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Covid-10trn - What is the economic cost of covid-19? | Finance & economics | The Economist
T HE ECONOMIC toll of the covid-19 pandemic is incalculable. But let's try anyway. A useful starting point is the semi-annual Global Economic Prospects report released this week by the World Bank. It calculates that the world economy probably shrank by 4.3% in 2020, a setback matched only by the Depression and the two world wars. But this dramatic figure still understates the cost.
To calculate that bigger fall, economists need an estimate of how global GDP might have evolved in the absence of covid-19. One simple baseline is the World Bank's projection released this time last year, when it was still blissfully unaware of the lurking viral threat. Back then, it expected global GDP to expand by 2.5% in 2020 to $86trn. Compared with that figure, the shortfall of global GDP last year was probably more like 6.6%.
'Grim and unlikely to get much better before the spring': economists react to
Stocks opened higher Friday, despite the weak employment data, with the S&P 500 and Nasdaq Composite touching all-time highs. The Dow Jones Industrial Average DJIA, 0.17% rose 88 points, or 0.3%, to 31,129, while the S&P 500 SPX, 0.49% gained 18 points, or 0.5%, to 3,822. The Nasdaq Composite COMP, 0.78% advanced 98 points, or 0.8%, to 13,165.
Goldman Sachs predicts faster economic recovery after Democrats sweep Georgia - CNN
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Free exchange - Could the pandemic cause economists to rethink welfare?
Yet the most pointed discussion of the importance of social forces—and economists' tendency to overlook them—came in a keynote lecture by Emmanuel Saez of the University of California, Berkeley. He is known for his work assembling historical data on income and wealth inequality, but his lecture was far more philosophical than empirical. In it, he asked his fellow economists to rethink their usual approach to the welfare state.
As Mr Saez noted, the standard framework assumes that society is comprised of rational individuals making decisions based on self-interest. Choices about how much to save or what sort of education to acquire are informed by people's understanding of their own conditions and preferences. Economists working under these assumptions may support welfare programmes in the event of market failures.
US President-elect Biden announces picks for economic team | Donald Trump News | Al Jazeera
Joe Biden and Kamala Harris condemn the disparate treatment of Black versus white protesters after Capitol Hill riots.
US President Donald Trump addresses the nation a day after crowds of his supporters attacked the US Capitol.
New questions are being raised about securing President-elect Joe Biden's inauguration, to take place at the US Capitol.
The legacy of the Economic Growth Center's Country Studies program | YaleNews
United Nations consultant, algorithmic stock trader, chief economist of the Office of Management and Budget, Marxist theorist. These are just some of the jobs held by the alumni of the Country Studies program, the flagship research agenda of Yale's Economic Growth Center (EGC).
When the EGC was founded in 1961, it sent 25 young economists into the field to gather data and write books on the economies of developing countries. But the impact of this effort, known as the Country Studies program, transcends the volumes that were ultimately published. The program shaped careers and networks that have been influential not just within academia, but also to governments, international organizations, and non-governmental organizations.
Biden says economic package will be in the trillions of dollars | Reuters
WASHINGTON (Reuters) - U.S. President-elect Joe Biden said his administration's economic package will be in the trillions of dollars and include unemployment insurance and rent forbearance.
"It is necessary to spend the money now," Biden told reporters. "The answer is yes, it will be in the trillions of dollars, an entire package."
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