How should the huge financial costs of the pandemic be paid for, as well as the other deferred needs of society after this annus horribilis?
Politicians rarely want to raise taxes on the rich. President-elect Joe Biden promised to do so, but a closely divided Congress is already balking.
That's because they've bought into one of the most dangerous of all economic ideas: that economic growth requires the rich to become even richer. Rubbish.
In case you are keeping track:
Stimulus Money Should Have Gone to the Jobless, Economists Say - The New York Times
Galen Gilbert knows just what he will do with the check he gets from Washington as part of the pandemic relief package , whatever the amount: put it in the bank.
President Trump's demand to increase the already-approved $600 individual payment to $2,000, with backing from congressional Democrats, has dominated events in Washington this week and redefined the debate for more stimulus during the pandemic. Mitch McConnell, the Senate majority leader, said on Wednesday he would not allow a vote on a standalone bill increasing the checks to $2,000, dooming the effort, at least for now.
Free exchange - Is China right to tame Ant? | Finance & economics | The Economist
A similar pattern exists elsewhere. Researchers at the Bank for International Settlements ( BIS ) looked at 79 countries during 2013-19. Where banking sectors were less competitive and banks had less incentive to pursue smaller clients, fintech lenders grew larger. They also seem less likely to discriminate by race.
None of this is to deny that fintech could give rise to new problems. In making credit easily available, consumers can end up with too much debt. Firms may misuse the data they hoover up. Regulators must be vigilant against fraud, which plagued China's peer-to-peer lending industry a few years ago. And for well-run firms, monopoly is a serious risk. Once big enough, Ant could use its market power to block competitors and extract more profits.
The virus that shut down the world: Economic meltdown | | UN News
Even before the virus had officially been declared a pandemic, it was clear that the shutdowns, travel bans and other restrictions on movement would be serious.
In May, the UN Department of Economic and Social Affairs (DESA) forecast that the global economy would shrink by almost 3.2 per cent in 2020, equivalent to some
Confronted by this flood of negative data, the idea of universal basic income (where governments give a minimum sum of money to all citizens, regardless of work status or income) began to gain traction within the UN.
In case you are keeping track:
Doughnut economics may have the answer to the dilemma between environment and economic growth -
Doughnut economics, a concept principally developed by UK economist Kate Raworth, provides an intuitive way of thinking about it.
The image to keep in mind is that of a doughnut, on the inside of which is economic and social freefall.
* * *
The sweet spot, the "safe and just space for humanity" is, of course, in the doughnut itself. Mmm… doughnuts.
Such countries have homeless and hungry people, for sure. But the also have enough resources, homes and food to provide for them. That they don't is a question of distribution rather than scarcity.
Xi hails China's economic growth despite pandemic setback
BEIJING (AP) — China has made major progress in developing its economy and eradicating rural poverty over the past year despite the coronavirus pandemic, Chinese President Xi Jinping said in a New Year address Thursday.
The International Monetary Fund forecast in October that China, the world's second-largest economy, would grow 1.9% in 2020, a sharp slowdown from its 6.1% gain in 2019, and then expand 8.2% in 2021.
That compares with an IMF forecast for a global economic contraction of 4.4% for 2020, the worst plunge since the Great Depression of the 1930s.
Economist Carol Propper made a Dame in New Year's Honours | Imperial News | Imperial College
Dame Carol has supported the economics community, and been a key voice on the impact of the COVID-19 pandemic on the NHS, since the start of the crisis. Her recent papers have addressed a number of issues including the economic costs of lockdown, spending needs relating to healthcare and the coronavirus and the future of the NHS after the pandemic.
Reacting to the news of being made a Dame she said: “I am thrilled to have been awarded a DBE for my contribution to Economics and Public Health. Much of my research career has been focused on understanding how people and organisations respond to incentives in the field of healthcare.
Five economic predictions for 2021 - The Washington Post
New Year's is the traditional time not just for taking stock of the year gone by, but also for anticipating the challenges and opportunities of the year ahead. Here's one economic handicappers tip sheet:
By summer, however, as shutdowns will have ended, more than 100 million Americans will have been vaccinated, and another government rescue package will have been approved (see below). At that point, look for the economy to come roaring back as workers return to the office and consumers begin to satisfy a year's worth of pent-up demand for fashion, entertainment, restaurant meals and travel.
No comments:
Post a Comment