James K. Galbraith— In the United States we do not consider that there is such a thing as a people of Florida or Rhode Island or even of Texas, who have specific and intrinsic rights to their houses and businesses; nor apart from “buy local” campaigns do we care whether
Stephen Roach— From Donald Trump to Bernie Sanders, the trade debate and its impact on American workers is being distorted at both ends of the political spectrum. I will dispense with the politically correct critique of foreign trade. As a card-carrying economist I am certainly familiar with the benefits of
Matthew Drennan— In the presidential campaign of 2012 there was hardly a mention of income inequality. This time is different. Even the Republican candidates say that it is a problem. The current candidates should address income inequality and not just mouth stale bromides. They should frame the issue around three
Guido Calabresi— A century and a half ago John Stuart Mill said of English philosopher and political radical Jeremy Bentham, in effect, that he approached the world as a stranger. And, if the world did not fit his theory, utilitarianism, he dismissed what the world did as nonsense. Mill then said
William R. Summerhill— Brazil is mired in its worst crisis in more than thirty years. The economy and employment are shrinking, while high inflation is eroding consumers’ purchasing power. The currency has tanked, and along with it the government’s benchmark bond. A major corruption scandal that has already implicated national politicians,
Michael Murphree and Dan Breznitz— The front pages are crowded with eye-grabbing headlines declaring that the end is nigh for the Chinese economic miracle. The stock market collapse over the last three months as well as signs of declining energy consumption, slower export growth, and declining demand for industrial raw
Dieter Helm’s The Carbon Crunch takes a look at the world’s failure to adequately address climate change and proposes pragmatic, much-needed solutions. The following excerpt is from the preface to the revised and updated edition. The underlying position continues to deteriorate. In 2012, another 2 parts per million (ppm) of
Joseph William Singer— Should we raise the minimum wage to $15 an hour? Those who say yes seek wages sufficient to sustain workers; those who say no argue that this will increase business costs, leading to layoffs of the very people we are trying to help. Would an increase help
Edward Castronova— Three years ago, the digerati were abuzz about the idea of a “real” virtual currency. That turned out not to be the killer app. We still face the full disintermediation of the finance industry, but it’s being driven not by digital currencies but by digital wallets. What’s the
As a reflection of the state of environmental debates in the United States, the Senate recently could not pass an amendment to the Keystone XL pipeline bill affirming that “human activity significantly contributes to climate change” (although an earlier amendment to the bill declaring the “climate change is real and