Harsh downturns tend to permanently lower the economy's growth potential, according to new research from the Federal Reserve that upends conventional theory and suggests early and aggressive policy action is advisable when dealing with recessions.
The compass tattoo on his right arm suggests a life at sea, though John Rose never worked on the trawlers that once plied the waters off the northern English city of Hull. He hasn’t had a steady job for almost 30 years.
Though a solution to the euro crisis continues to elude European leaders, the foundations of one are not difficult to discern. In fact, Europe’s recent soccer experience – in the EURO 2012 tournament and this year’s World Cup – provides insight into how to revive Europe’s economy and address its deeper identity problem.
Thomas Piketty’s bestseller Capital in the Twenty-First Century is fueling heated debate about the relationship between capital accumulation and inequality. But the broader question is whether these debates will produce real solutions to two of the critical problems of our time: income inequality and limited social mobility.
Australia makes the most money from coal. Who knew?
Using data from the CIA Factbook, we labeled every country in the world by its highest valued export, a.k.a. the commodity that makes the country the most money in the global market. Click on any of the maps below to see an enlarged version.
Danny Quah suggests that we are far more accepting of unrepresentative leaders when it comes to global governance than domestic politics.
What if a society decided its governing leaders must be chosen only from the richest and most powerful of its families? What if those political leaders held status and wealth, not only already greater but growing faster than that for anybody else in that society? What if, even though they wielded unrivalled influence, those leaders installed armed guards on every strategic street corner? What if those leaders operated with no counterbalancing competition, no checks and balances?
The airport of Fortaleza, Brazil’s northeastern beachside city, looked like a parking lot this week for the powers that are changing the order of the world economy. Official aircraft from Russia, South Africa and China were lined up on the tarmac,
Professor Angus Maddison has contributed to creating the world-wide reputation of the Development Centre and the OECD as being second to none. Between 1953 and 1978, he complemented his distinguished academic career with several long stays at the OECD and its predecessor, the OEEC.