz. We listened to Bon Jovi, Spice Girls, and a medley of yacht rock and boy band blue eyed soul crackling through rusty speakers.
The summer of 1931 saw Germany’s financial collapse, one of the biggest economic catastrophes of modern history. The German crisis contributed to the rise of the Nazi Party. The timeline below shows historic events that led up to Adolf Hitler’s taking control of Germany.
Public support for marijuana legalization has grown substantially. The consumption of recreational marijuana has been legalized in Uruguay, Canada, and several US states. In addition, many European countries, most US states, and Thailand have passed laws that allow the consumption of cannabis for medical reasons. Given the growth in public support, it is important to […]
It’s not just in international relations that identity politics can sabotage opportunities to cooperate for mutual economic benefit. Much the same can happen to cooperation between firms. Organizations form alliances because they make strategic and economic sense. Yet often the potential for collaboration is undermined by the distrust and fears of the partners.