Steve Keen receives funding from the Economic and Social Research Council Rebuilding Macroeconomics project for Integrating Macroeconomics and Ecology via Energy and the Laws of Thermodynamics.
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While climate scientists warn that climate change could be catastrophic , economists such as 2018 Nobel prize winner William Nordhaus assert that it will be nowhere near as damaging. In a 2018 paper published after he was awarded the prize, Nordhaus claimed that 3°C of warming would reduce global GDP by just 2.1%, compared to what it would be in the total absence of climate change. Even a 6°C increase in global temperature, he claimed, would reduce GDP by just 8.5%.
Other things to check out:
Hard work and black swans - Economists are turning to culture to explain wealth and poverty |
T HE EMERGENCE of the discipline of economics in the 18th century was the result of people trying to explain something that had never happened before. At the time a handful of countries were becoming fabulously rich, while others remained dirt-poor. In 1500 the world's richest country was twice as well-off as the poorest one; by 1750 the ratio was five to one.
In order to explain such a divergence between rich and poor countries, the early economists were obsessed with culture, a catch-all term encompassing a society's beliefs, preferences and values. Adam Smith, the author of "The Wealth of Nations", explored the ways in which culture helped or hindered capitalism.
The low and slow barbecue economic recovery is back - CNN
What inclusive economic recovery can look like – lessons from Fresno | CalMatters
Inclusive economic development catalyzes a diverse set of leaders to create a shared agenda that expands middle class opportunity.
Autumn McDonald is a New America senior fellow and head of New America CA, mcdonald@newamerica.org .
Ashley Swearengin is president and CEO of the Central Valley Community Foundation , swearengin@centralvalleycf.org.
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"A lot of us around here work multiple jobs because we just can't make ends meet. Jobs are getting tighter and tighter. The more minimum wage goes up, the tighter the jobs get. I was assistant store manager for McDonalds. When minimum wage went to $12 we were told to cut employees – only keep the best and when you rehire, hire the best of the best. It's difficult when you know these people have families to support like you do."
This may worth something:
Rising Education Levels Provide Diminishing Economic Boost - WSJ
The U.S. lacks a key ingredient that helped propel it to economic dominance in the 20th century: productivity gains from higher education. Figuring out why could help influence the economy's long-term trajectory once it emerges from the coronavirus crisis.
In 2009, President Obama, worried about the economy's global standing, set a goal for the U.S. to have the world's most-educated workforce by 2020.
Pay People to Get Vaccinated - The New York Times
What's the best way to get the economy back on track after the Covid-19 recession? Simple: Achieve herd immunity. And what's the best way to achieve herd immunity? Again, simple: Once a vaccine is approved, pay people to take it.
That bold proposal comes from Robert Litan , an economist at the Brookings Institution. Congress should enact it as quickly as possible.
President Trump has blamed the nation's economic malaise on the unwillingness of local officials to allow businesses to open. Back in April, he tweeted , "LIBERATE MINNESOTA!"; "LIBERATE MICHIGAN!"; "LIBERATE VIRGINIA!" He seems to think that governors and mayors hold the economy's fate in their hands.
Reform hopes rise as China focuses on inward economic shift
BEIJING (Reuters) - Chinese reform advocates are hoping President Xi Jinping's proposed new economic model, expected to be the centrepiece of a key conclave next month, is an opportunity to quicken changes to spur domestic demand and tackle structural woes.
Xi in May proposed a "dual circulation" strategy for the next phase of economic development in which China will rely mainly on "domestic circulation" - an internal cycle of production, distribution and consumption.
Immunology - Some good news on covid-19 | Science & technology | The Economist
As described in Nature Immunology , the researchers compared blood samples from 28 mild and 14 severely ill covid-19 patients, as well as 16 healthy donors. The paper describes a "robust" T-cell response in infected people and, as with the Icelandic work, different responses in those who developed mild and severe cases of the illness.
In practice, it is still too early to celebrate. Dr Edwards warns that immunology has never been a predictive science. There is no test that can show definitively that a vaccine will work short of actually trying it in the real world.
Happening on Twitter
Trump nominated for Nobel Peace Prize following Israel-UAE accord https://t.co/hYElcJX9j6 via @nypost realDonaldTrump (from Washington, DC) Wed Sep 09 12:59:55 +0000 2020
Trump banned Critical Race Theory, told off the Military Industrial Complex, announced he's bringing the troops hom… https://t.co/GXL8f0qR8V JackPosobiec (from Washington, DC) Wed Sep 09 15:43:57 +0000 2020
EXCLUSIVE: President Trump has been nominated for a 2021 Nobel Peace Prize. https://t.co/vQxYMegPzb foxnewsradio (from FOX News Channel) Wed Sep 09 09:04:34 +0000 2020
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