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Archive for 'economic growth'

Bank of Canada, Exports, and LMI

Much has been made about Stephen Poloz’s decision to abandon ‘forward guidance’ in Bank of Canada rate setting announcements for the time being. Critics bemoan the loss of direction from the Bank. But Poloz’s comments yesterday were chock full of guidance on how the Bank sees Canada’s economic situation. Having been disappointed by the failure […]

Who’s afraid of free trade with Europe?

The prospect of freer trade with European nations is generally popular among Canadians. And why shouldn’t it be? Doesn’t the Canadian left repeatedly point to the advantages of many European social and economic institutions? Who could argue with lower prices for European cheese, wine, or chocolate? After all, we’ve been waiting for years for the […]

More on Secular Stagnation

Here is the link to a piece I wrote for the Globe on line this week re an interesting new eBook on secular stagnation.  I am struck by the fact that several eminently mainstream economists, mainly in the US but also Blanchard at the IMF,  see a need for public investment to drive growth, given […]

Andrea Horwath’s Debacle

I can’t remember the last time I laughed out loud when I saw election results. I almost spat a mouthful of my breakfast across the room. Almost nobody expected Ontario’s Liberals to win a majority, least of all the NDP’s Andrea Horwath. Her decision to pull the plug on the Wynne government has to go […]

On the job: Why unions matter

The Parkland Institute is releasing a report on why unions matter. I contributed to the report, which was spurred by Alberta government restrictions on collective bargaining and anti-union labour law. Perhaps not surprising for readers of this blog, we found that labour unions play an important role in improving wages, improving workplace safety, and reducing inequality […]

More on Secular Stagnation

Tom Palley has an interesting piece on his blog re differing approaches to the theme of secular stagnation, drawing a distinction between Marxist and structural Keynesian perspectives. As he notes, neo liberals such as Summers  have got on the bandwagon without really exploring in depth the roots of the problem.

The Entrepreneurial State

 In her important new book “The Entrepreneurial State” which got a rave review from Martin Wolf in the Financial Times, University of Sussex economist Mariana Mazzucato attacks the conventional view that the role of the state should be largely confined to promoting free markets, correcting market failures, and maintaining a low spending, pro free enterprise […]

What happened to the recovery?

(The following is slightly adapted from a short piece on page 3 in the new issue of  Economy at Work, the quarterly publication I produce for CUPE, which also covers a lot of other relevant issues.)   It’s been a little over four years since Canada’s economy bottomed out in mid 2009.  While we didn’t suffer as deep […]

The Blackberry mess and what Canada needs

Another year, another dead Canadian tech giant.  Blackberry was sold yesterday for scrap to the Toronto private equity firm Fairfax.  The purchase price of $4.7 billion is essentially valued at its cash of $2.6 billion and the value of its patents.  Blackberry’s active businesses are being valued at essentially nothing.  If Fairfax can stop the […]

Polozogistics: Nine Thoughts About the Choice of the New Bank of Canada Governor

  1. He’s Number Two: Stephen Poloz was widely acknowledged in economic and political circles as the second-best choice for the top job at the Bank of Canada. So the surprise was not that he was chosen. The surprise was, Why Not Tiff Macklem? Will someone please find out and tell the rest of us? 2. […]

A Weak Week for Canada’s Economy

On Tuesday, Statistics Canada reported that job vacancies have fallen to the lowest level recorded since it began collecting these figures two years ago. On Wednesday, the Bank of Canada projected growth of just 1.5% for this year. On Thursday, Statistics Canada reported that the number of Canadians receiving Employment Insurance (EI) benefits edged down in […]

Austerity through infrastructure Cuts: Budget 2013

One the most amazing things about this budget is that one of its three focuses will actually be the opposite of what it’s touting.  You’ll likely hear that $14 billion will be spent on infrastructure over the next 10 years (actually you may hear much bigger numbers but they just re-announce existing programs like the […]

Boost the Minimum Wage, Boost the Economy

A version of this article appeared today in the Globe and Mail’s Economy Lab. (This version includes references to the debate plus charts and graphs from data specially tabulated from Statistics Canada’s Labour Force Survey. The data don’t include the self-employed.) President Obama put the idea of raising the minimum wage on the radar in […]

Albert Hirschman 1915-2012

Albert Hirschman died in December of last year at the grand old age of 97. I never had the pleasure of meeting him but I was an avid reader of his writings and much influenced by them. In the 1950s and 1960s, as the field of economic development emerged within economics, there was a debate […]

Labour Market still weak: Bank of Canada

The Bank of Canada released their January 2013 Monetary Policy Report.  Of note, the Bank downgraded its growth expectation for 2013 to 2.0% from 2.3%, and expects the Canadian economy will not reach full potential until late 2014. Several key points in the January MPR reinforce what progressive economists have been saying about the Canadian […]

Why The Income Inequality Deniers Are Wrong

This article was published in an abridged form today in the National Post. http://fullcomment.nationalpost.com/2012/12/21/armine-yalnizyan-sorry-andrew-coyne-but-income-inequality-is-a-real-problem/   I like this opening better so I posted it here. You couldn’t have made it through 2012 without running into a story about income inequality.  Chances are, it made you think about how you fit into the story.  That’s “entirely constructive”, […]

Welcome to the Wageless Recovery

The Harper government likes to remind Canadians that we’ve done better than most developed nations in bouncing back from the global economic crisis. But digging into the data shows why many people might be having trouble cheering this news: wages have not kept pace with inflation, and new hires are making 40 per cent less […]

Why Natural Disasters are Good for Capitalism

It’s been amusing today to listen to the pundits discuss the economic implications of Hurricane Sandy. 

Happy Crashiversary! Are you better off now than you were four years ago?

Four years after Lehman Brothers collapsed, it’s time to take stock of things by asking a stock political question: Are you better off now than you were four years ago? Where you stand on the answer depends on where you sit. Many people, businesses and communities are still struggling to regain the ground they lost […]

Growth After Financial Capitalism

A thoughtful short essay by Wolfgang Streeck, concluding with a reflection on how extreme inequality gets in the way of a needed de-emphasis on crude economic growth.

OECD Agrees We Suffer From Dutch Disease

OECD economist Peter Jarrett – lead on the just released Economic Survey of Canada – agrees with the Mulcair diagnosis.

A Green Industrial Revolution

Today the CCPA released a new big picture report by myself and student researcher Amanda Card calling for a Green Industrial Revolution. The report builds on work done for the BC-focused Climate Justice Project, bringing to bear a national analysis of green and not-so-green jobs. We take a close look at GHG emissions and employment […]

Why Can’t We Afford What We Used to Have?

In this age of  austerity, we are constantly told by governments that we have to tighten our belts. Tuition fees have to go up; public pensions, Unemployment Insurance and social assistance benefits have to be cut; universal public health care is no longer affordable, and so on ad nauseam. But, as my friend Peter Puxley […]

While You Were Sleeping: Fed Policies Make It Easier to Hire a Cheaper You

A shorter version of this article appeared today in the Globe and Mail’s Economy Lab Have you noticed how common it has become to talk about replacing workers with even cheaper workers? If you’re looking over your shoulder, you’re not paranoid; you’re paying attention. There’s probably a cheaper you out there.  And in Canada, the […]

Quebec Tuition: Between a Rock and Hard Place?

In the context of student protests over Quebec tuition fees, my friend Luan Ngo has just written a very informative blog post on Quebec’s fiscal situation. While I encourage readers to read his full post, I do want to use the present space to make mention of three important points he makes: -On a per […]

PBO Strikes Again

I wanted to tip my hat to the hard working folks at the PBO for a particularly revealing Economic and Fiscal Outlook that was published today.  While the PBO has more than once eaten my lunch on various issue they’ve done a superb job of looking at Canada’s economic and fiscal position.

Meilinomics I: The Little Boats

The following is an excerpt from Dr. Ryan Meili’s new book, A Healthy Society: How a Focus on Health Can Revive Canadian Democracy. There’s a family that comes frequently to the West Side Clinic; we’ll call them Lucas and Annie. Hardly a week goes by that I don’t see them in for a medical visit […]

Who’s a bigger drag on Canada’s future? The old or the young?

This is my latest column for Canadian Business magazine.  Giorgio, a hard-working, smart-as-a-whip University of Toronto student, asked me a great question after a recent guest lecture: What if the biggest challenge facing Canadian businesses and governments in the coming years isn’t an aging society but the economic and fiscal drag of hundreds of thousands […]

Budget 2012: Pennywise But Pound Foolish

Marc, Andrew and Toby have posted substantial analyses of yesterday’s federal budget and I have some comments in today’s Hamilton Spectator. My two cents about the budget’s economic forecasts follow. Table 2.1 envisions a 7.5% unemployment rate this year, slightly above last year’s rate of 7.4%. That seems like an admission of failure from a […]

The Rise of the Casino Economy

I was on a road trip recently, driving through the American south, and ended up coming face to face with the economics of gambling. The friend I was travelling with is a professional poker player, making his living at casinos all across the US. He used to work as an IT consultant in Toronto, helping […]