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The Grumpy Economist: Is Finance Too Big?

The Grumpy Economist: Is Finance Too Big? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it

Is finance too big? Here's a draft essay on the subject. There is a pdf on my webpage, and updates, revisions and a final version will end up there. This came about as a "response essay" to Robin Greenwood and David Scharfstein's "The growth of modern finance" for the Journal of Economic Perspectives. That's why Robin and David are the target of a lot of criticism. But they're really just standing in for a lot of opinion that finance is "too big," in part because they did such a good and evenhanded job of synthesizing that point of view. So, sorry for picking on you, Robin and David! I'm sure the JEP will make me cut it down and tone it down, so this is the fun first draft.

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"GE" | Global Economy - Küresel Ekonomi
Actual news, comments, reports and links about the "global economy" - "Küresel ekonomi" hakkında haber, yorum, rapor ve bağlantılar
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What's Happening to the Populations of the US, China, And Japan?

What's Happening to the Populations of the US, China, And Japan? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Demographics is destiny.
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Outward and upward: Chinese investment abroad is poised to surpass its inward flows

Outward and upward: Chinese investment abroad is poised to surpass its inward flows | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Chinese investment abroad is poised to surpass its inward flows In an unprecedented shift, Chinese companies are on the cusp of investing more in the rest of the...
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Heads they win: A new measure shows the financial sector’s expanding share of the economy

Heads they win: A new measure shows the financial sector’s expanding share of the economy | "GE" | Global Economy - Küresel Ekonomi | Scoop.it

A new measure shows the financial sector’s expanding share of the economy

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Eli Levine's curator insight, June 25, 8:10 AM

So basically, we don't produce as much as we did.  All the profits from the companies seem to have been shunted into the banks where it accumulates wealth upon itself without actually generating any value for the actual economy or the society in which the profits are being realized.

 

In order to have growth in an economy, you need to do more than simply have earned net profit accumulate more profit upon itself.  You've got to pay out that wealth to workers who will then go out and spend the money that they earn on goods and services, which will then create a feedback loop, provided that workers are continuously paid according to how much profit they produce through their labor.  I'm for a minimum wage, but not a living minimum wage.  I'm for profit sharing, such that the larger companies who employ most of the people in the economy and generate the most amount of profit have to kick chunks of that extra wealth down to their workers rather than simply allow things to accumulate at the top.  Trickle down is absolute bunk empirically, I don't know how it is that we still use that as a model (except for the fact that Liberal and Conservative elites have been co-opted into the Capitalist circles of wealth, power, and corruption.

 

You want to see real growth; the production of real well being?  Try paying your workers more than sub-subsistence wages when they produce massive amounts of profit.  Then, watch what happens.

 

Stupid, corrupt economists.  Idiot corrupt politicians and policy-makers.

 

Think about it.

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This map shows which export makes your country the most money

This map shows which export makes your country the most money | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
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. 

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Eli Levine's curator insight, June 23, 8:41 AM

Very cool and interesting.

 

Think about it.

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Betrug: Deutsche Firmen fast so korrupt wie nigerianische

Betrug: Deutsche Firmen fast so korrupt wie nigerianische | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
90 Prozent der Manager in Nigeria halten Bestechung für üblich, in Ägypten sind es sogar 100 Prozent. Deutsche Chefs hingegen glauben: Unsere Betriebe sind sauber. Die Realität ist eine ganz andere.
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In A Sea Of Money Printing, What Happened To All The Liquidity?

In A Sea Of Money Printing, What Happened To All The Liquidity? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Volatility is depressed, micro dominates and as Goldman notes several of the key emerging themes of the last few years have lost their discovery value.
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"The Illusion of Choice": Diese zehn Konzerne lenken Ihren Einkaufswagen

"The Illusion of Choice": Diese zehn Konzerne lenken Ihren Einkaufswagen | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Sie denken, Sie hätten im Supermarkt die Auswahl zwischen Produkten unzähliger Hersteller? Falsch! In Wahrheit sind es gerade zwei Handvoll Konzerne, die bestimmen, was in Ihrem Einkaufswagen landet. Zumindest zeigt das die erstaunliche Grafik eines Unbekannten.
Aykut Kibritçioğlu's insight:

Alış-Veriş Tercihlerimizi Yönlendiren 10 Büyük Şirket:

http://www.focus.de/finanzen/news/mars-coca-cola-unilever-nestle-diese-zehn-konzerne-lenken-ihren-einkaufswagen_id_3906710.html ;…

("The Illusion of Choice")

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How the Recession Reshaped the Economy, in 255 Charts

How the Recession Reshaped the Economy, in 255 Charts | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Five years since the end of the Great Recession, the private sector has finally regained the nine million jobs it lost. But not all industries recovered equally.
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Families Struggling to Afford Food in OECD Countries

Families Struggling to Afford Food in OECD Countries | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
The number of residents struggling to afford food in OECD countries has risen over the past six years, especially among people with children.
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Why Are We So Busy?

Why Are We So Busy? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it

Since the 1930s, U.S. G.D.P. has grown, in real terms, by a factor of sixteen. Why hasn’t that wealth translated into more leisure time?

 

Once, we were warned about a future of overabundant leisure. Now we’re busy complaining about being busier than ever.


Illustration by Nishant Choksi.



Via Kenneth Mikkelsen
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10 years EU enlargement anniversary: Waltzing past Vienna

10 years EU enlargement anniversary: Waltzing past Vienna | "GE" | Global Economy - Küresel Ekonomi | Scoop.it

Since their EU accession, Warsaw, Bratislava and Prague have overtaken Vienna in terms of GDP per capita, but regional divergence has widened.


Since their accession to the European Union ten years ago, something extraordinary has has been going on in the central European capitals. Measured in purchasing power standards (PPS), Warsaw, Bratislava and Prague now have a higher GDP per capita than Vienna. The Österreichs Kaiserstadt has been the reference point for central European countries for centuries – and a reference point now too, due to geographical closeness and strong trade and financial links.

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The benefits of Brentry: Eurosceptics may be hugely underestimating the value of membership of the European Union

The benefits of Brentry: Eurosceptics may be hugely underestimating the value of membership of the European Union | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
THIS week the Institute for Economic Affairs, a British think-tank, awarded a prize of €100,000 ($138,000) for the most compelling plan for a British withdrawal...
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Globalization and the Textile Industry

"On the 100th anniversary of the Triangle Shirtwaist Factory Fire, little has changed in the global sweatshop economy. Workers are again trapped and burned to death behind locked exit gates."


Via Seth Dixon
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Kelly Collinsworth's curator insight, April 16, 5:42 AM

For Beth Manor

Courtney Barrowman's curator insight, April 24, 8:28 AM

unit 6

Danielle Bellefeuille's curator insight, May 10, 3:16 PM

The sad reality of the new division of labor, we are moving backwards instead of forwards with labor policies and widening the gap between core and periphery countries. We need to stand up and advocate for fair trade. These countries rely on us for sources of unemployment, and we need to give them better wages, safer working conditions, and help them push pass this dependency, and grow into more economically and socially strong countries.

 

http://www.laborrights.org

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LIVE Lecture: "Catching Up and Falling Behind: Lessons from 20th Century Growth"

LIVE Lecture: "Catching Up and Falling Behind: Lessons from 20th Century Growth" | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
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.
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"All the World’s Economies in One Chart":
GDP per Capita from 1952 to 2007 in USD of the year 2000

"All the World’s Economies in One Chart":<br/>GDP per Capita from 1952 to 2007 in USD of the year 2000 | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Etpinard's interactive graph and data of "GDP per Capita from 1952 to 2007 in USD of the year 2000 [GapMinder]" is a filled line chart, showing Singapore, Norway, Hong Kong, China, Ireland, Austria, United States, Iceland, Japan, Netherlands, Taiwan, Finland, Denmark, Belgium, Sweden, Germany, Spain, Canada, Australia, Greece, Italy, France, United Kingdom, Switzerland, Korea, Rep., Slovenia, Israel, Oman, Bahrain, Portugal, Puerto Rico, Czech Republic, Saudi Arabia, Trinidad and Tobago, New Zealand, Slovak Republic, Hungary, Equatorial Guinea, Botswana, Croatia, Poland, Malaysia, Libya, Chile, Mauritius, Gabon, Iran, Mexico, Bulgaria, Romania, Panama, Costa Rica, Brazil, Argentina, Thailand, Montenegro, Turkey, Bosnia and Herzegovina, Serbia, Lebanon, Tunisia, Reunion, Uruguay, Colombia, Dominican Republic, China, South Africa, Jamaica, Albania, Egypt, Algeria, Venezuela, Peru, Swaziland, Cuba, Ecuador, Jordan, Sri Lanka, Indonesia, Guatemala, El Salvador, Syria, Namibia, Mongolia, Paraguay, Morocco, Pakistan, Philippines, India, Vietnam, West Bank and Gaza, Congo, Rep., Yemen, Rep., Honduras, Cambodia, Angola, Lesotho, Bolivia, Mauritania, Sudan, Nigeria, Cameroon, Sao Tome and Principe, Bangladesh, Burkina Faso, Myanmar, Kenya, Mali, Nepal, Chad, Korea, Dem. Rep., Guinea, Ghana, Tanzania, Malawi, Benin, Rwanda, Mozambique, Iraq, Ethiopia, Uganda, Eritrea, Guinea-Bissau, Gambia, Senegal, Afghanistan, Cote d'Ivoire, Zambia, Burundi, Zimbabwe, Togo, Sierra Leone, Comoros, Niger, Liberia, Somalia, Nicaragua, Central African Republic, Madagascar, Congo, Dem. Rep., Djibouti, Haiti, Kuwait.
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Three Economic Indicators That May Regain Focus in Policy Debate and Outlook

Three Economic Indicators That May Regain Focus in Policy Debate and Outlook | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
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The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy's Only Hope

The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy's Only Hope on Amazon.com. *FREE* shipping on qualifying offers.
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Who will win the Competitiveness World Cup?

Who will win the Competitiveness World Cup? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
The 2014 FIFA World Cup is being held in Brazil between 12 June and 13 July.
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Konut Sektöründe “Fiyat Köpüğü” veya Kriz Oluşum Göstergeleri Nelerdir?

Konut Sektöründe “Fiyat Köpüğü” veya Kriz Oluşum Göstergeleri Nelerdir? | "GE" | Global Economy - Küresel Ekonomi | Scoop.it

Amerika Birleşik Devletleri’nde 2006-2010 yıllarında yaşanan finansal krizden ve onu takiben oluşan “Büyük Küresel Durgunluk”‘tan bu yana konut sektöründeki fiyat gelişmeleri yaygın bir biçimde mercek altına alındı. Türkiye’de veya dünyanın diğer herhangi bir ülkesinde konut sektöründe oluşacak bir “fiyat balonu veya kabarcığı”nın göstergeleri neler olabilir? Sadece nominal (veya reel) konut fiyat endekslerini izlemek yeterli midir? Her büyük konut fiyatı artışı tehlikeli midir? Aşağıdaki kaynaklarda, bu konudaki bazı önemli tanım ve göstergeler hakkında yararlı ipuçları bulacaksınız: ...

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Londra'da evsizlere karşı çivili önlem!

Londra'da evsizlere karşı çivili önlem! | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
İngiltere'nin başkenti Londra'da kaldırımlarda ve apartman girişlerinde evsizlerin yatıp kalkmalarını önlemek amacıyla geliştirilen çivili önlem büyük tepki topluyor.
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US poverty rate, actual and simulated, 1959 – 2012 (graph)

US poverty rate, actual and simulated, 1959 – 2012 (graph) | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
from David Ruccio One of the points Thomas Piketty makes in his new book is that mainstream economists enshrined as “laws” of capitalist development certain “facts” that only had relevance during t...
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The Whole Economy Is Rife with Ponzi Schemes

The Whole Economy Is Rife with Ponzi Schemes | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Many ordinary business practices resemble the infamous con game

 

The Ponzi scheme has been a recurring fixture of economic life in rich and poor nations at least since the 19th century, creating a few millionaires and ruining the lives of millions. Yet most people have only a vague idea of what they are, which may explain why so many continue to fall for their strange and almost mystical allure. This topic, of course, has acquired a certain urgency because of the recent global financial crisis and headlines about the Bernard Madoff scandal, the biggest ever Ponzi scam, which occurred at the height of the turmoil.

 

Anyone who followed the Madoff debacle probably thinks about Ponzis as being deliberately concocted frauds. Instead of using investor money to fund a productive business venture, the con artist channels the proceeds from new investors to pay interest to earlier ones. But economists have started to realize that this type of behavior can also occur spontaneously, even unconsciously, simply by having one expectation feed on another, creating a frenzy of speculation, an inflating economic bubble that is doomed to eventually crash.

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Understanding ASEAN: Seven things you need to know

Understanding ASEAN: Seven things you need to know | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Southeast Asia is one of the world’s fastest-growing markets—and one of the least well known. A McKinsey & Company article.
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Selected Readings on Thomas Piketty's "Capital in the 21st Century" and the Discussions about its Methodological / Empirical Relevance & Possible Effects on Economics (or Economic Policies)

Selected Readings on Thomas Piketty's "Capital in the 21st Century" and the Discussions about its Methodological / Empirical Relevance & Possible Effects on Economics (or Economic Policies) | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
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Eli Levine's curator insight, April 30, 6:38 AM

In short, as people on the top make more money, more wealth becomes available to be placed into capital markets as opposed to earned income or other productive work.

 

Whoever told you that bankers and investors like risk is telling you a lie, since most of the wealth seems to get funneled into low-risk money market and savings accounts which then aren't used for investing in real projects.  The banks and the stock markets do great, while everyone else gets left behind economically and environmentally.

 

Hopefully society will be able to correct and compensate for these problems through its members' influence on the government institutions.  If peaceful democratic methods fail to get people what they need, then all Hell is likely to break lose on the rich, should conditions change for the worse or remain abjectly mediocre for a majority of people.  The anger and frustration is real and the environment is changing for our worse due to our economic activity.  It really should not be discounted or rationalized away by the bankers, investors and executives who own most of everything, if they're acting in their own actual self interests within the context of our society and our environment that we all need to survive.

 

A shame that so many people who are so inept at basic survival skills reach places of such great influence in our social worlds.

 

Think about it.

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"The Growing Divide Within Developing Economies"
(Dani Rodrik examines why informal and traditional sectors are expanding, rather than shrinking.)

"The Growing Divide Within Developing Economies"<br/>(Dani Rodrik examines why informal and traditional sectors are expanding, rather than shrinking.) | "GE" | Global Economy - Küresel Ekonomi | Scoop.it
Look around the developing world and you will see a bewildering fissure opening up between economies' leading and lagging sectors. Worse, in many developing countries, the share of employment in these low-productivity sectors is expanding.
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