Search Term: Richard S. Grossman

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.

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.

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.”

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.

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.

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.”

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.

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.

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.

Why foreign policy must be more ideological than economic policy

By Richard S. Grossman
To what extent should economic and foreign policies be guided by ideology? Are politicians who remain committed to particular policy prescriptions principled representatives? Are they opportunists who ride the popularity of simple, easily explained idea into office?

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.

The good tax

By Richard S. Grossman

No one enjoys paying taxes. Remember receiving your first paycheck and discovering how much of your hard-earned money you would be sharing with the government? Most of us recognize that some taxes are necessary. Although economics recognizes the need for taxes to fund the government, it is pretty clear-eyed about the downside of taxes. One example is the tax on cigarettes.

Don’t panic: it’s October

By Richard S. Grossman

t the conclusion of the mid-September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve announced its decision to leave its target interest rate unchanged through the end of this month. Although some pundits had predicted that the Fed might use the occasion of August’s decline in the unemployment rate (to 5.1 percent from 5.3 percent in July), to begin its long-awaited monetary policy tightening, those forecasts left out one crucial fact.

A fist-full of dollar bills

By Richard S. Grossman

The next time you are slipping the valet a couple of folded dollar bills, take a good look at those George Washingtons. You might never see them again. Every few years, there is a renewed push for the United States to replace the dollar bill with its shiny cousin, the one dollar coin.

The best of a decade on the OUPblog

By Alice Northover

Wednesday, 22 July 2015, marks the tenth anniversary of the OUPblog. In one decade our authors, staff, and friends have contributed over 8,000 blog posts, from articles and opinion pieces to Q&As in writing and on video, from quizzes and polls to podcasts and playlists, from infographics and slideshows to maps and timelines. Anatoly Liberman alone has written over 490 articles on etymology. Sorting through the finest writing and the most intriguing topics over the years seems a rather impossible task.

The limits of regulatory cooperation

By Richard S. Grossman

One of the most striking structural weaknesses uncovered by the euro crisis is the lack of consistent banking regulation and supervision in Europe. Although the European Banking Authority has existed since 2011, its influence is often trumped by national authorities. And many national governments within the European Union do not seem anxious to submit their financial institutions to European-wide regulation and supervision.