This tag is associated with 54 posts

Economics – The big story over the last decade

Low interest rates have left the Fed backed into a corner David Wessel One of the biggest economic stories of the 2010s is interest rates and how low they are.  At the beginning of the decade, the Congressional Budget Office forecast that the yield on 10-year Treasury bonds would average around 5% during the 2010s. … Continue reading

The Economics of Minimum Wages – There has been a large shift in the weight of academic opinion

A generation ago, the vast majority of economists would have said that a rise in the minimum wage inevitably costs jobs. This has changed, with two strands of research having the biggest impact. In the United States, the work of David Card and Alan Krueger, then both at Princeton University, shattered the cosy consensus and argued that the actual evidence linking the minimum wage … Continue reading

Economics 101 / Unemployment stats aren’t working

The unemployment rate is the result of millions of individual stories of finding and losing jobs Continue reading

Robert Shiller, Nobel prize for economics / Income Inequality Is ‘Most Important Problem’

Shiller, an economist famous for having warned about bubbles in technology stocks and housing, said inequality has been worsening for decades Continue reading

Poverty, brain power and the Chicago’s School of economics

Poverty and the all-consuming fretting that comes with it require so much mental energy that the poor have little brain power left to devote to other areas of life, according to the findings of an international study published on Thursday. The mental strain could be costing poor people up to 13 IQ (intelligence quotient) points … Continue reading

On the short- and long-run

“… The long run trend is but a slowly changing component of a chain of short run situations; it has no independent entity …” Kalecki Continue reading

Spain / Iberia workers on strike over layoffs

Labor unions representing most workers in Spain’s Iberia airline have called 15 days of strikes to protest the company’s plans to lay off 4,500 workers. The stoppages by Iberia’s ground staff and cabin crews will be held Feb. 18-22, March 4-8 and March 18-22. Raul Melero of the USO union said Wednesday that the strikes … Continue reading

Moderate minimum wages can do more good than harm writes The Economist

MINIMUM-WAGE laws have a long history and enduring political appeal. New Zealand pioneered the first national pay floor in 1894. America’s federal minimum wage dates from 1938. Most countries now have a statutory pay floor—and the ranks are still swelling. Even Germany, one of the few big countries without, may at last introduce a national … Continue reading

Inequality, Source of Macroeconomic Instability – Keynes View

While Keynes rejected the view that over-saving could be a cause of slump, he recognized that it was more difficult to maintain continuous full employment in an economy in which wealth and income are highly unequal…. So what should governments do? Keynes suggested three expedients: they could either increase their own spending out of loans, … Continue reading

Economics has increasingly become an intellectual game

Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing. At least three Nobel laureates have expressed their concerns. At … Continue reading

US – Occupation Unemployment

Back in 2000, just 3% of electricians in the United States were unemployed. By the end of the decade, 19% of electricians were out of work — a huge increase that reflected the lasting turmoil wrought by the recession. Although unemployment among electricians improved to 12.9% in 2011, other occupations haven’t fared so well. The … Continue reading

US Unemployment: On the Supernatural Rate

The Natural Rate Hypothesis has been around us for … since Freidman presidential adress (1968?). Economists know that the definition lies on shaky grounds: the general “equilibrium” referred to in the definition has never existed or proven to exist. But assuming it does exist, we should add a concept acounting for the huge gap between … Continue reading

Youth Unemployment in EU – The crisis has caused a significant increase, but rates vary widely

“There are many reasons for youth unemployment: besides the general situation on the labour market, one might mention education and training systems, labour market and employment policies, but also the stratification and distribution of opportunities in society” write  JOERG BERGSTERMANN AND BJOERN HACKER in  Youth Unemployment in Europe on As things stand at the moment, the … Continue reading

Might income inequality make structural adjustments more difficult?

The growing public debt in many nations has brought fiscal rebalancing to the top of policy agendas. This means raising taxes, or cutting expenditure. Recent US experience in the US and other nations suggest the presence of structural factors accounting for resistance to tax reforms.

Book: Why Good People Can’t Get Jobs: The Skills Gap and What Companies Can Do About It | Wharton Digital Press

Even in a time of perilously high unemployment, companies contend that they cannot find the employees they need. Pointing to a skills gap, employers argue applicants are simply not qualified; schools aren’t preparing students for jobs; the government isn’t letting in enough high-skill immigrants; and even when the match is right, prospective employees won’t accept … Continue reading

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