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Archive for 'economic growth'

Guest Blog from Kim Pollock: Stagnation Without End

We are pleased to present this guest commentary from Kim Pollock, a former union researcher based in B.C. and Saskatchewan. Now retired, Kim is investigating various aspects of Canada’s economic performance.  A longer version of this paper will be presented by him at the upcoming Society for Socialist Studies meetings in Ottawa, and can be obtained […]

Should we be taxing the rich 1% more?

Louis-Philippe Rochon Associate Professor, Laurentian Economics Founding Co-Editor, Review of Keynesian Economics Follow him on Twitter @Lprochon   Originally published by CBC. Find commentary here.   The federal Liberal Party’s recent election promise to create a new tax bracket for rich Canadians has been quickly decried by – well, rich Canadians. But is it an […]

ROCHON on: A tale of two economies? Making sense of recent US and Canadian labour market data

Louis-Philippe ROCHON Associate Professor, Laurentian University Co-Editor, Review of Keynesian Economics Follow him on Twitter @Lprochon   With data on the performance of Canada’s labour market released today, many economists and pundits on both sides of the 49th parallel are arguing that what seems to be emerging is two very clear and different paths for […]

Thinking Through the Fall-Out of Lower Oil Prices

Canada’s economic and fiscal debates in recent months have been dominated by the possible impacts of the sudden fall in oil prices since last autumn on growth, employment, and fiscal balances.  Finance Minister Joe Oliver delayed the budget, the Bank of Canada shocked markets with a rate cut, and Alberta Premier Jim Prentice is now […]

G20 meeting of world finance ministers too little too late

Posted earlier as an opinion piece for CBC.  See original post here (this post slightly modified from original) By Louis-Philippe Rochon Follow him on Twitter @Lprochon   Much was at stake earlier this week when finance ministers from G20 countries met in Istanbul to discuss Greece and the state of the world economy in light of recent […]

ROCHON: Greece, Syriza and the Euro

This is a guest blog post from Louis-Philippe Rochon. Follow him on Twitter @Lprochon. — What a tumultuous few weeks we witnessed in Greece. Though the victory of Syriza was ill-received in particular in Germany and the European Central Bank, it was nonetheless a resounding victory for democracy. This victory may now spill into other […]

ROCHON: Harper in closet over the economy as Canada heads toward another recession

This guest blog post has been written by Louis-Philippe Rochon. You can follow him on Twitter @Lprochon – Harper’s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting […]

Rochon Asks: “Is the Canadian economy unraveling?”

In a recent CBC blog post, Louis-Philippe Rochon assesses the current state of the Canadian economy. The link to the blog post is here. Follow him on Twitter @Lprochon.

Low Oil Prices, Good or Bad for Canada?

Unless you’ve been hiding under a rock somewhere, you’re probably well aware that the price of oil has fallen dramatically, to less than $50 / barrel. What this means for Canada’s economic output & labour markets is not yet clear. But Stephen Poloz at the Bank of Canada has said that he expects the effect to […]

Louis-Philippe Rochon’s Top 10 Economic Predictions for 2015

Louis-Philippe Rochon has written a provocative blog post for the CBC titled “Top 10 Economic Predictions for 2015.” The post is available here.

Five Good Economic Developments in 2014

Every year has its ups and downs, of course. But there’s something about New Year’s that makes one naturally want to emphasize the positive.  So here is my personal list of 5 positive economic developments from the year past — both globally and right here at home — that warmed this particular economist’s left-wing heart in […]

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 […]