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5 Years After the Great Recession, Our Economy Still Far from Recovered

Andrew Fieldhouse | Posted 08.26.2014 | Politics
Andrew Fieldhouse

Five years after the end of the Great Recession, the economy is far from healthy. A tragic mix of budgetary blunders and congressional inaction deserve the lion's share of the blame for this.

Whoa! Whassup with That Big Negative Q1 GDP Revision?

Jared Bernstein | Posted 08.25.2014 | Politics
Jared Bernstein

Real GDP contracted at a 2.9 percent rate according to revised data released on Wednesday. That's contracted, as in went down. So, are we back in recession?

Stop Exporting Jobs With the Stroke of a Pen!

John Komlos | Posted 08.23.2014 | Business
John Komlos

By establishing a market for import certificates, firms would have powerful incentives to bring the trade deficit into balance. All foreigners sending goods to this country would have to buy the certificates in appropriate amounts from our exporters. Overall, trade would become balanced quickly.

Buy the Numbers? Our Confounding and Insufficient Government Statistics

Frank Islam | Posted 08.18.2014 | Politics
Frank Islam

We currently have a national system of leading indicators that does not include or count important things that can be counted. We need one that does.

France Won't Count Heroin And Prostitution In Its GDP

Reuters | Posted 08.18.2014 | Business

PARIS, June 18 (Reuters) - France will not implement new European Union rules allowing member countries to adjust their national economic output fig...

How Does a Film Industry in Nigeria Still Break All the Rules?

Juliet Asante | Posted 06.10.2014 | Entertainment
Juliet Asante

I am a gal torn between two worlds! Literally! Last week, I was at the Sundance gala in NYC that honored Glenn Close. The theme of the gala was 'Here ...

CHART: In Terms of Social Progress, America is Not #1 -- It's #16

Michael E. Porter | Posted 07.14.2014 | World
Michael E. Porter

As Americans, we like to think of ourselves as a world leader. Yet the new Social Progress Index, a comprehensive framework measuring numerous important social outcomes, paints a very different picture - the U.S. ranks only 16th of 132 countries measured, behind other large countries such as Germany, the UK, Japan and Canada. On Health and Wellness, for example, we spend more on health care than any country in the world but in terms of the outcomes achieved--such as obesity and life expectancy--we are number 70 in the world, way below our advanced economy peers.

Why Wages Are Low and Unemployment Is High - Tech vs. Toil

Bob Swarup | Posted 07.07.2014 | Business
Bob Swarup

Long tech and short toil will fuel growth tomorrow, but whether we are able to stomach the journey today is far more unclear. The impact of the unfolding clash between technology and toil will be bruising in the shorter term. Its resolution will be critical to the future of economic growth.

Inclusive Growth: Making it Happen

OECD | Posted 06.18.2014 | Politics

By Gabriela Ramos Inequality has widened, with detrimental effects on our economies and societies. Can inclusive growth work? Yes, though it requir...

Economy Sees Troubling Slow Down

Reuters | Lucia Mutikani | Posted 04.30.2014 | Business

WASHINGTON (Reuters) - The U.S. economy barely grew in the first quarter as exports tumbled and businesses accumulated stocks at the slowest pace in n...

Africa Is Richer Than You Think

Obadias Ndaba | Posted 06.29.2014 | World
Obadias Ndaba

Africa suffers from another kind of poverty: lack of accurate statistical data. And it is a tragic, messy situation. Nigeria nearly doubled the size of its economy overnight -- a whopping 89 percent -- surpassing South Africa to become Africa's largest economy.

The Wrong Question

Cylvia Hayes | Posted 06.17.2014 | Green
Cylvia Hayes

Economic growth in and of itself is not a guaranteed pathway to global prosperity and progress and indeed, under our current economic model, economic growth is the biggest driver accelerating climate change. We have to start asking the right questions: growth of what and for what?

Next Time, Read the Bill!

Charles Kolb | Posted 06.15.2014 | Politics
Charles Kolb

Is it really asking too much for our elected representatives to take the time to read and understand the laws on which they vote? Why should Congress be held to a lesser standard?

America's Pension Black Hole: Dissecting Warren Buffett's Tapeworm

Bob Swarup | Posted 05.31.2014 | Business
Bob Swarup

Warren Buffett described public pension plans as a "gigantic financial tapeworm" and warned of a decade of pain. He was right on the first point, less so on the second.

Dow Jones And GDP Figures Are Doing Great -- But Tell Us Far Less Than They Claim

The Philosophers' Mail | Posted 03.11.2014 | World

Last week the Dow Jones Industrial Average started on Monday at 16,162.70 and rose and fell each day. It surged on Friday towards 16,400 but fell back...

Why Austerity Is Counterproductive In The New Economy

Larry Summers | Posted 12.01.2014 | World
Larry Summers

Changes in the structure of the economy have led to a significant shift in the natural balance between savings and investment, causing a decline in the equilibrium or normal real rate of interest that is associated with full employment. In this situation, a temporary increase in fiscal stimulus reduces, rather than increases, the long-run debt-to-GDP ratio.Anything that stimulates demand will operate in a positive direction. Austerity is counterproductive unless it generates so much confidence that it is a net increaser of demand.

President Obama, the Do-Gooder

Dean Baker | Posted 05.03.2014 | Business
Dean Baker

President Obama has said that he intends to use his presidential power to do what he can to improve the economy and lay the groundwork for future change. While there are limits as to what Obama can based on executive authority alone, there are many areas where he can have an impact. He already identified one area in his State of the Union Address, when he announced that new federal contracts would require that workers be paid a higher minimum wage. This sort of action can be carried much further. Of course, negotiations mean that we are prepared to give up something. That seems like a small price to pay for the millions of jobs that could be created.

A Post-GDP World? How to Measure Real Progress in America

Michael Shank, Ph.D. | Posted 04.30.2014 | Politics
Michael Shank, Ph.D.

How should the US government institute supplemental national accounts that better reflect the well-being of the nation? The question stems from a central premise that new comprehensive indicators would lead to better-informed policymaking, and, in turn, genuine advances in the nation's prosperity.

States Are Ditching GDP

Sean McElwee | Posted 04.15.2014 | Business
Sean McElwee

In the wake of the Great Recession, Americans have become cognizant of the fact that GDP bears little connection to their well-being.

Positive Thinking Leads to Economic Decline

Matthew Hutson | Posted 04.14.2014 | Business
Matthew Hutson

As much as popular culture preaches against negative thinking, our capacities for vigilance and pessimism evolved for a reason

How the Obama Administration, Congress, and the Keynesians Gutted the Budget

Jeffrey Sachs | Posted 04.08.2014 | Business
Jeffrey Sachs

The discretionary civilian budget -- the part that looks after your and your children's future other than social security, health, and emergency support -- is disappearing. What about America's future scientific and technological leadership? What about America's role in fighting climate change and promoting clean energy through new R&D? Forget about it.

8 Ways to Make Obama's Opportunity Goals a Reality

Sarah van Gelder | Posted 04.01.2014 | Politics
Sarah van Gelder

If we were to measure the real wealth of our society -- our health and well-being, the health of the natural world, our level of education, etc. -- we would see that inequality itself is reducing our nation's well being, and the power of big corporations is allowing the degradation of our communities and environment.

U.S. Economy Shows Solid Growth

AP | Posted 04.01.2014 | Business

WASHINGTON (AP) — The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spend...

What a Wall Street Banker Says About Our Society

Sean McElwee | Posted 03.26.2014 | Politics
Sean McElwee

Could it be that as a society, we are addicted to growth? There are numerous indications that this is the case.

Growth Is Not Enough, Young People Want to Live in a Decent Society

Michael Green | Posted 03.25.2014 | Politics
Michael Green

A newly published global survey reveals that, for young people at least, social -- not economic -- challenges are the major priority. Politicians and business leaders should take heed.