As "From Here to Equality", a new book written by William Darity, a scholar on reparations at Duke University, and A. Kirsten Mullen, shows, the practicalities tend to take a back seat to philosophical arguments over whether reparations are needed in the first place. Genealogists would face the tricky task of determining who would be eligible for them. Economists, meanwhile, would have to consider two questions: how much to pay, and how best to spend the money?
Many scholars have tried to work out what would count as sufficient compensation for the descendants of slaves, but there is little agreement between them. One approach is to focus on compensation promised by the Union Army to freed slaves in 1865—the value of 40 acres of land and a mule—which was never realised. The amount of cropland required to meet that commitment today has a value of about $160bn (0.7% of American GDP in 2019).
While you're here, how about this:
Persistently high layoffs suggest a slow US economic rebound – Examiner Online
WASHINGTON (AP) — Three months after the viral outbreak shut down businesses across the country, U.S. employers are still shedding jobs at a heavy rate, a trend that points to a slow and prolonged recovery from the recession.
The number of laid-off workers seeking unemployment benefits barely fell last week to 1.5 million, the government said Thursday . That was down from a peak of nearly 7 million in March, and it marked an 11th straight weekly drop. But the number is still more than twice the record high that existed before the pandemic. And the total number of people receiving jobless aid remains a lofty 20.5 million.
Health Economics for Dummies
Unemployment Claims: 1.5 Million New State Filings in a Week - The New York Times
Businesses are reopening after coronavirus shutdowns, governments are easing restrictions, and workers are gradually returning to their jobs. But the layoffs keep coming.
Another 1.5 million people applied for state unemployment benefits last week, the Labor Department said Thursday, while 760,000 more filed new claims for Pandemic Unemployment Assistance, a federal emergency program that extends benefits to self-employed workers, independent contractors and others who don't qualify for standard benefits.
Quite a lot has been going on:
Better tailored - The euro area's stimulus is less stingy than in past crises | Finance &
That means that the ECB must do the heavy lifting this year. All told, it is due to buy €1.6trn in public and private-sector debt in 2020, equivalent to 14% of last year's GDP. Like the commission the bank has shifted away from its usual "one-size-fits-all" approach.
This article appeared in the Finance & economics section of the print edition under the headline "Better tailored"
Schumpeter - Can Zoom be trusted with users' secrets? | Business | The Economist
Zoom's achievements go beyond mere lucre. Its videoconferencing tools have the intuitive simplicity of an Apple product. It has made working from home feel not clunky, but chic. Moreover, its 50-year-old founder, Eric Yuan, cuts an intriguing figure. He has ridden an emotional roller-coaster this year as his company faced not just adulation, but scathing criticism for privacy lapses, security issues and Zoom-bombings.
But Mr Yuan, an American citizen, has a more intractable problem. It concerns his country of birth, China. On June 11th it became clear how vulnerable Zoom was to the long arm of the Communist state when the firm, which prides itself on "the open exchange of ideas", admitted it had temporarily shut down the accounts of three critics of the regime outside China. Investors barely noticed. Four days later Zoom's market capitalisation reached a record high of $67bn.
Geopolitics - The new world disorder | Leaders | The Economist
S EVENTY-FIVE years ago in San Francisco 50 countries signed the charter that created the United Nations—they left a blank space for Poland, which became the 51st founding member a few months later. In some ways the UN has exceeded expectations. Unlike the League of Nations, set up after the first world war, it has survived. Thanks largely to decolonisation, its membership has grown to 193. There has been no third world war.
And yet the UN is struggling, as are many of the structures, like the World Trade Organisation ( WTO ) and the Nuclear Non-Proliferation Treaty ( NPT ), designed to help create order out of chaos. This system, with the UN at its apex, is beset by internal problems, by the global struggle to cope with the rise of China, and most of all by the neglect—antipathy even—of the country that was its chief architect and sponsor, the United States.
How one economist views his profession ignoring racism - Marketplace
Kai Ryssdal: This is a densely packed, three-or-so-page letter, and rather than me synopsize it, what is the point you want to make to your fellow economists?
William Spriggs: For too long, economists have dodged the issue of racism and discrimination. Our built-in instinct is that discrimination does not exist. And economists don’t want to admit the history of race at the founding of modern economics at the beginning of the 20th century. And implicit in our models ends up being an assumption that somehow or another, in some way or fashion, African Americans are inferior.
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