The question our sustainability crisis poses is whether our economy is more market failure than market? What says economics, then?
This article was first published by Preventable Surprises and is reproduced by kind permission.
The article is an abridged version of an essay, ‘Pigou and the Dropped Stitch of Economics’ available at the Preventable Surprises website .
While you're here, how about this:
The Economics of Freezing Your Eggs - WSJ
I've thought about my friends' eggs, too. And acquaintances' eggs. And the eggs of strangers I spot on the subway. I've started throwing out questions at brunch like, "Do you want to have a baby? Do you know how you'll do it? Hey, do you know how much some of this stuff costs?"
China: Impact of the coronavirus is stark – Capital Economics
Neil Shearing, an economist at Capital Economics, counts the first evidence of the impact the coronavirus has caused in the Chinese economy which has been severe. USD/CNY is traded at 6.9804, the same level it started the year.
“The past week has brought the first evidence of the economic damage caused by the coronavirus. The numbers are stark. Passenger traffic in China is down by around 60% compared to the same period around the Lunar New Year holiday last year. Property sales have collapsed. And energy consumption has failed to rebound following its usual drop over the holiday period.”
The CFPB's economic army to promote consumer welfare | TheHill
Last October, the Consumer Financial Protection Bureau (CFPB) announced its intention to create a Task Force on Federal Consumer Financial Law. Inspired by the 1972 National Commission on Consumer Finance, the task force is intended to examine the whole of consumer finance law academically, something that hasn't been done since the 1972 commission.
The announcement follows two other major efforts designed to inject more rigorous economic analysis into the CFPB, reestablishing the Academic Research Council (ARC) and creating Office of Cost-Benefit Analysis (OCBA). ARC, staffed with professors of economics, finance and law, is tasked with advising the CFPB on the strategies used to quantify the cost and benefits of regulatory actions. Meanwhile, the OCBA will vet all rules and enforcement actions through a small army of economists.
And here's another article:
The Health System We'd Have if Economists Ran Things - The New York Times
The survey, presented at the American Society of Health Economists conference in Washington last summer, was conducted by the health economists John Cawley of Cornell University, Michael Morrisey of Texas A&M and Kosali Simon of Indiana University.
A popular feature of the A.C.A. is that insurers cannot raise premiums for pre-existing conditions. Health economists appear to agree with this, with 80 percent saying premiums should not be higher for those with "genetic defects" (the poll's wording).
German economic policy's heavy cost on Europe and the US — Commentary
Germany accounts for nearly one-third of the euro area economy, and its bilateral goods trade with Europe and the U.S. represented last year 1.8 trillion euro ($2 trillion).
The German trade, therefore, has a substantial impact on those two highly open economic systems making up two-thirds of the world's industrialized economies.
Sadly, instead of acting as a constructive member of the international community, Germany is running its own economy into the ground by allowing demand and output to stagnate for most of last year – and just barely managing to eke out a 0.6% growth rate .
The Perils of Economic Boosterism | The New Republic
One of my earliest memories of economic babble was President Gerald R. Ford, in 1976, boasting that there were more Americans working than ever before. I hadn't yet taken up the study of economics (I obtained a bachelor's degree in English Literature in 1971), but I knew enough to be suspicious. After all, in a continuously growing economy, there will always be more Americans working than ever before , almost every year.
Economic boosters tend to play two basic angles. The first involves the question of responsibility: Who or what deserves credit for good news or the blame for bad? The second takes up the matter of just how good is good. That is to say, how seriously should we take the short-term fluctuations in the statistics that inspire breathless headlines, such as the gross domestic product, monthly increases in jobs, and the unemployment rate?
Stocks Mostly Rise but Japan Skids on Stark Economic Data - The New York Times
BANGKOK — Global stocks mostly rose Monday, with Shanghai's benchmark jumping over 2% after the central bank rolled out support for the economy amid a virus outbreak that has infected over 71,000 people globally. Japan's market slumped, however, on weak economic growth figures.
Britain's FTSE 100 gained 0.3% to close at 7,433.25, while France's CAC 40 gained 0.3% to 6085.95. Germany's DAX added 0.3% as well to end the day at 13,783.89. Wall Street remained closed for Presidents' Day. Futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher in electronic trading.
Happening on Twitter
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All those other parents would have to find a new daycare because this one would be GONE. Somebody is going to jail.… https://t.co/7pUtdjjNbh ReignOfApril (from Washington, DC) Sun Feb 16 23:34:06 +0000 2020
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