Oxford University Press's
Academic Insights for the Thinking World
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.
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.”
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.
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.
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.”
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.
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.
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.
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.
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.
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?
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.
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.