The West still outperforms China in most areas of advanced technology but has much to learn about how it lost the lead in some areas. China’s technology surge to dominance in a few sectors is the consequence of a set of concrete factors that either exist already in Europe, can be created, or used to exist and can be […]
Though the reactions of economic activities in the US and globally to FED policy are well documented, the global impacts of unexpected changes in the US monetary policy uncertainty are still less understood. Povilas Lastauskas and Anh D. M. Nguyen highlight the role of uncertainty in generating synchronised worldwide contraction and rationalising the global economy’s slow recovery from global financial crisis. […]
Trade protection along supply chains: how antidumping measures against China hurt downstream industries
Production processes are often no longer confined to a single country; supply chains can be fragmented across great distances. By contrast, tariffs are often used by individual countries to protect certain industries. In new research, which studies the effects of US antidumping duties applied against China, Chad P. Bown, Paola Conconi, Aksel Erbahar and Lorenzo Trimarchi find that these […]
Book Review: Boom and Bust: A Global History of Financial Bubbles by William Quinn and John D. Turner
In Boom and Bust: A Global History of Financial Bubbles, William Quinn and John D. Turner take readers on a 300-year tour through the history of the world’s most significant financial bubbles, aiming to improve understanding of why bubbles happen, their destructive and sometimes beneficial consequences and potential policy measures to help prevent bubbles. Hans G. Despain praises the book as […]
In Veblen: The Making of an Economist Who Unmade Economics, Charles Camic challenges the longstanding portayal of economic theorist Thorstein Veblen as a maverick outsider. Tracing the development of Veblen’s intellectual practices and affiliations, Camic instead finds an academic who was distinctly an insider, yet who turned his orthodox training against prevailing opinion. Offering an excellent account of how Veblen arrived […]
Since the Great Financial Crisis of 2008, the US Federal Reserve and other Central Banks have kept interest rates low, with the stated purpose of promoting economic recovery. But, writes, David W. Wise, rather than boosting the real economy, these low interest rate policies have artificially inflated financial markets and driven inequality through soaring asset prices.
The job of the Federal Reserve is to take away the punch […]
In the wake of the Capitol Hill insurrection earlier this month, a number of large corporations have announced that they will stop sending campaign contributions to certain Republican politicians. In this Q&A, Thomas Gift explains the impact that corporate money has in Washington, why the announcement is potentially significant, and why its implications will depend on the timing and […]
Joe Biden has the opportunity to help the US return to sustainable wage growth by increasing Federal funding for technological innovation.
When Joe Biden enters the White House in January, he will have the ability to reset an economic model that has failed to deliver prosperity for millions of Americans for decades. John Van Reenen calls for the creation of a Grand Innovation Challenge Fund that would see a large increase in Federal funding for research and development to fuel […]
As COVID-19 numbers spike in the US, and the economy looks increasingly fragile, Democrats and Republicans continue to debate the details of a possible stimulus package. Will the two sides strike a deal soon? In this Q&A, Thomas Gift examines the prospects for compromise, the main hurdles preventing a deal to this point, and the political dynamics at play […]
Book Review: Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee and Esther Duflo
In Good Economics for Hard Times: Better Answers to Our Biggest Problems, Nobel-Prize winning economists Abhijit V. Banerjee and Esther Duflo carefully lay out evidence to provide a grounded approach to tackling today’s most pressing global problems. With a focus on alleviating inequality and poverty, Banerjee and Duflo’s book clears a path for more interdisciplinary work centred on improving citizens’ […]