The PEF’s biannual John Kenneth Galbraith Prize in Economics will be awarded this summer for the fourth time. This is a call for nominations from PEF members in good standing. If you would like to nominate someone please email me at galbraith@progressive-economics.ca with a couple paragraphs to support your nomination (300 words max). Nominations will close February 2. The Galbraith Prize is only awarded […]
Read moreThe December jobs report was a spectacular finish (not in a good way) to a rather discouraging year for the Canadian labour market. When the dust had settled, it turned out that employment growth averaged 8,500 per month in 2013, compared with 25,900 in 2012. This anaemic job growth was not enough to keep up with the growth in the labour force, as on average, 10,500 new jobseekers entered the […]
Read moreCanadian economic commentators often worship small business as the supposed source of economic dynamism and growth. This cult of small business has greatly influenced public policy, with federal and provincial governments giving huge tax preferences to small corporations. But new Statistics Canada research finds: “The gap between the levels of labour productivity in Canada and the United States is due […]
Read moreThere was a spate of media stories recently on a US report finding that increased employment of seniors has no negative impacts at all on young people also seeking work. In fact, the study by leading US economist Alicia Munnell, looking mainly at the experience of US states, did say that the so-called “lump of labour†fallacy may be true […]
Read moreUnder the headline “Canada Isn’t Rotten to the Coreâ€, the new editor of the Ivey Business Journal, Thomas Watson, attacked my book “Thieves of Bay Street†in his inaugural editorial. Although the book hit bookstores almost two years ago, and has faded from view, I found this assault so distorted to what “Thieves†explores I felt it warranted a response. […]
Read moreWe now present the final instalment in our autumn-long series of special commentaries marking the 50th anniversary of the publication of “A Staple Theory of Economic Development,” the classic article by Mel Watkins published in the Canadian Journal of Economics and Political Science in 1963. We have invited Mel himself to provide a rejoinder to the series, reflecting on the […]
Read moreHere for ease of access is a consolidated listing (in order of posting) of the contributions to the special series of commentaries we have posted this autmn marking the 50th anniversary of the publication of Mel Watkins’ classic 1963 article, “A Staple Theory of Economic Development” (Canadian Journal of Economics and Political Science, 29/2, pp. 49–73). Stand by for the […]
Read moreWinter is now officially upon us, and so it is time to conclude our autumn-long series of special commentaries marking the 50th anniversary of Mel Watkins’ classic article, “A Staple Theory of Economic Development.” To wrap up the series, I would like to throw my own views into the brew. I argue here that Watkins’ identification of the importance of […]
Read moreOne remarkable and gratifying aspect of our special series of commentaries marking the 50th Anniversary of Mel Watkins’ classic 1963 article on staple theory, is the interest and input it has generated from researchers and scholars who have applied Mel’s work in various capacities, in Canada and internationally. One such contributor is Gerry Helleiner, a globally-recognized development economist and professor […]
Read moreThe most recent Jobs Vacancy statistics are out, and the trend for 2013 so far has been a reduction in the number of job vacancies reported by businesses compared to 2012. The number of job vacancies reported by businesses fell by 41,000 between September 2012 and September 2013, so that even though there were fewer unemployed workers in September 2013, there […]
Read moreThis piece was first published in the Globe & Mail. In a move that caught everyone off-guard, Canada Post announced a five point “action plan†last week that included phasing-out home delivery of the mail over the next five years, making Canada the only G7 nation to do so. Why? To “protect taxpayers.†Of all the reasons that merit discussion as to whether letter […]
Read moreWe are nearing the end of our series of special commentaries celebrating the 50th anniversay of the 1963 publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth.” Here is a fascinating historical retrospective on the influence of Innis and Watkins on Canadian political-economy by Duncan Cameron, President of rabble.ca, former President of the Canadian Centre for Policy […]
Read moreOne of the most frequently repeated claims in coverage of yesterday’s Canada Post announcement is that the Crown corporation is on track to lose a billion dollars annually by the decade’s end. This apprehended threat to taxpayers supposedly justifies the complete elimination of door-to-door mail delivery. The Conference Board made this billion-dollar projection earlier this year in a report commissioned […]
Read moreI have the following letter to the editor in today’s Prince Albert Daily Herald: Canada-Europe Deal Not About Trade In their letter of Dec. 3, Darryl Hickie and other Sask. Party MLAs back away from his previous claim that the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) would be a boon to the Prince […]
Read moreYesterday’s release from Statistics Canada on the income share of the wealthy generated some interesting coverage and commentary. It reported that the top 1%’s share of total income in Canada remained steady in 2011 in Canada, at 10.6 percent — but still significantly higher than in the 1980s. Most observers did not mention, however, that this oft-cited income share statistic does NOT […]
Read moreFurther to Erin’s post, the Labour Force Survey numbers released by Statistics Canada on December 6 give the lie to the Harper government’s frequently heard claim that our economy is doing well. Over the past year, between November, 2012 and November, 2013, ALL of the net new jobs created in Canada were in the lowest paid and most insecure occupational […]
Read moreThe Parliamentary Budget Office has come out with a report, suggesting that the Conservatives will likely balance the budget ahead of schedule. But, and it’s a big but, if there were no EI surplus, there would be no balanced budget in 2016. And the annual surplus in the EI Operating Account is no small potatoes – it’s forecast to be […]
Read moreEarlier this week, PotashCorp laid off 440 workers in Saskatchewan. Here are the closing paragraphs from today’s front-page story reporting a letter from Premier Brad Wall asking the company to consider reducing its dividend payments to shareholders in order to maintain jobs in Saskatchewan: Regina economist and former NDP leadership candidate Erin Weir said if Wall truly wanted to transfer […]
Read moreStatistics Canada reported that employment grew by 22,000 in November. But 20,000 of those new jobs were part-time. The proportion of all Canadian jobs that are part-time rose to an even 19%. Broken down another way, 19,000 of the employment increase were people reporting themselves as self-employed. Canadian employers actually hired fewer than 3,000 additional employees last month. Part-time work […]
Read moreI have written a couple of pieces for Economy Lab in the Globe and Mail recently on the issue of secular stagnation. (Links below) The term was coined by the pioneering American Keynesian Alvin Hansen who argued that the US economy of the late 1930s faced a long period of stagnation due to a chronic, structural gap between aggregate supply […]
Read moreArun here…breaking radio silence to share with you a thought-provoking piece by Larry Kazdan, a graduate of York University in sociology and history, and currently a Council Member with the World Federalist Movement-Canada, an organization that monitors developments at the United Nations and advocates for more effective global governance. Our friend and fellow blogger Keith Newman recently wrote some words […]
Read moreThe Progressive Economics Forum (PEF) normally hosts sessions at the Canadian Economics Association’s annual conference. But the House of Commons finance committee threw most of the PEF members testifying in its pre-budget consultations onto the same panel on November 21 and then moved it to a room without TV. MP Randy Hoback participated in the first hour of the committee meeting, […]
Read moreOn Thursday’s Lang & O’Leary Exchange (at 24:45 in this CBC video), I noted that while the Government of Canada just signed a deal with Kazakhstan allowing Cameco to invest more in that country’s uranium industry, the Government of Saskatchewan recently slashed its uranium royalties to encourage Cameco to invest in the province rather than in Kazakhstan. It’s a win-win […]
Read moreIronically, Statistics Canada’s third-quarter GDP report on Black Friday showed the growth rate of consumption being cut in half. Final consumption expenditure grew by 0.4% in the third quarter compared to 0.8% in the second quarter. Household spending growth fell to 0.6% from 0.9%. Government consumption growth plummeted to 0.1% from 0.4%. In other words, public-sector austerity is taking a […]
Read moreWatching Rob Ford in the recent weeks reminds me of what John Ralston Saul once wrote of Benito Mussolini and his contemporary reincarnation in Silvio Berlusconi: “He was the nascent modern Heroic leader. Mussolini combined the interests of corporatism with public relations and sport, while replacing public debate and citizen participation with false populism and the illusion of direct democracy.†[…]
Read moreOn November 25th, I made the following submission to the House of Commons Standing Committee on Finance regarding Bill C-4, Economic Action Plan 2013 Act No. 2, on behalf of the Canadian Centre for Policy Alternatives.   1.    Introduction and Context Thank you for the invitation to appear before the Committee, as Members of Parliament review the second budget implementation […]
Read moreThe latest entry in our continuing series of commentaries marking the 50th anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth,” we present the following contribution by Mel’s long-time collaborator, Marjorie Griffin Cohen. Marjorie considers the gender dimensions of staple analysis. Staples Theory: Its Gendered Nature Marjorie Griffin Cohen Feminism was the unlikely route […]
Read moreBuried in the federal government’s recent Update of Economic and Fiscal Projections are figures showing the Harper government is set to squeeze federal government’s role to the smallest it has been in seventy years.   (Bill Curry at the Globe also just wrote about this, but without figures further back than 1958). Total federal government spending as a share of the economy is projected […]
Read moreCanada’s macroeconomy continues to be lethargic at best, and there is growing recognition that the continuing sluggishness of business capital spending since the 2008-09 crisis is a big part of the reason why. Governments are in austerity mode; consumers are maxxed out and cautious about new spending; our exports are restrained by an overvalued dollar and uncertain demand in our key markets. […]
Read moreI have been hard on our new Employment and Social Development Minister, Jason Kenney, for buying into a widespread myth about labour shortages and skill mismatches in Canada. So, to give credit where credit is due, it appears Minister Kenney has been listening to the growing chorus of voices disputing the existence of a labour shortage in Canada. Surprisingly (or not), […]
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