Invisible Hand Has Failed Canadian Innovation
The Globe and Mail is running an interesting series this week on Canada’s miserable performance in business innovation and productivity. Here is the main page.
Read moreThe Myth of Financial Literacy
Barrie McKenna has a very good column in today’s Report on Business about Bay Street simultaneously promoting “financial literacy,†more personal borrowing, and high-fee financial products. He makes some of the same points as contributors to this blog did when the Harper government’s Task Force on Financial Literacy began consulting, accepted submissions and reported.
Read moreWe Are The Many
By now, you’ve probably heard about the artist Makana, who played We Are The Many to a room full of the handmaidens of the 1% (politicians), most of whom did not notice. It is a lovely song, and not to hard to play. Here are the lyrics and my version of the chords (based on this version). He plays it with […]
Read moreInflation Targeting and the Crisis
Many long-held tenets of neoclassical orthodoxy have fallen by the wayside in the past 3 years, but perhaps one of the biggest dominos that is at least teetering precariously (if not fully tipped over) is the consensus that inflation targeting should be the exclusive focus of monetary policy.
Read moreHow the NDP Can Win
With the NDP leadership debates soon to get underway, I thought I would post some thoughts on what themes and issues the party should be emphasizing To form a majority federal government, the NDP will have to make another big leap, from 30% to about 40% of the popular vote, with much of that increase concentrated in growing suburban areas […]
Read moreChallenging capitalism: a 12-step program
Over a year ago, I posted “What are the Game Changers?“, an attempt at sparking some strategic thinking for the broader left. Now that we’ve had a month of Occupation, building on the original Occupy Wall Street action, I’ve been wanting to put these ideas back on the table, so below I recycle much of that post and update it, […]
Read moreMore on Mowat and Winners and Losers from EI
Further to my post yesterday on the Mowat report on EI, I looked up the most recent rates of unemployment for the 58 EI regions. In the current regionally differentiated system, which Mowat wants to replace with a single national system, these unemployment rates are those which determine the level of hours needed to qualify for benefits, as well as […]
Read moreThe Mowat Centre and Employment Insurance
The Mowat Centre final report on Employment Insurance (EI) released today has won a fair bit of media attention, and will serve to deepen the national debate over Canada’s most important income security program for working age adults and families. The Task Force has commissioned and published a number of important research studies which improve our understanding of the way […]
Read moreWho Occupies the Sky?
CCPA released a new report today by myself and Amanda Card that makes the links between inequality and carbon footprints. We look at the distribution of greenhouse gas emissions for Canada, building on an analysis of BC emissions. While it was not planned this way, the analysis is timely given the Occupy movement’s focus on surging inequality and movements for […]
Read moreThe Politics of Potash
Advocates of low potash royalties are claiming that New Democrats fared poorly in Saskatchewan’s recent election because they proposed higher potash royalties. Of course, potash companies and their boosters would like the NDP to give up this cause. Doing so would be a political mistake for the party and a disservice to the people of Saskatchewan. Most polling indicates that most Saskatchewan […]
Read moreBrad Wall Light?
I got to know and like Dave McGrane in the Saskatchewan Young New Democrats, but the following assessment misses the mark: McGrane, an assistant professor at St. Thomas More College, said the NDP’s defeat was a product of failing to connect with rural Saskatchewan, poor political marketing and outdated policies. “People had no idea what the NDP were going for,†[…]
Read more2013: The Sask NDP’s Lucky Number?
To state the obvious, Saskatchewan’s provincial election result was not good for progressives. I was especially surprised by the NDP’s loss of constituencies like Regina Douglas Park (where I grew up), Moose Jaw Wakamow and Prince Albert Northcote. It could have been worse. Political commentators were musing about the NDP falling below 30% of the popular vote and to fewer […]
Read moreThe Inflation-Control Target
So, the 2% inflation target has been renewed as it now stands. (Take that, House of Commons Finance Committee, which is holding hearings on the issue next week.) The background report from the Bank of Canada is pretty self-congratulatory, though it does somewhat revise the current regime to underline the point that monetary policy also needs to take financial stability […]
Read moreSouvenirs de Cannes
I was in Cannes last week with CLC President Ken Georgetti for the G20 Labour Summit. (I know, tough job.) This event was arranged by the International Trade Union Confederation with the support of the French Presidency of the G20. Our group as a whole, consisting of labour leaders from the G20 countries and leaders of the International Trade Union […]
Read moreA Long Way from Plan B
The best one can say about today’s Economic and Fiscal Update is that it signals some very slight flexibility amid changing circumstances. The Minister said “We will not be bound by ideology when it comes to making decisions to keep our economy strong and protect Canadians, their financial security and their jobs. We have responded to critical situations with flexibility […]
Read moreWhat Do Banks Actually DO? Teach-In With Occupy Toronto
What do banks actually DO? Create credit out of thin air. Were Canadian banks bailed-out? Absolutely, to the tune of $200 billion. And they are still protected and subsidized more than any other sector of the economy. What must be done with these banks? Tax them, control them, and ultimately take them back. Those are the “take-aways” from a short […]
Read moreFederal Post-Secondary Education Act
Last month, the Canadian Federation of Students (CFS) released a document entitled Public Education for the Public Good: A National Vision for Canada’s Post-Secondary Education System. I found the document to be quite informative, filled with a lot of useful statistics. For example: -Enrolment is rising in colleges and universities across Canada. Since the late 1990s, full-time enrolment has increased by 25%. Enrolment in […]
Read moreThe Privatization of Social Housing
Last weekend, I spoke on a panel at the Annual Conference of the Ontario Non-Profit Housing Association. The panel was inspired in large part by the recent debate in Toronto over Mayor Rob Ford’s attempt to sell social housing units to private buyers. The panel, entitled “To Privatize or Not to Privatize? That is the question,” included myself, Vince Brescia […]
Read moreOccupying the Lange and O’Leary Exchange
Starting today I will be on a regular weekly biz panel for the Lang and O’Leary show, every Thursday night. The panel will take on two six minute segments to discuss the big economic stories of the day. Today’s proposed topics – the Eurozone mess, whither Canada’s GDP, is Occupy a media invention/will it hold without media attention, upcoming job […]
Read moreLisa Raitt’s Three Principles of Labour Law
Posted below is a slightly longer version of my column in today’s Globe and Mail regarding the Harper government’s highly creative approach to making up labour law on the run. Also posted is a graph showing the dramatic decline (of 95% or more) in the frequency of work stoppages in Canada since the mid-1970s.Â
Read moreUnrest in Bill’s Republic of Doyle
PotashCorp CEO Bill Doyle waded into Saskatchewan’s election campaign on Friday with an op-ed in the province’s two largest newspapers. It was accompanied by a paid advertisement from PotashCorp in Saskatoon’s StarPhoenix. The company got some free advertising in Regina’s Leader-Post through Bruce Johnstone’s column, which repeated Doyle’s op-ed. The Saskatchewan Party is parroting the same lines. In response to […]
Read moreRecovery Demands Increase in Labour’s Share
The just-released 2011 ILO World of Work Report is a must read for progressive economists. Released on the eve of the G-20 meetings, the report underlines the gravity of the current global employment situation and warns of the need to put job creation first if we are to avoid a very extended period of high unemployment and rising incidence of […]
Read moreFamilies, Time and Well-Being
Inequality of well-being among families with children is increasing at an even faster rate than income inequality, according to a new study by Peter Burton and Shelley Phipps, “Families, Time, and Well-Being in Canada”. They find that total family working hours have increased for most families, but not for those at the top of the income spectrum who have been […]
Read moreAusterity Kills: Conservative cure worst thing for what ails the economy says Stiglitz
Governments around the world are heading down a path to economic suicide. So said Nobel Prize-winning former chief economist of the World Bank, Joseph Stiglitz, to hundreds of well-heeled financiers and decision-makers who paid a bundle to hear him in Toronto. With a voice as gruff as gravel, and an energy bristling with urgency, he told governments in Canada and […]
Read moreSask Party Shills for PotashCorp
Yesterday’s strong earnings report from the Potash Corporation of Saskatchewan confirms what this blog and the NDP have been contending: even modestly increasing Saskatchewan’s extremely low royalties on hugely profitable potash mines could fund substantially better provincial public services. The Saskatchewan Party still refuses to review potash royalties. In a well-timed column, Greg Fingas developed the theme that this gift […]
Read moreA New Round of Euro Austerity
The Euro deal at least averted an immediate banking crisis and induced temporary market euphoria, but it is not going to provide a lasting solution to the euro sovereign debt crisis because it will block any lasting recovery for the euro economy. It is worth reading the text of the deal, which represents a major victory for the European “austerians.” […]
Read moreThe Euro Crisis
I don’t have much new to add to what is surely the key economic issue of the hour beyond pointing to useful commentary by Larry Elliott in the Guardian and Martin Wolf in the FT. I think Wolf is right that the key to resolving the crisis is to make the ECB the backstop for euro area sovereign debt, just […]
Read moreHome energy retrofit (part 2)
This summer I put our household through an energy efficiency retrofit. I was working on a research paper on energy efficiency, and then both the BC and federal governments announced new funding for their retrofit programs, so I engaged in some direct action research, staring with an energy audit of our home (more in part one). Over the summer I […]
Read moreThe financial wealth of Canada’s top 1%
Following up on my post on wealth and income of the top 1%, Eric Pineault wrote to add some data on financial wealth distribution for Canada. He had a research assistant comb through microdata from Statcan’s Survey of Financial Security from 2005, and notes: “the 1% richest (all households are classed according to net worth rather then income) hold 22% of […]
Read moreWhat if Potash Tanks?
Regarding the NDP platform’s reliance on additional potash revenue, columnist Murray Mandryk asks, “What if potash tanks as it did in 2009?†Of course, budgets are necessarily based on assumptions about future commodity prices. Saskatchewan Finance estimates that each dollar of change in the price of oil alters provincial revenues by $20 million (page 35). So, if a barrel of […]
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