GDP
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The value in GDP
At the recent ASSA 2020 conference there was a session on whether Gross Domestic Product (GDP), the ubiquitous measure of national output, was adequate as a gauge of “well-being or social welfare”. Various proposals have been put forward for attempting to measure social welfare, including “dashboards” of economic and social indicators as well as approaches… Continue reading
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Demographic demise by michael roberts
There is one outstanding statistical feature of 21st century capitalism. Capitalism is increasingly failing to develop what Marx called the “productive forces” (namely the technology and labour necessary to expand the output of things and services that human society needs or wants). As measured by gross national product in all the economies of the world (or… Continue reading
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A Brave New Transatlantic Partnership: The Social and Environmental Consequences of the Proposed EU-US Trade Deal
As the second round of negotiations on the EU-US trade agreement kick off in Brussels next week, a new report published by members of the Seattle to Brussels Network (S2B), including CEO, reveals the true human and environmental costs of the proposed deal. Continue reading
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BBC welfare reform show breached impartiality guidelines
A BBC documentary on the welfare state breached impartiality and accuracy guidelines, the BBC Trust has found. Continue reading
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The world is rich. The rich are the problem By Richard Mellor
There’s no shortage of food, no shortage of wealth to solve social crises. The problem is a system that enriches a few and starves multitudes. Continue reading
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Video: Study Debunking Austerity Research Sparks Wide Reaction
Bob Pollin (Co-Author of Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff): Deficit Hawks still defend conclusions of a study that contained spreadsheet errors and weighted selected countries in an inappropriate way; led to incorrect theory about public debt and growth (Inc. transcript). Continue reading
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The Return of Empires (VII) By Dmitry MININ
Historian Niall Ferguson states that the majority of modern-day academics see an entirely appropriate parallel between the “imperial rule” of the USA and the British Empire as it was 100 years ago. Joseph Nye, meanwhile, believes that “not since Rome has one nation loomed so large above the others… Respected analysts on both the left… Continue reading
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The Wrong Economic Prescriptions: Deeper Austerity as a “Solution” to Austerity By Kevin Zeese and Margaret Flowers
As the economy shows signs of recession, the leeches return. Alan Simpson and Erskine Bowles have issued a new report calling for even deeper austerity. It is not what the economy needs as it stagnates and sputters toward a possible new collapse. Their report combined with President Obama’s State of the Union, the sequestration and… Continue reading
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Fracking: Too Much of a Good Thing, Says Planet Money Guy By Peter Hart
While many environmentalists work to stop fracking, Davidson has a different idea–he writes that the “best thing that any U.S. environmentalist can do is to start thinking like an economist.” Continue reading
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Video: Austerity and Low Wages will Lead to Years of Recession
Engelbert Stockhammer: Europe has shown that cuts in public spending and lowering wages leads to deep stagnation Continue reading
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The $600 Trillion Time Bomb That's Set to Explode By Keith Fitz-Gerald
The world’s gross domestic product (GDP) is only about $65 trillion, or roughly 10.83% of the worldwide value of the global derivatives market, according to The Economist. So there is literally not enough money on the planet to backstop the banks trading these things if they run into trouble. Continue reading
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South Africa Tells Exactly Why It Is Terrified Of A Walmart-Massmart Merger
The sheer scale of Walmart’s international operations made government’s intervention necessary. Walmart’s revenue is estimated to be $408 billion – larger than South Africa’s GDP. In 2004, Walmart, if it was measured as a country, would have been China’s 8th largest trade partner and would have a GDP larger than 75% of countries worldwide. In… Continue reading
The New Dark Age 