dunnettreader + economic_growth   285

Bruce Campbell: The Great Transition, Lecture 1 of 4 - Ellen McArthur Lectures 2013, Faculty of History, University of Cambridge
See his 2016 book with CUP - The Great Transition: Climate, Disease and Society in the Medieval World - kindle-available
Lecture schedule
Lecture 1 - The 14th century as tipping point: From one socio-ecological status quo to another
Lecture 2 - The enabling environment: The Medieval Solar Maximum and Latin Christendom's high-medieval efflorescence
Lecture 3 - A precarious balance: Mounting economic vulnerability in an era of increasing climatic instability
Lecture 4 - Disease intervenes: The Black Death and the 'Great Transition' to an alternative socio-ecological equilibrium
video  lecture  economic_history  social_history  environmental_history  disease  Black_Death  medieval_history  12thC  13thC  14thC  15thC  Italy  urbanization  foreign_trade  Mongols  Mamluks  spice_trade  Central_Asia  genetics  weather  agriculture  demography  economic_growth  climate-history  climate_change  Little_Ice_Age  Italy-cities  international_finance 
november 2017 by dunnettreader
G. Clark & N. Cummins - Malthus to modernity: wealth, status, and fertility in England, 1500–1879 (2015)
Journal of Population Economics
January 2015, Volume 28, Issue 1, pp 3–29
Abstract -- A key challenge to theories of long-run economic growth has been linking the onset of modern growth with the move to modern fertility limitation. A notable puzzle for these theories is that modern growth in England began around 1780, 100 years before there was seemingly any movement to limit fertility. Here we show that the aggregate data on fertility in England before 1880 conceals significant declines in the fertility of the middle and upper classes earlier. These declines coincide with the Industrial Revolution and are of the character predicted by some recent theories of long-run growth.
Keywords: Fertility transition, Demographic transition, Preindustrial fertility
economic_growth  middle_class  article  19thC  paywall  16thC  British_history  fertility  marriage-age  social_history  18thC  status  economic_history  elites  17thC  demography  marriage  birth_control 
january 2017 by dunnettreader
Brad DeLong - link to WP - Robert Allen (2004): Progress and Poverty in Early Modern Europe
Robert Allen (2004): Progress and Poverty in Early Modern Europe: "At the end of the middle ages, the urban, manufacturing core of Europe was on the Mediterranean with an important offshoot in Flanders... -- downloaded via iPhone to DBOX
improvement  development  urbanization  social_history  Europe-Early_Modern  paper  economic_history  inequality  poverty  progress  downloaded  trade  economic_growth 
january 2017 by dunnettreader
Adair Turner - The Skills Delusion | Project Syndicate - Oct 2016
LONDON – Everybody agrees that better education and improved skills, for as many people as possible, is crucial to increasing productivity and living standards…
economic_growth  economic_models  economic_history  inequality  social_mobility  education-higher  education-training  skills  Labor_markets  wages  student_debt  from instapaper
october 2016 by dunnettreader
P Aghion, C Hepburn, A Teytelboym, D Zenghelis - Path dependence, innovation and the economics of climate change (Policy Report 2014) | Grantham Research Institute on climate change and the environment
Grantham Research Institute on Climate Change and the Environment and ESRC Centre for Climate Change Economics and Policy at London School of Economics and Political Science.
The authors of the report – Professor Philippe Aghion (Harvard University), Professor Cameron Hepburn (University of Oxford), Dr Alexander Teytelboym (University of Oxford) and Dimitri Zenghelis (LSE)Innovation is required to transform our fossil-fuelled economy into a clean, low-carbon economy. But economic models of climate change have overlooked the role of innovation. By taking innovation fully into account, a whole new set of policy conclusions are drawn. This report finds that the longer governments wait to promote clean energy innovation, the greater the eventual cost to the environment and the economy. Increased public support for clean innovation should therefore be a priority. Government policies to promote low-carbon innovation may only need to be in place for a limited time because, once a low-carbon pathway has been kick-started, the economy will become ‘locked-in’ to that low-carbon pathway with no further intervention needed. -- downloaded via Air - added to Evernote
paper  downloaded  Evernote  climate  Innovation  green_economy  green_finance  path-dependence  technology  innovation-government-supported  infrastructure  renewables  economic_growth  economic_sociology  economic_policy  energy  energy-markets 
october 2016 by dunnettreader
Acemoglu, Cantoni, Johnson
The Consequences of Radical Reform: The French Revolution
Daron Acemoglu, Davide Cantoni, Simon Johnson and James A. Robinson
The American Economic Review
Vol. 101, No. 7 (DECEMBER 2011), pp. 3286-3307
Downloaded via iPhone to DBOX
commerce  urbanization  guilds  elites  republicanism  reform-legal  Rhineland  reform-political  Germany  economic_growth  political_economy  reform-economic  jstor  political_history  civil_code  French_Revolution  rule_of_law  institutional_economics  bourgeoisie  aristocracy  trade  article  downloaded  feudalism  economic_history 
september 2016 by dunnettreader
Paolo Malanima - When did England overtake Italy? Medieval and early modern divergence in prices and wages - European Review of Economic History
When did England overtake Italy? Medieval and early modern divergence in prices and wages PAOLO MALANIMA Institute of Studies on Mediterranean Societies (National Research Council), ISSM-CNR, malanima@issm.cnr.it According to Allen, between 1500 and 1750, a “great divergence” among countries in the level of wages occurred in Europe. Italian real wages were already among the lowest in the late medieval and early modern age. Their relative level diminished even more from the seventeenth century. An analysis of prices and wages in Italy and England does not support this view. Actually, until the beginning of the eighteenth century, Italian real wages were either higher than in England (fourteenth and fifteenth centuries) or more or less equal (sixteenth and seventeenth). It was not until the eighteenth century that England began to overtake Italy. However, the disparity in wages before 1800 was modest. It increased fast from then onwards. Downloaded via iPhone to DBOX
labor_history  Italy  15thC  medieval_history  labor_force_structure  competiveness-labor  wages  economic_history  British_history  14thC  economic_growth  downloaded  Renaissance  16thC  Labor_markets  17thC  article  prices  18thC  England 
september 2016 by dunnettreader
Paolo Malanima - The long decline of a leading economy: GDP in central and northern Italy, 1300–1913 (2013) - European Economic History Review
The long decline of a leading economy: GDP in central and northern Italy, 1300–1913 PAOLO MALANIMA Institute of Studies on Mediterranean Societies (Naples) Italian National Research Council (CNR), malanima@issm.cnr.it The purpose of the article is to present the statistical reconstruction of a series of per capita output in central–northern Italy between 1300 and 1913. The various phases of both the statistical procedure and the results are presented and discussed. From the Renaissance until the 1880s, when modern growth starts, the curve of per capita GDP is downward bent. Output series together with three robustness tests, are collected in the Appendices.
Downloaded via iPhone to DBOX
productivity  economic_growth  17thC  agriculture  18thC  16thC  Renaissance  economic_history  14thC  stats  urbanization  Italy  GDP  manufacturing  GDP-per_capita  economic_decline  downloaded  article  proto-industry  agriculture-productivity  19thC  commerce  15thC 
september 2016 by dunnettreader
Paolo Malanima - Energy consumption in England
The displacement of the centre of the European economy from the Mediterranean to the Atlantic and the beginning of north–south divergence in Europe has been discussed on the basis of data on real wages, urbanization rates, and, more recently, estimates of gross domestic product for a number of European countries. The purpose of the present article is to contribute to this line of research with the elaboration of yearly series of total energy consumption in Italy and England for the long period 1560–1913. New data on energy services, energy intensity, and, finally, social savings from the use of energy are also presented and discussed for both Italy and England.These new data allow us to specify that energy played a central role.Yet it was relatively late that its importance as a provider of mechanical work developed fully; that is, from 1830 onwards in England and from the end of the nineteenth century in Italy. - Downloaded via iPhone to DBOX
16thC  economic_growth  pre-WWI  17thC  transport  manufacturing  energy  modernization  18thC  industrialization  energy-transition  energy-markets  Industrial_Revolution  economic_history  Italy  consumption  downloaded  19thC  article  energy-intensity  British_history 
september 2016 by dunnettreader
Lemin Wu - Home - If Not Malthusian, Then Why? A Darwinian Explanation of the Malthusian Trap (July 2015)
His site with links to other work, CV etc - This paper shows that the Malthusian mechanism alone cannot explain the pre-industrial stagnation of living standards. Improvement in luxury technology, if faster than improvement in subsistence technology, would have kept living standards growing. The Malthusian trap is essentially a puzzle of balanced growth between the luxury sector and the subsistence sector. The author argues that balanced growth is caused by group selection in the form of biased migration. It is proven that a tiny bit of bias in migration can suppress a strong growth tendency. The theory re-explains the Malthusian trap and the prosperity of ancient market economies such as Rome and Sung. It also suggests a new set of factors triggering modern economic growth. - work up of his dissertation at Berkeley -- downloaded via Air, attached to Evernote
paper  economic_history  economic_growth  ancient_Rome  Chinese_history  Sung_dynasty  ancient_China  Malthusian_trap  demography  technology  agriculture  markets  elites  luxury  standard-of-living  migration  downloaded 
september 2016 by dunnettreader
Noah Smith - The Illusion of Lagging Productivity | Bloomberg View - August 2016
Re Dietrich Vollrath's recent posts on how part of it may be statistical illusion from industry collecting rents due to increased industry concentration, IP etc., which makes the stats on production look too capital-heavy.
economic_growth  US_economy  21stC  2010s  productivity  rents  rent-seeking  competition  statistics  from instapaper
august 2016 by dunnettreader
Rafael La Porta and Andrei Shleifer - "Informality and Development" (2014) Journal of Economic Perspectives
In developing countries, informal firms account for up to half of economic activity. They provide livelihood for billions of people. Yet their role in economic development remains controversial with some viewing informality as pent-up potential and others viewing informality as a parasitic organizational form that hinders economic growth. In this paper, we assess these perspectives. We argue that the evidence is most consistent with dual models, in which informality arises out of poverty and the informal and formal sectors are very different. It seems that informal firms have low productivity and produce low- quality products; and, consequently, they do not pose a threat to the formal firms. Economic growth comes from the formal sector, that is, from firms run by educated entrepreneurs and exhibiting much higher levels of productivity. The expansion of the formal sector leads to the decline of the informal sector in relative and eventually absolute terms. A few informal firms convert to formality, but more generally they disappear because they cannot compete with the much more-productive formal firms.
Citation -La Porta, Rafael and Andrei Shleifer. 2014. "Informality and Development." Journal of Economic Perspectives, 28(3): 109-26.
structural_adjustment  informal_economy  LDCs  access_to_finance  article  Labor_markets  doing_business  productivity  tax_avoidance  regulation  poverty_reduction  poverty  tax_policy  access_to_services  conditionality  entrepreneurs  economic_growth  aid  development  formal_economy  industrialization  downloaded 
august 2016 by dunnettreader
Peter A.G. van Bergeijk - The heterogeneity of world trade collapses
Abstract
This paper analyses drivers of imports during the major world trade collapses of the Great Depression (1930s; 34 countries) and the Great Recession (1930s; 173 countries). The analysis deals with the first year of these episodes and develops a small empirical model that shows a significant impact of the development of GDP, the share of manufacturing goods in total imports and the political system. The analysis reveals substantial heterogeneity with respect to regional importance of these drivers. -- downloaded via iPhone to DBOX
public_policy  political_participation  economic_growth  global_economy  economic_history  political_economy  trade-policy  paper  institutions  government-forms  business-and-politics  international_political_economy  global_system  downloaded  trade  Great_Recession 
august 2016 by dunnettreader
R. Esteves - The Political Economy of Global Financial Liberalisation in Historical Perspective (2011) Oxford Economic and Social Sciences WP
Abstract
This paper is a first attempt to garner the theory and evidence on the political economy of the first wave of financial liberalisation during the nineteenth and early twentieth century, and of its demise after World War I. Not everyone gained from the process of globalisation (of trade, labour, and finance), which brought about important changes in the structure of the economy and the distribution of income in nations across the world. This paper explores how the economic incentives generated by these dislocations translated, through the political system, into choices about openness to foreign capital and financial integration. The period before World War I is remarkable by the almost absence of restrictions on cross-border capital flows, which may explain the little attention it has received in the historical literature, compared to the extensive study of trade protectionism in this period. After the War, many countries experimented with capital controls which varied in nature and intensity and were intensified during the Depression. Despite the attempt made here to reconcile these stylized facts to models of political economy, the analysis requires a better empirical foundation and some suggestions for further research are also proposed. - Downloaded via iPhone to DBOX.
financial_regulation  economic_growth  pre-WWI  20thC  protectionism  downloaded  gold_standard  international_finance  financial_system  trade-policy  trade  19thC  capital_flows  capital_controls  globalization  deregulation  free_trade  paper  economic_history  financial_innovation  political_economy 
august 2016 by dunnettreader
Thomas Palley » Blog Archive » Why ZLB Economics and Negative Interest Rate Policy (NIRP) are Wrong: A Theoretical Critique
NIRP is quickly becoming a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian economic logic that asserts interest rate adjustment can ensure full employment. That pre-Keynesian logic has been augmented by ZLB economics which claims times of severe demand shortage may require negative interest rates, which policy must deliver since the market cannot. Regarding policy assessment, NIRP turns a blind eye to the possibility that negative interest rates may reduce AD, cause financial fragility, create a macroeconomics of whiplash owing to contradictions between policy today and tomorrow, promote currency wars that undermine the international economy, and foster a political economy that spawns toxic politics. Worst of all, NIRP maintains and encourages the flawed model of growth, based on debt and asset price inflation, which has already done such harm. Downloaded to Tab S2
paper  downloaded  macroeconomics  monetary_policy  interest_rates  central_banks  demand-side  zero-bound  FX-rate_management  economic_growth  economic_theory  financial_crisis  capital_flows  asset_prices  leverage  debt-overhang 
july 2016 by dunnettreader
Failed states and the paradox of civilisation - Ernesto Dal Bó, Pablo Hernandez-Lagos, Sebastián Mazzuca | Vox.EU - July 2016
While cases of state failure have risen in the last decade, most notably in the Middle East and sub-Saharan Africa, they are not a new phenomenon. Historical evidence from the early modern period, and even the Bronze Age, shows that the majority of formed states have failed rather than thrived. This column introduces the ‘paradox of civilisation’ to characterise the obstacles settlements face in establishing civilisations. The paradox defines the success of a civilisation as a trade-off between the ability to produce economic surplus and to protect it. It is therefore important to correctly balance military and economic support when providing aid. - Summary of NBER paper- downloaded vox version to Tab S2
paper  downloaded  ancient_history  civilization-concept  state-building  institutional_capacity  institution-building  failed_states  military  economic_growth  historical_sociology  agriculture  ancient_Near_East  ancient_Egypt  Sub-Saharan_Africa  MENA  Iraq  Syria  ISIS 
july 2016 by dunnettreader
Atif R. Mian, Amir Sufi, Emil Verner - Household Debt and Business Cycles Worldwide | NBER - Sept 2015
An increase in the household debt to GDP ratio in the medium run predicts lower subsequent GDP growth, higher unemployment, and negative growth forecasting errors in a panel of 30 countries from 1960 to 2012. Consistent with the “credit supply hypothesis,” we show that low mortgage spreads predict an increase in the household debt to GDP ratio and a decline in subsequent GDP growth when used as an instrument. The negative relation between the change in household debt to GDP and subsequent output growth is stronger for countries that face stricter monetary policy constraints as measured by a less flexible exchange rate regime, proximity to the zero lower bound, or more external borrowing. A rise in the household debt to GDP ratio is contemporaneously associated with a consumption boom followed by a reversal in the trade deficit as imports collapse. We also uncover a global household debt cycle that partly predicts the severity of the global growth slowdown after 2007. Countries with a household debt cycle more correlated with the global household debt cycle experience a sharper decline in growth after an increase in domestic household debt.
paper  paywall  NBER  economic_history  post-WWII  housing  house_prices  mortgages  interest_rates  business_cycles  debt_crisis  debt-overhang  debt-restructuring  macroeconomic_policy  consumer_demand  global_economy  global_financial_cycle  economic_growth 
july 2016 by dunnettreader
Eggertsson, Mehrotra, Singh & Summers - A Contagious Malady? Open Economy Dimensions of Secular Stagnation | NBER June 2016
Gauti B. Eggertsson, Neil R. Mehrotra, Sanjay R. Singh, Lawrence H. Summers - Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation.
economic_theory  interest_rates  stagnation  economic_growth  OECD_economies  paywall  capital_flows  paper  international_finance  global_economy  contagion  monetary_policy  FX-rate_management  international_political_economy  competition-interstate  fiscal_policy  fiscal_multipliers  trade-policy  Labor_markets  austerity  competiveness-labor  wages  labor_standards 
july 2016 by dunnettreader
Dietrich Vollrath - The Early Transformation of Britain's Economy | Growth Economics
On Wallis et al WP - Structural Change in the British economy 1500-1800 - Your Bayesian prior on “the probability the Great Divergence had its origins prior to the Industrial Revolution” should get updated to a higher number. - These numbers are bad news if you have “Glorious Revolution” in the “monocausal origins of economic growth” office pool. The data reinforce the argument that the Glorious Revolution was as much a response to economic change, as it was a cause of economic change.Britain experiencing a structural change from 1550 to 1750 does not mean it was already experiencing sustained growth. The growth experienced in that period may well have been snuffed out by Malthusian forces of population growth in time. But perhaps that structural change helped bring on the changes in demographic behavior that allowed sustained growth to occur? This structural shift bleeds directly into the Industrial Revolution, which bleeds directly into the demographic shifts involved with sustained growth. Whether this implies a chain of causality is too much to make of this evidence. - downloaded paper to Tab S2
paper  Great_Divergence  16thC  17thC  18thC  British_history  economic_history  agriculture  economic_growth  Malthusian  Industrial_Revolution  industrialization  downloaded 
july 2016 by dunnettreader
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
paper  downloaded  IMF  international_political_economy  international_finance  global_economy  emerging_markets  LDCs  capital_flows  investment  investment-government  development  economic_growth  economic_policy  economic_reform  access_to_finance  capital_controls  FX-misalignment  FX-rate_management  economic_theory  macroeconomics  international_economics  financial_economics  financial_sector_development 
may 2016 by dunnettreader
Willem Thorbecke - “Exports, Exchange Rates, and the Return on China’s Investments” - Econbrowser - May 2016
Today, we’re fortunate to have Willem Thorbecke , Senior Fellow at Japan’s Research Institute of Economy, Trade and Industry (RIETI) as a guest contributor. The…
Instapaper  China  China-economy  industrialization  global_imbalance  economic_growth  supply_chains  exports  trade-policy  trade  global_economy  FX  from instapaper
may 2016 by dunnettreader
Paul Slack - Material Progress and the Challenge of Affluence in Seventeenth-Century England (2009)| JSTOR
Material Progress and the Challenge of Affluence in Seventeenth-Century England
Paul Slack
The Economic History Review
New Series, Vol. 62, No. 3 (Aug., 2009), pp. 576-603
Downloaded via iPhone to Sente
trade-policy  British_foreign_policy  17thC  British_Empire  inequality  article  agriculture  moral_economy  British_history  economic_growth  transport  downloaded  labor  trade  property_rights  progress  colonialism  mercantilism  ports  jstor  political_arithmetick  Sente  political_economy  improvement  economic_history  infrastructure 
april 2016 by dunnettreader
Barry Ritholz - Soaring Productivity Is Missing From the Numbers - Bloomberg View - April 2016
You can see the computer age everywhere but in the productivity statistics. Government data this morning showed that the U.S. gained 215,000 new jobs last…
Instapaper  economic_growth  gnp  productivity  stats  US_economy  from instapaper
april 2016 by dunnettreader
Brad DeLong - Robber Barons: Honest Broker/Hoisted from 1998
Matthew Josephson called them 'Robber Barons'. He wanted readers to think back to their European history classes, back to thugs with spears on horses who did…
Instapaper  political_economy  economic_history  US_history  US_economy  US_politics  economic_growth  economic_policy  economy-structure  investment  19thC  20thC  pre-WWI  entre_deux_guerres  robber_barons  Gilded_Age  Progressive_Era  from instapaper
february 2016 by dunnettreader
Richard Tuck - István Hont and Rousseau and Smith’s radical resemblances | TLS
Rousseau and Smith’s radical resemblances -- RICHARD TUCK -- István Hont, POLITICS IN COMMERCIAL SOCIETY Jean-Jacques Rousseau and Adam Smith Edited by Béla Kapossy and…
Instapaper  books  reviews  kindle-available  intellectual_history  18thC  Rousseau  Smith  political_economy  commerce  protectionism  economic_growth  community  market-size_of  moral_philosophy  political_philosophy  human_nature  from instapaper
february 2016 by dunnettreader
John Quiggin - Peak paper | Crooked Timber Feb 2016
I’ve recently published a piece in Aeon, looking at the peak in global paper use, which occurred a couple of years ago, and arguing that this is an indication…
Instapaper  economic_growth  economy-structure  industry  industrialization  commodities  Information_Economy  productivity  production  natural_resources  energy  energy-markets  environment  climate  consumption  international_political_economy  from instapaper
february 2016 by dunnettreader
Absolute Changes in Living Standards | Dietrich Vollrath - Feb 2016
Compares absolute increase in per capita income for high-income slow percentage growth (e.g. US) to low-income high percentage growth (e.g. India)
Instapaper  economic_growth  OECD_economies  LDCs  from instapaper
february 2016 by dunnettreader
Noah Smith - The Next Big Idea in Economic Growth - Bloomberg Feb 2016
neoliberalism is fundamentally an old idea. We’ve been trying to boost economic freedom for decades now, and there’s a good possibility that all the low-hanging fruit has been picked. So what else is there? Looking around, I see the glimmer of a new idea forming. I’m tentatively calling it “New Industrialism.” Its sources are varied -- they include liberal think tanks, Silicon Valley thought leaders and various economists. But the central idea is to reform the financial system and government policy to boost business investment. Business investment -- buying equipment, building buildings, training employees, doing research, etc. -- is key to growth. It’s also the most volatile component of the economy, meaning that when investment booms, everything is good. The problem is that we have very little idea of how to get businesses to invest more. Unfortunately, net U.S. business investment has been more or less in decline for decades:
Pocket  US_economy  US_politics  economic_growth  economic_policy  economy-structure  investment  investment-government  from pocket
february 2016 by dunnettreader
Brad DeLong - No: We Can't Wave a Magic Demand Wand Now and Get the Recovery We Threw Away in 2009 - Feb 2016
The estimable Mike Konczal writes: Mike Konczal: Dissecting the CEA Letter and Sanders's Other Proposals: "I would have done Gerald Friedman’s paper…
Instapaper  Great_Recession  macroeconomic_policy  macroeconomics  economic_growth  economic_models  hysterisis  elections-2016  from instapaper
february 2016 by dunnettreader
Larry Summers - No free lunches but plenty of cheap ones - Feb 2016
February 7, 2016 Trade-offs have long been at the center of economics. The aphorism “there is no such thing as a free lunch” captures a central economic idea:…
Instapaper  US_economy  US_government  Summers  stagnation  demand-side  economic_growth  Great_Recession  investment-government  government_finance  interest_rates  from instapaper
february 2016 by dunnettreader
Branko Milanovic - Inequality: the structural aspects - February 2016
Despite the unprecedented attention that income and wealth inequality has received in this year’s presidential campaign in the United States and in several…
Instapaper  inequality-global  inequality-wealth  inequality-opportunity  inequality  political_economy  polarization  economic_growth  economic_history  labor_share  Latin_America  mobility  from instapaper
february 2016 by dunnettreader
Jan Lorenz, Fabrizio Zilibotti, Michael König - Distance to frontier, productivity distribution and travelling waves | VOX, CEPR’s Policy Portal - 19 November 2015
Received wisdom would make you think that you need lots of small firms that are innovating in order to push productivity in an economy. This column provides data suggesting that large firms with high productivity growth can act as technological leaders and supply the economy with a continuous stream of innovations. Overly strong patent protection can significantly reduce growth and increase inequality. -- downloaded pdf to Note
paper  economic_growth  Innovation  technology-adoption  R&D  productivity  IP  technology_transfer  technology  downloaded 
november 2015 by dunnettreader
The Changing Composition of Productivity Growth | The Growth Economics Blog - Nov 2015
After the post I did recently on profit shares and productivity calculations, I’ve been picking around the BLS, OECD, and Penn World Tables methodologies for…
Instapaper  US_economy  economic_growth  productivity  productivity-labor_share  investment  Great_Recession  stagnation  from instapaper
november 2015 by dunnettreader
Guido Alfani, Wouter Ryckbosch - Income inequality in pre-industrial Europe | VOX, CEPR’s Policy Portal 06 November 2015
Thomas Piketty and others have prompted renewed interest in understanding long-term patterns of inequality. This column presents evidence from pre-industrial Europe. Inequality rose even during the success stories of early modern Europe, but it can hardly have been the sole requisite for growth. In both economic history and today’s economic theory, the idea of a universal trade-off between growth and inequality needs to be replaced by stronger attention to social processes and institutional developments. -- brief but extensive lit review of how thinking of economic historians has been evolving -- downloaded pdf to Note
paper  economic_history  early_modern  Europe-Early_Modern  16thC  17thC  18thC  19thC  economic_growth  inequality  capital_formation  new_institutionalism  institutional_economics  political_economy  state-building  nation-state  human_capital  urbanization  Innovation  Industrial_Revolution  consumer_revolution  consumer_demand  wages  growth-equity_tradeoff  bibliography  downloaded 
november 2015 by dunnettreader
Hiroshi Yoshikawa, Hideaki Aoyama, Yoshi Fujiwara, Hiroshi Iyetomi - Deflation and money | VOX, CEPR’s Policy Portal - 05 September 2015
Deation and inflation are macroeconomic phenomena. However, we cannot fully understand them by only exploring macro data because the behavior of aggregate prices such as the Consumer Price Index depends crucially on the interactions of micro prices. On the other hand, all in all, the results we obtained have confirmed that aggregate prices significantly change, either upward or downward, as the level of real output changes. The correlation between aggregate prices and money, on the other hand, is not significant. The major factors affecting aggregate prices other than the level of real economic activity are the exchange rate and the prices of raw materials represented by the price of oil. Japan suffered from deflation for more than a decade beginning at the end of the last century. More recently, Europe faces a threat of deflation. Our analysis suggests that it is difficult to combat deflation only by expanding the money supply.
paper  prices  deflation  economic_growth  recessions  monetary_policy-effectiveness  QE  central_banks  Japan  FX-rate_management  oil_price  macroeconomics  unemployment 
september 2015 by dunnettreader
Ravi Kanbur, Joseph Stiglitz - Wealth and income distribution: New theories needed for a new era | VOX, CEPR’s Policy Portal - 18 August 2015
Growth theories traditionally focus on the Kaldor-Kuznets stylised facts. Ravi Kanbur and Nobelist Joe Stiglitz argue that these no longer hold; new theory is needed. The new models need to drop competitive marginal productivity theories of factor returns in favour of rent-generating mechanism and wealth inequality by focusing on the ‘rules of the game.’ They also must model interactions among physical, financial, and human capital that influence the level and evolution of inequality. A third key component will be to capture mechanisms that transmit inequality from generation to generation. -- short and sweet summary of the various gaps in standard models and where both new explanatory and normative work needed -- also see references -- downloaded as pdf to Note
paper  economic_growth  economic_theory  economic_models  capital  productivity-labor_share  production  macroeconomics  distribution-wealth  distribution-income  inequality  inequality-wealth  labor_share  wages  inequality-opportunity  downloaded 
september 2015 by dunnettreader
Egmont Kakarot-Handtke - Schumpeter and the Essence of Profit :: SSRN - May 2011, update May 2015
University of Stuttgart - Institute of Economics and Law -- Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We start with three structural axioms. The claim of generality entails that it should be possible to free Schumpeter’s approach from its irksome Walrasian legacy and to give a consistent formal account of the elementary circular flow that served him as a backdrop for the analysis of the entrepreneur-driven market system. -- Pages in PDF File: 28 -- Keywords: new framework of concepts, structure-centric, axiom set, profit, money, credit, structural stress, catching-up process, monopoly -- downloaded pdf to Note
paper  SSRN  economic_theory  economic_history  intellectual_history  19thC  20thC  Schumpeter  economic_growth  economic_sociology  entrepreneurs  profit  investment  Innovation  creative_destruction  money  markets-structure  monopoly  prices  firms-theory  neoclassical_economics  equilibrium  downloaded 
september 2015 by dunnettreader
Robert O. Keohane, review - Mancur Olson, The Rise and Decline of Nations (1983) | JSTOR
Reviewed Work: The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities. -- Journal of Economic Literature
Vol. 21, No. 2 (Jun., 1983), pp. 558-560 -- quite positive, but useful on where Olson's theory has blind spots -- downloaded pdf to Note
books  bookshelf  reviews  political_economy  economic_history  economic_growth  interest_groups  collective_action  international_political_economy  institutional_economics  rational_choice  rationality-economics  rationality  stagnation  rent-seeking  politics-and-money  status  status_quo_bias  social_order  hierarchy  change-social  change-economic  castes  discrimination  inequality  mobility  post-WWII  downloaded 
september 2015 by dunnettreader
Joel Mokyr, Chris Vickers, and Nicolas L. Ziebarth - The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different? | AEAweb: Journal of Economic Perspectives, 29(3): 31-50
Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now suffering from another bout of such angst. Anxieties over technology can take on several forms, and we focus on three of the most prominent concerns. First, there is the concern that technological progress will cause widespread substitution of machines for labor, which in turn could lead to technological unemployment and a further increase in inequality in the short run, even if the long-run effects are beneficial. Second, there has been anxiety over the moral implications of technological process for human welfare, broadly defined. While, during the Industrial Revolution, the worry was about the dehumanizing effects of work, in modern times, perhaps the greater fear is a world where the elimination of work itself is the source of dehumanization. A third concern cuts in the opposite direction, suggesting that the epoch of major technological progress is behind us. Understanding the history of technological anxiety provides perspective on whether this time is truly different. We consider the role of these three anxieties among economists, primarily focusing on the historical period from the late 18th to the early 20th century, and then compare the historical and current manifestations of these three concerns. - downloaded pdf to Note
article  economic_history  technology  18thC  20thC  21stC  Industrial_Revolution  change-economic  change-social  unemployment  labor_history  robotics  AI  political_economy  economic_culture  economic_growth  labor_share  labor-service_sector  downloaded 
september 2015 by dunnettreader
Michael Cragg and Rand Ghayad - Growing Apart: The Evolution of Income vs. Wealth Inequality | The Economists' Voice - July 2015
Michael Cragg and Rand Ghayad are employed by The Brattle Group. -- The gap between the richest Americans and the rest of the nation has changed dramatically over the past three decades – becoming one of the most challenging political and economic trends for the nation. For decades prior to that, the distribution of wealth and income had been relatively stable, so much that a central problem posed in the economics literature was to explain this stability. But beginning in the early 1980s, inequality began to grow rapidly and has recently been attracting substantial attention from policymakers and researchers reflecting a widespread concern that reflecting a widespread concern that growing labor incomes of senior executives, finance professionals, and successful entrepreneurs is entailing large economic costs to society. The dominant paradigm in the media and Washington is that inequality is purely a matter of divergence in earned (labor) income inequality which can be ameliorated by making earned income taxes more progressive and shifting spending to help the poorer. However, this is not the story: wealth inequality, as it turns out, is much worse. This warrants emphasis for a variety of reasons: (1) a growing body of research that suggests that in the head-on comparison it is wealth inequality, rather than income inequality or poverty that has a negative, statistically significant effect on economic growth.1 (2) Historically societies have failed when wealth has become overly concentrated; and (3) the wedge between earned and unearned income tax rates reduces progressivity as capital income rises. We offer a number of solutions which should generate debate amongst economists as they test conventional wisdom.
paper  paywall  economic_history  economic_growth  inequality  inequality-wealth  labor_share  wages 
september 2015 by dunnettreader
Timothy W. Guinnane -A pragmatic approach to external debt: The write-down of Germany’s debts in 1953 | VOX, CEPR’s Policy Portal -13 August 2015
Greece’s crisis has invited comparisons to the 1953 London Debt Agreement, which ended a long period of German default on external debt. This column suggests that looking back, the 1953 agreement was unnecessarily generous given that Germany’s rapid growth lightened the debt repayment burden. Unfortunately for Greece, the motivations driving the 1953 agreement are nearly entirely absent today. -- downloaded pdf to Note
article  sovereign_debt  default  20thC  post-WWII  Germany  international_political_economy  international_finance  international_monetary_system  Greece-Troika  creditors  EU_governance  IMF  international_organizations  structural_adjustment  austerity  economic_growth  downloaded 
august 2015 by dunnettreader
John Dunn, ed. - The Economic Limits to Modern Politics (1992) | Cambridge University Press
The central problem of modern government and political action is how to choose and implement effective economic policies. For this reason, the economic considerations of public policy have assumed a more prominent place in contemporary political thought. Despite efforts among political scientists, economists, and sociologists to fathom the complexities of this added dimension, none of these solid sciences offers a satisfying approach to the problem. This volume attempts to display the historical novelty and intellectual importance of this dilemma, to uncover its origins, and to procure a remedy through a clearer and steadier focus. The book's contributors range from historians of ideas to economic theorists, who bring the approach of their own intellectual discipline to bear upon the issue. **--** Introduction, John Dunn *-* 1. The economic limits to modern politics, John Dunn *-* 2. The wealth of one nation and the dynamics of international competition, Istvan Hont *-* 3. The political limits to pre-modern politics, J. G. A. Pocock *-* 4. The economic constraints on political programs, Frank H. Hahn *-* 5. International liberalism reconsidered, Robert O. Keohane *-* 6. Capitalism, socialism, and democracy: compatibilities and contradictions John Dunn. -- ebook Adobe Reader - not clear whether in kindle format -- excerpt (10 ogs Intro) downloaded pdf to Note
books  kindle-available  17thC  18thC  19thC  20thC  intellectual_history  economic_history  political_history  political_philosophy  political_economy  judgment-political  public_policy  capitalism  competition-interstate  economic_growth  development  raison-d'-état  British_history  British_politics  British_Empire  trade  trade-policy  Great_Divergence  economic_theory  political_culture  economic_culture  macroeconomic_policy  Innovation  innovation-government_policy  collective_action  property_rights  Labor_markets  redistribution  fiscal_policy  fiscal-military_state  Davenant  Smith  social_order  social_democracy  liberalism  elites-political_influence  IR_theory  globalization  international_political_economy  public_finance  public_goods  class_conflict  downloaded 
august 2015 by dunnettreader
Jonathan L. Willis and Guangye Cao - US economy becoming less sensitive to interest rate changes - via Hutchins Roundup | Brookings Institution July 30 2015
Jonathan L. Willis and Guangye Cao of the Kansas City Fed find that, prior to 1985, a 0.25 percentage point reduction in the federal funds rate was associated with a roughly 0.2 percent increase in employment over the following 2 years—255,000 jobs in today’s market—but that the same rate cut today has almost no impact on employment. The authors argue that this is due to a weaker link between short- and long-run interest rates and a general shift in employment from interest rate sensitive industries like manufacturing and construction to less sensitive service providing sectors. -- downloaded pdf to Note
paper  US_economy  monetary_policy  interest_rates  investment  manufacturing  services  unemployment  economic_growth  monetary_policy-effectiveness  macroeconomic_policy  downloaded 
july 2015 by dunnettreader
Hyun-Sung Khang - Help Wanted -- Finance & Development, June 2015
Pretty balanced discussion of youth labor market problems, challenging the excuses of "skills mismatch" and overly burdensome labor regulations. In the F&D issue downloaded as pdf to Note
article  unemployment  unemployment-youth  skills  Labor_markets  labor_standards  labor_law  education-training  austerity  Eurozone  Eurocrsis  hysterisis  migration  Great_Recession  economic_growth  economic_sociology  downloaded 
july 2015 by dunnettreader
Montfort Mlachila, René Tapsoba, and Sampawende Tapsoba - A Quest for Quality [of economic growth] -- Finance & Development, June 2015, Vol. 52, No. 2
Despite consensus in the economics profession that growth alone does not lead to better social outcomes (Ianchovichina and Gable, 2012), quality growth still lacks a rigorous definition or formal quantification. In a recent paper, we develop a quality of growth index (QGI) that captures both the intrinsic nature of growth and its social dimension. Our premise is that not all growth produces favorable social outcomes. How growth is generated is critical to its sustainability and ability to create decent jobs, enhance living standards, and reduce poverty. We aim in our design of the QGI to capture these multidimensional features of growth by focusing on its very nature and desired social outcomes. -- in F&D issue downloaded as pdf to Note
article  development  economic_growth  political_economy  LDCs  emerging_markets  GDP  GDP-alternatives  inequality  participation-economic  inclusion  marginalized_groups  access_to_services  access_to_finance  SMEs  micro-enterprises  Innovation  innovation-government_policy  rent-seeking  informal_sectors  living_standards  poverty  health_care  education  sustainability  unemployment  common_good  statistics  economic_policy  economic_sociology  economic_reform  downloaded 
july 2015 by dunnettreader
David Lipton - The Key to Raising Business Investment: Keep Pushing the Accelerator | iMFdirect - The IMF Blog - July 2015
By David Lipton Why have businesses in advanced economies not been investing more in machinery, equipment and plants? Business investment is the largest…
Instapaper  Great_Recession  economic_growth  investment  fiscal_policy  demand-side  Keynesianism  macroeconomics  from instapaper
july 2015 by dunnettreader
B. Akitoby, Sanjeev Gupta, A. Senhadji - How fiscal policy can support medium- to long-term growth | VOX, CEPR’s Policy Portal - 18 July 2015
Bernardin Akitoby, Sanjeev Gupta, Abdelhak Senhadji -- IMF Research staff -- There has been a heated debate about the effectiveness of fiscal policy as a countercyclical tool but little evidence on how it can support growth. This column shows that fiscal policy can lift medium- and long-term growth in both advanced and developing economies. But all fiscal reforms are not equal in their growth dividend. Successful reforms are often part of a broader reform package and can balance the growth-equity trade-off.
Instapaper  fiscal_policy  fiscal_space  economic_theory  Keynesian  New_Keynesian  macroeconomics  economic_models  economic_growth  economic_policy  reform-economic  inequality  unemployment  countercyclical_policy  from instapaper
july 2015 by dunnettreader
Peter Draper, Andreas Freytag, and Sarah Al Doyaili - Why Should Sub-Saharan Africa Care about the Doha Development Round? — Economics E-Journal - May 08, 2013
(Published in Special Issue Multilateral Trade Liberalization and Regional Integration under Stress – Workshop in Honor of Prof. Dr. Rolf J. Langhammer) -- In recent years sub-Saharan Africa, notwithstanding the global financial crisis, has increased its share in global trade and investment flows. This has led to an appreciable improvement in development levels, albeit off a small base. However, these patterns are still dominated by commodity flows and investment, and remain marginal on the global stage. Increased trade and investment flows, particularly related to network services, would be of great benefit to the sub-continent. Yet many domestic regulatory constraints remain. Furthermore, substantial international market distortions, particularly in agricultural trade, inhibit economic diversification into more value-adding activities. The Doha development round could, if concluded, go a long way towards addressing these barriers. Ultimately it could prove more consequential to the sub-continent’s development trajectory than regional economic integration. The latter, whilst important, is shallow and too reliant on institution-intensive forms mimicking the European Union. Overall therefore this paper motivates for an African trade agenda focused on concluding the Doha round.-- didn't download
paper  e-journal  economic_growth  regional_blocs  Sub-Saharan_Africa  trade-policy  trade-agreements  WTO  FDI  agriculture  development  economic_policy 
july 2015 by dunnettreader
Thomas Palley - Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter - June 15 2015
This paper examines several mainstream explanations of the financial crisis and stagnation and the role they attribute to income inequality. Those explanations are contrasted with a structural Keynesian explanation. The role of income inequality differs substantially, giving rise to different policy recommendations. That highlights the critical importance of economic theory. Theory shapes the way we understand the world, thereby shaping how we respond to it. The theoretical narrative we adopt therefore implicitly shapes policy. That observation applies forcefully to the issue of income inequality, the financial crisis and stagnation, making it critical we get the story right.
paper  economic_theory  macroeconomics  stagnation  economic_growth  Keynesianism  economic_sociology  inequality  financial_system  financial_crisis  downloaded 
july 2015 by dunnettreader
Elizabeth Popp Berman - Creating the Market University: How Academic Science Became an Economic Engine | Princeton University Press - 2012, ebook 2015
US universities today serve as economic engines, performing the scientific research that will create new industries, drive economic growth, and keep the US globally competitive. But only a few decades ago, these same universities self-consciously held themselves apart from the world of commerce. Drawing on extensive historical research, EPB shows how the government--influenced by the argument that innovation drives the economy--brought about this transformation. Americans have a long tradition of making heroes out of their inventors. But before the 1960s and '70s neither policymakers nor economists paid much attention to the critical economic role played by innovation. However, during the late 1970s, a confluence of events--industry concern with the perceived deterioration of innovation in the US, a growing body of economic research on innovation's importance, and the stagnation of the larger economy--led to a broad political interest in fostering invention. The policy decisions shaped by this change were diverse, influencing arenas from patents and taxes to pensions and science policy, and encouraged practices that would focus specifically on the economic value of academic science. By the early 1980s, universities were nurturing the rapid growth of areas such as biotech entrepreneurship, patenting, and university-industry research centers. -- She is assistant professor of sociology at the SUNY-Albany. -- downloaded excerpt to Note
books  kindle-available  intellectual_history  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  sociology_of_knowledge  sociology_of_science_&_technology  university  research  research-funding  Innovation  innovation-government_policy  R&D  science-and-politics  urban_development  economic_growth  IP  incentives  incentives-distortions  public-private_partnerships  public_goods  market_fundamentalism  public_policy  -priorities  risk_capital  local_government  state_government  state-and-science  education-finance  academia-governance  managerialism  technology  technology-history  commercialization  downloaded 
july 2015 by dunnettreader
Frankema, Jeffrey G. Williamson, Woltjer - An economic rationale for the African scramble | VOX, CEPR’s Policy Portal- 14 July 2015
Ewout Frankema, Jeffrey G. Williamson, Pieter Woltjer -- The partitioning of Africa by European imperial powers in the late 19th century irreversibly transformed the long-term development trajectories of African economies. Yet, the motives for, and timing of, the scramble remain poorly understood. This column argues that the changes in African international trade over the course of the 19th century created an economic rationale for the African scramble. This episode offers insights that are relevant for current African economic development. -- downloaded pdf to Note
paper  economic_history  Africa  African_trade  19thC  20thC  imperialism  British_Empire  French_Empire  Industrial_Revolution  raw_materials  natural_resources  globalization  Sub-Saharan_Afric  economic_growth  development  downloaded 
july 2015 by dunnettreader
Bassino, Broadberry, Fukao, Gupta, and Takashima - Japan and the Great Divergence, 725 to 1874 | VOX, CEPR’s Policy Portal - 01 July 2015
Jean-Pascal Bassino, Stephen Broadberry, Kyoji Fukao, Bishnupriya Gupta, Masanori Takashima -- Japan was the first Asian nation to achieve modern economic growth. This column discusses new evidence suggesting that Japan’s growth started from a lower level than Britain’s and grew more slowly until the Meiji Restoration. The key to understanding modern economic growth seems to lie in identifying the forces that dampened growth reversals, rather than the forces responsible for growth itself. -- downloaded pdf to Note
paper  economic_history  economic_growth  medieval_history  17thC  18thC  19thC  20thC  economic_theory  economic_sociology  Great_Divergence  Japan  development  UK_economy  downloaded 
july 2015 by dunnettreader
Hans Degryse, Liping Lu, Steven Ongena - Informal or formal financing: First evidence on co-funding of Chinese firms | VOX, CEPR’s Policy Portal - 21 August 2013
Non-bank financing originating in the shadow banking system has increasingly become an issue for policymakers. This column argues that informal financing has, in fact, been an essential element of corporate performance in China. Through reviewing the interaction between informal and formal financing, evidence suggests that informal financing simultaneously granted with formal financing (co-funding) is helpful for growth, especially for small firms. -- informal financing may complement the use of formal financing, so that co-funding can better enhance firm growth. We conclude that the informal credit market should not be simply repressed as it may co-exist with the formal banking system and supports firm growth in a proper way. As the risks in the shadow banking system has not been regulated properly in China, it is high time that the Chinese regulators curtail the risks and channel the non-bank lending into a proper track in order to avoid a debt crisis. Informal financiers could then still continue to be a vital player in the Chinese credit market and sustain the high economic growth.
paper  China-economy  shadow_banking  NBFI  intermediation  information-intermediaries  access_to_finance  economic_growth  corporate_finance  financial_regulation 
july 2015 by dunnettreader
Markus Brückner, Daniel Lederman - Effects of income inequality on economic growth | VOX, CEPR’s Policy Portal - 07 July 2015
The relationship between aggregate output and income inequality is central in macroeconomics. This column argues that greater income inequality raises the economic growth of poor countries and decreases the growth of high- and middle-income countries. Human capital accumulation is an important channel through which income inequality affects growth.
economic_growth  economic_models  macroeconomics  inequality  inequality-wealth  trickle-down  LDCs  OECD_economies  human_capital 
july 2015 by dunnettreader
Must-Read: Sharun Mukand and Dani Rodrik: The Political Economy of Liberal Democracy - Washington Center for Equitable Growth
We distinguish between… property rights, political rights, and civil rights… …Liberal democracy is that it protects civil rights (equality before the law for minorities) in addition to the other two. Democratic transitions are typically the product of a settlement between the elite (who care mostly about property rights) and the majority (who care mostly about political rights). Such settlements rarely produce liberal democracy, as the minority has neither the resources nor the numbers to make a contribution at the bargaining table. We develop a formal model to sharpen the contrast between electoral and liberal democracies…. We discuss… the difference between social mobilizations sparked by industrialization and decolonization. Since the latter revolve around identity cleavages rather than class cleavages, they are less conducive to liberal politics. -- downloaded pdf to Note
paper  democracy  liberal_democracy  civil_liberties  rights-legal  rights-political  human_rights  democratization  transition_economies  elites-political_influence  property_rights  property-confiscations  identity_politics  decolonization  post-colonial  industrialization  LDCs  emerging_markets  development  economic_growth  political_economy  political_culture  majoritarian  minorities  class_conflict  downloaded 
july 2015 by dunnettreader
Michael Kwass, review essay - Reassessing Enlightenment Economics - Reinert's "Translating Empire" | Books & ideas - 25 March 2013
Reviewed: Sophus A. Reinert, Translating Empire: Emulation and the Origins of Political Economy. Harvard University Press, 438 pp - Resurrecting the life of John Cary’s Essay on the State of England, a book which travelled all over Europe throughout the 18th century, S.A. Reinert challenges our understanding of Enlightenment economics, while calling for a more nuanced and historically-informed understanding of political economy in general. (..) By resurrecting the life of a text that scholars have dismissed as “mercantilist” and repositioning that work at the center of 18th-century political economy, Reinert challenges our basic understanding of Enlightenment economics, so often reduced to the free-trade doctrines of the physiocrats and Adam Smith. He argues that the diffusion of Cary’s work demonstrates that state-centered approaches to the creation of wealth enjoyed wide resonance at the very moment when discussions of economic policy were expanding beyond state chambers to engage a broader public. Far from being eclipsed by theories of laissez-faire economics, as conventional histories of economic thought would have us believe, such approaches became “the absolute mainstream in Europe” by the late 18th century -- downloaded pdf to Note
books  reviews  kindle  18thC  economic_history  intellectual_history  intellectual_history-distorted  political_economy  Enlightenment  economic_theory  mercantilism  laisser-faire  Physiocrats  Smith  British_history  British_foreign_policy  nation-state  economic_growth  development  public_policy  public_goods  government-roles  Italy  Austria  Germany  readership  history_of_book  print_culture  information-intermediaries  networks-information  networks-business  networks-policy  Republic_of_Letters  downloaded 
july 2015 by dunnettreader
Steve Knepper - Pope Francis and Humane Ecology | The Hedgehog Review - July 2015
Pope Francis’s new encyclical calls for a holistic ethic, an “integral ecology” that insists on the dignity of both human and nonhuman nature and on the shared roots of ecological and social problems. This ethic holds that “everything is connected. Concern for the environment thus needs to be joined to a sincere love for our fellow human beings and an unwavering commitment to resolving the problems of society.” Many responses to Laudato Si’ have focused on Francis’s treatment of particular issues, such as air conditioning or carbon credits. Yet the call for an integral ecology is what makes the encyclical truly distinctive. (..) Patrick Deneen claimed that Laudato Si’ develops “a Thomistic and Aristotelian theme: ‘how human beings live in and with and through nature, in ways that do not fall into what Pope Francis calls, again and again, the twin temptations of, on the one hand, viewing human beings as separate from nature in our capacity to dominate nature, [and] on the other side, a kind of anti-humanism which regards human beings as equally foreign to nature, but now as a kind of virus that has to—in some ways—be eliminated.” Francis’s integral ecology thus challenges some tendencies on both the right and the left. It does so by staying resolutely focused on the poor.
Instapaper  Pope_Francis  Papacy  climate  environment  poverty  human_rights  humanism  human_condition  Thomism-21stC  Aristotelian  nature  nature-mastery  ecology  ecology-economic  anti-humanism  green_economy  green_finance  energy  energy-markets  water  climate-adaptation  LDCs  economic_growth  economic_culture  theology  creation_ex_nilho  conservation  dignity  empathy  from instapaper
july 2015 by dunnettreader
Era Dabla-Norris et al - Causes and Consequences of Income Inequality : A Global Perspective | IMF Research - June 2015
Era Dabla-Norris ; Kalpana Kochhar ; Nujin Suphaphiphat ; Frantisek Ricka ; Evridiki Tsounta -- This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive. (Duh!) -- didn't download
paper  IMF  economic_growth  inequality  OECD_economies  LDCs  emerging_markets  fiscal_policy  labor  labor_standards  supply-side  tax_policy  access_to_finance  poverty  working_class  middle_class  trickle-down 
july 2015 by dunnettreader
Patrick Love - OECD Report: Fostering Investing in infrastructure | OECD Insights Blog - 24 June 2015
According to the OECD’s Fostering Investment in Infrastructure, it’s going to cost a lot to keep the thrifty housewives across the globe happy over the next 15 years: $71 trillion, or about 3.5% of annual world GDP from 2007 to 2030 for transport, electricity, water, and telecommunications. The Newport railway was privately financed, as was practically all railway construction in Britain at the time, but in the 20th century, governments gradually took the leading role in infrastructure projects. In the 21st century, given the massive sums involved and the state of public finances after the crisis, the only way to get the trillions needed is to call on private funds. -- downloaded pdf to Note
report  OECD  infrastructure  infrastructure-markets  public-private_partnerships  project_finance  public_goods  public_finance  green_finance  green_economy  LDCs  emerging_markets  OECD_economies  energy  energy-markets  telecommunications  technology_transfer  technology-adoption  FDI  water  urban_development  public_health  economic_growth  economic_reform  downloaded 
july 2015 by dunnettreader
JW Mason - The Myth of Reagan’s Debt | Slackwire - June 2015
Arjun and I have been working lately on a paper on monetary and fiscal policy. (You can find the current version here.) The idea, which began with some posts on… It's all about the interplay of interest rates, growth rates and inflation rates -- thanks, Volker!
Instapaper  economic_history  political_history  20thC  post-WWII  US_politics  fiscal_policy  monetary_policy  deficit_finance  interest_rates  economic_growth  inflation  Volker  Fed  Reagan  budget_deficit  from instapaper
july 2015 by dunnettreader
Dietz Vollrath - Mathiness versus Science in Growth Economics | Growth Economics - May 2015
Paul Romer created a bit of a firestorm over the last week or so with his paper and posts regarding “Mathiness in the Theory of Economic Growth”. I finally was… -- he talked with Moll re the Lucas and Moll paper that Romer has been going ballistic about -- Vollrath seems to think that theoretical models addressing growth-enducing technologies may need to consider monopolistic style competition in some markets, but in, e.g. peasants adopting higher yield techniques, a "price-taker" model might be appropriate -- but the crucial point is not the key assumption underpinning a model, but that it be framed and specified in a fashion that empirical research can be done to rule out some factors and gradually adjust and refine both theoretical explanation and empirical evidence -- very Popperian approach to interplay between theory and "falsification"
economic_theory  economic_growth  macroeconomics  scientific_method  technology  technology_transfer  technology-adoption  competition  monopolies  increasing_returns  Chicago_School  Romer  Instapaper  from instapaper
may 2015 by dunnettreader
Joseph Adelson, review essay - What Caused Capitalism? | Foreign Affairs - May 2015
Once upon a time, smart people thought the world was flat. As globalization took off, economists pointed to spreading market forces that… Includes new Cambridge History of Capitalism, Mokyr Enlightened Economy, Acemoglu and Robinson Why Nations Fail, and Beckert Empire of Cotton -- contrasts tales that are, in broad brush, optimistic and internalist re origins (especially Mokyr) vs pessimistic and externalist (especially Cotton) -- copied to Instapaper
books  reviews  bookshelf  economic_history  capitalism  Great_Divergence  ancient_history  global_economy  global_history  global_system  Europe-Early_Modern  city_states  Italy  Spain  France  British_history  India  US_history  colonialism  imperialism  empires  institutional_economics  technology  development  Scientific_Revolution  Industrial_Revolution  industrialization  industrial_policy  US_Civil_War  slavery  property  property_rights  mercantilism  mercantilism-violence  Instapaper  markets  political_economy  economic_culture  economic_growth  from instapaper
may 2015 by dunnettreader
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