Why The Great Malaise Of The World Economy Continues In 2016
The year 2015 was a hard one all around. Brazil fell into recession. China’s economy experienced its first serious bumps after almost four decades of
Economy
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The Incurable Japanese Syndrome And Europe
For the fifth time in seven years Japan is back in recession, with GDP shrinking by a further 0.2% in the third quarter. Meanwhile, inflation
How Inequality Kills
This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare.” Deservedly so. Indeed, soon after the award
Is It Meaningful To Talk About The Ownership Of Companies?
Shareholders own the corporation, and the duty of the directors to maximise shareholder value follows from that. I have lost count of the number of
Quantitative Easing (QE) And Public Investment
Since the start of this year the ECB has been applying “quantitative easing” (QE), i.e. a program injecting large amounts of money into the economy.
Liquidity Helps Financial Market Participants, Not Businesses And Households
Nothing illustrates more starkly the difference between the preoccupations of financial market participants and the needs of businesses and households than the subject of liquidity.
Managing The Economy Politically: Chinese Pitfalls
After eight months of continued contraction, the Chinese manufacturing juggernaut is officially stranded. The rollercoaster ride of the summer of 2015 with its market crashes
Phishing For Phools: Crowdfunding Or Crowdphishing?
If one were seeking a perfect example of why it’s so hard to make financial markets work well, one would not have to look further
Deepening EU Economic Governance: The Next Steps
Earlier this year, the so called ‘Five Presidents’ report’, authored by Jean-Claude Juncker, Donald Tusk, Jeroen Dijsselbloem, Mario Draghi, and Martin Schulz, was published, outlining
The Eurozone: Deflationary Boom Or Deflationary Bust?
Several years ago the idea that fiscal austerity could induce growth, “expansionary austerity”, had a brief flowering before withering under the heat of ridicule. Recently
New Countdown For Greece: A Bank Bail-in Is Looming
The debt crisis may no longer be in the spotlight but the financial situation in Greece remains complex. Greek banks continue to survive at the
The End Of German Hegemony – Really?
I was puzzled by Daniel Gros’ recent column in which he claims that Germany’s dominance of the EMU may be coming to an end. Gros’ argument
How Technology Can Eradicate Unemployment And Jobs At The Same Time
Several days ago Steven Hill presented at the Graduate Center CUNY in New York his new book “Raw Deal: How the ‘Uber Economy’ and Runaway Capitalism
The Global Slowdown And the Narrowing Of The Fed’s Freedom Of Action
On September 17, the Federal Reserve postponed again the decision – ‘announced’ many times in advance – to raise interest rates toward “normal” levels after eight
Industry 4.0: We Don’t Need A New Industrial Policy But A Better Regulatory Framework
Good economic policy rests on a clear idea of what the state and business should do or leave to others. This clear division is missing
Weak States, Poor Countries
In Scotland, I was brought up to think of policemen as allies and to ask one for help when I needed it. Imagine my surprise
Euro Deflation And How To Interpret It
If you read Larry Summers in the Financial Times, you know that recent data confirm falling prices in the euro zone. Summers argues that the