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Archive for 'Economy'

In Greece, austerity means starving children

The New York Times reports:
As an elementary school principal, Leonidas Nikas is used to seeing children play, laugh and dream about the future. But recently he has seen something altogether different, something he thought was impossible in Greece: children picking through school trash cans for food; needy youngsters asking playmates for leftovers; and an 11-year-old [...]

Low-Pay in Retreat

Part of the rationale for capping the increase in basic benefits to less than inflation was to signal approval for those in work and who had not enjoyed a similar pay-rise.
A pay-rate which the authorities do have direct control over is the minimum wage, and this is to be increased by 12p per [...]

From the Dusty Shoebox in the Bottom Drawer: Federal Reserve on Financial Bail-Outs, 1941

The EU and its antecedent organizations always have struck me as being based on laissez-faire economics and free-trade; which had been concealable during the credit boom when those previously opposed found reasons to involve themselves with its inner sanctum.
Other disparities between stated views and actual actions can be seen in recent economic policy of Cyprus. [...]


The Office of National Statistics recently covered the rise of underemployment during the Great Recession.
Although the definition of the term can be subjective – individuals who merely are prepared to work more hours whilst currently being in full-time (or near enough) employment, or some of the multitude of university graduates who believe working in ice-cream [...]

Corporate profits hit all-time high, wages hit all-time low* (again)

It was true last June, and it’s even truer now.
Fans of the classic “Leave it to Beaver” sitcom (which appeared on American TV from the late 1950s to the early 1960s and has since been endlessly rerun) may appreciate this brilliant take on what conservatives like Fox News’s Bill O’Reilly consider a golden age of [...]

Public Funding of Private Companies Round-Up

Kevin Meagher at Left Foot Forward cogitates on the successes – or not, as the case may be – of the Regional Growth Fund. Launched in 2010 with £1.4 billions of funding, it was intended to kick-start economic development in down-at-heel regions of England and Wales.
Margaret Hodge, chairing the Westminster public accounts committee points [...]

America: less segregated by race, more segregated by class

This tells a lot about life in the United States– for better and for worse.
While segregation of neighborhoods by race is decreasing, segregation by income is increasing.
A report released Wednesday by the Pew Research Center said the percentage of upper-income households situated in affluent neighborhoods doubled between 1980 and 2010, rising to 18 percent. In [...]

Citizen’s Income – so, what’s not to like?

I wanted to pick up on one or two threads which emerged in the discussion following my recent brief post about housing benefits.  As Kolya remarked in the comments, this is not the kind of issue which seems to encourage a calm exchange of views, certainly not a shift in anyone’s established position. However, although [...]

The misunderstood Mr. Keynes

Guest post by Andrew Murphy
In the 20th century, two economists stand out: John Maynard Keynes and Frederich Von Hayek. As I have argued on Harry’s Place in the past, Hayek is still misunderstood by both critics and advocates alike. This misunderstanding applies equally to Mr. Keynes, perhaps even more so.
There are certain things [...]

Beat the socialism out of them

Leading conservative writer Jonah Goldberg, an old coot beyond his years (43), thinks the current voting age in the US (18) is too low because young people are “so frickin’ stupid about so many things.”
(The voting age in most American states was 21 until it was lowered by Constitutional amendment in 1971.)

Personally, I think the [...]