The 2006 Nobel Prize in Economics goes to Edmund Phelps. (Technically, this is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, because Nobel did not actually endow a prize in economics back in 1901; the economics prize was added in 1968.) The essay accompanying the prize can be found here. Below I’ve pasted two differing econo-blog […]
Read more“We are not acquisitive automatons conditioned always to follow narrow self-interest.” So says the UK’s The Times in an article on “neuro-economics”, a sub-field of economics that bridges psychology and neurology in an attempt to understand human behaviour. Alas, rather than an empirical approach to human behaviour, the economics profession has been willing to make the huge assumption about human […]
Read moreAgainst the backdrop of fears of a slowing economy, today’s job numbers for the month of September are superficially re-assuring. The national unemployment rate is down slightly, from 6.5% to 6.4%, and total employment is up by 16,000. However, the fall in the unemployment rate is partly driven by a decline in the total work-force. Most importantly, there are signs […]
Read more This paper is a useful corrective to some of the more apocalyptic projections of looming generalized labour shortages in the US, Canada and elsewhere. One of Freeman’s key points is that we should not care about a decline of GDP growth, only about GDP per capita, and that we should focus more on increasing productivity than on increased labour supply. […]
Read moreHere’s a post from Economist’s View starting with a novel argument against single payer health insurance: that it would hurt innovation. Mark Thoma then rebuts and throws in some Paul Krugman for safe measure. Krugman makes an important point that often we assume that innovation is always a good thing. True, some innovations lead to better health outcomes. Others do […]
Read moreSince it appears to be drug day at RPE, I should mention as a follow-up to a previous post on the National Pharmaceuticals Strategy that I did track down the document in question, a NPS Progress Report, and that the Globe reporter did indeed misrepresent the estimates of the cost of that program. The Globe stated that the Report “pegs […]
Read moreToday’s Globe and Mail features two excellent articles about drugs in Canada. The first makes some great points about what might be possible with a national pharmacare plan and how politics is getting in the way of doing the right thing. The second is about how profit-seeking by pharmaceutical companies is distorting the cost of treatment. In this case, doctors […]
Read moreA good piece from today’s Toronto Star by CCPA economist Ellen Russell on the erosion of federal fiscal capacity by recent tax cuts. Pressures to cut social spending are growing, compounded by a marked federal government shift to “security expenditure.” It’s a bit harder to figure out the best left response given that itt’s trickier politically to impose a tax […]
Read moreThe BC government has introduced a new program to address the crisis in housing affordability: rent supplements. Over the past five years, the BC government has stopped building affordable housing for low income people. There has been new federal money for this purpose but the government has used that money to build “assisted living” spaces for seniors (properly part of […]
Read more“Canada’s New Government†says that it wants to focus on “the productivity agenda.†But they seem unable to look beyond partisan considerations to make the rather obvious link between investment in skills, and building a more productive economy. The previous Liberal government had just begun to slowly re-invest in worker training and adult learning after years of federal cuts, devolution […]
Read moreA couple of weeks ago, I suggested that someone ought to publish a comparative ranking of OECD countries by productivity per HOUR of work (rather than the more common, but utterly misleading, measure of GDP per capita). Turns out the Economic Policy Institute in Washington has done exactly that in their latest version of their flagship publication, “State of Working […]
Read moreI got a chuckle from the letter to the editor in the Globe and Mail that was a response to my recent column on the Harper government’s efforts to sign more free trade deals. Here is the letter: KEN RITTER CHAIR , BOARD OF DIRECTORS and CANADIAN WHEAT BOARD Winnipeg — Jim Stanford asks: Why The Rush To Ink More […]
Read moreJoseph Stiglitz takes on the matter of global imbalances with some thoughts on how they might be resolved. I confess to be perplexed by the persistence of these imbalances, as someone who was concerned about their potentially destabilizing impact a few year ago. But then again I called the stock market bubble back in 1997. Events have a way of […]
Read moreToday’s report from the Fraser Institute finds that, surprise surprise, health care spending is unsustainable. Or at least that is what the Fraser’s funders want you to think. I find the Fraser Institute has an excellent knack for putting out media-friendly goodies that on closer examination do not stand up to scrutiny. But the media are generally not that interested […]
Read morehttp://www.compassonline.org.uk/publications/good_society/good_society.pdf Compass has just published the first of three short books in an attempt to redefine the social democratic project in the UK. Highly critical of New Labour but strongly influenced by Scandinavian social democracy, Compass is advancing themes and policies which will resonate on the progressive left in Canada – a relentless focus on equalizing the life-chances of all […]
Read moreThe Toronto Star’s Thomas Walkom looks at the choices we make that keep the poor, um, poor. Walkom looks only at the working poor, not the welfare poor. If we add to the pile the numerous regressive reforms to provincial welfare programs the picture is even uglier. There’s much we can do to combat poverty Enforcing current laws would help […]
Read moreThe Economist (September 21 Print Edition) runs an article “The Limits of Solidarity” which attacks US Democrats for favouring union-friendly legislation. It concludes as follows: “After all, trade unions have obvious drawbacks as well as modest attractions. Whenever they win their members higher wage rises than in non-unionised firms, this money has to come from somewhere. If it comes from […]
Read moreFile this one under the economic costs of climate change. If you have been to or flown over BC lately you will have noticed the astonishing amount of red (dying) pine trees. The mountian pine beetle is normally killed by cold cold winters, but winters now are not cold enough, and summers are just to their liking. Add to the […]
Read moreAn OECD Briefing Note on Canada released with the 2006 “Education at a Glance” Indicators http://www.oecd.org/dataoecd/52/1/37392733.pdf shows that we are generally doing very well in a comparative context – high rates of post secondary education completion; good scores on international attainment tests; and relatively equal educational outcomes by social class compared to other countries. However, the report notes stagnation in […]
Read moreThis week’s Economist magazine celebrates in advance the widely expected defeat of the Swedish social democrats in imminent national elections. Actually, a close reading of the data in the piece underlines the fact that Sweden’s economic performance has been well above average over the past decade, precisely the period in which one would have expected competitive downward pressures from the […]
Read moreThe Institute for Research on Public Policy (IRPP) organized a breakfast forum in Ottawa today (September 12), to launch a special issue of Policy Options on the so-called “fiscal imbalance” issue. A moderately decentralist (France St Hillaire) to distinctly pro province/ right of centre (Tom Courchene and Gilles Paquet) panel of economic experts lamented the collapse of provincial unity around […]
Read moreby Jim Stanford We all know that private companies are efficient, because they are forced to be by the discipline of the free market. Companies which do not operate efficiently will be driven out of business by those that do. This creative destruction will leave us all better off (abstracting from adjustment costs): higher productivity, cheaper, higher quality products and […]
Read moreby Jim Stanford I’ve now been in Melbourne Australia for one month of my 12-month sabbattical. It’s always interesting for an economist to live somewhere else and compare the micro-minutae of life. It’s a sure-fire way to drive your travelling partners nuts. Here are my main impressions of economic life on the bottom side of the planet so far: 1. […]
Read moreThe PEF is a Canadian network of progressive economists from academia, research institutes, trade unions and beyond. This site is a forum for members, with a focus on the Canadian economy and public policy with reseach and analysis as it happens. Stay tuned!
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