Economist's View - Columbia Business School...11/20/2015 Economist's View: Stiglitz: What the IMF...
Transcript of Economist's View - Columbia Business School...11/20/2015 Economist's View: Stiglitz: What the IMF...
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 115
laquo The Burden of Higher Taxes | Main | Are CEOs Overpaid raquo
Saturday May 20 2006
Stiglitz What the IMF Must Do to Reestablish Legitimacy
Joseph Stiglitz says the IMF must identify the US as the major cause of globalimbalances in order to have legitimacy as an institution and the US must begin toreduce its budget deficit to address the problem
The IMFs Problem Called America by Joseph Stiglitz Resource InvestorBusiness Day The International Monetary Fundrsquos (IMFrsquos) recent meetingwas lauded as a breakthrough with officials given a new mandate forldquosurveillancerdquo of the trade imbalances that contribute significantly toglobal instability The new mission is crucially important both for thehealth of the global economy and the IMFrsquos own legitimacy But is thefund up to the job
There is obviously something peculiar about a global financial system inwhich the richest country in the world the US borrows more than $2billion a day from poorer countries ‐ even as it lectures them on fiscalresponsibility So the stakes for the IMF are high if other countrieseventually lose confidence in an increasingly indebted US the potentialdisturbances in the worldrsquos financial markets would be massive
The task facing the IMF is formidable It will of course be important forthe fund to focus on global imbalances not bilateral imbalances China can have a trade deficit with the Middle East and a trade surpluswith the US but these bilateral balances indicate nothing aboutChinarsquos overall contribution to global imbalances If one looks atmultilateral trade imbalances the US stands head and shoulders aboveall others Last year the US trade deficit was $805 billion while thesum of the surpluses of Europe Japan and China was only $325 billionSo any focus on trade imbalances should centre on the US
The task of assessing trade imbalances ‐ whom to blame and what shouldbe done ‐ involves both economics and politics Trade imbalances are theresult for instance of decisions about how much to save and how much ‐and what ‐ to consume They are also the result of government decisionshow much to tax and spend (which determines the amount ofgovernment savings or deficits) investment regulations exchange‐ratepolicies and so forth These decisions are interdependent
For example huge US agriculture subsidies contribute to its fiscaldeficit which translates into a larger trade deficit But agriculturalsubsidies have consequences for China and other developing countriesWere China to revalue its currency its farmers would be worse off
This poses a dilemma for Chinese policy makers Subsidising their ownfarmers would divert money from education health and developmentprojects Or China can try to maintain an exchange rate that is slightlylower than it would be otherwise If the IMF is to be even‐handed shouldit criticise American farm policies or Chinarsquos exchange‐rate policies
Ascertaining whether a countryrsquos trade imbalances are the result ofmisguided policies or a natural consequence of its circumstances is alsono easy task Moreover a change in Chinarsquos exchange rate would dolittle to alter the multilateral trade deficit in the US Americans mightsimply switch from buying Chinese textiles to imports from BangladeshIt is difficult to see how a change in Chinarsquos exchange rate would have asignificant effect on either savings or investments in the US ‐ and thus
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Mark ThomaProfessor of EconomicsUniversity of Oregon
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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how it would redress global imbalances
With the US trade deficit the major global imbalance attention shouldfocus on how to increase US national savings While it is true that taxpreferences might yield slightly higher private savings the loss of taxrevenues would more than offset the gains thereby actually reducingnational savings There is only one solution reduce the fiscal deficit
In short the US bears responsibility both for trade imbalances and thepolicies that might quickly be adopted to address them The IMFrsquosresponse to its new mission of assessing global imbalances will thus testits battered political legitimacy
If the IMFrsquos analysis of global imbalances is not balanced if it does notidentify the US as the major culprit and if it does not direct itsattention on the USrsquos need to reduce its fiscal deficits through highertaxes for Americarsquos richest and lower defence spending the fundrsquosrelevance in the 21st century will inevitably decline
Dean Baker has another perspective on the budget deficit and global imbalances in hiscomments on a NY Times editorial He ends with
An over‐valued dollar regardless of the cause creates imbalances (ietrade deficits) that inevitably imply a painful correction process Thecurrent over‐valuation was not caused by budget deficits (remember wehad a huge budget surplus in 2000 when the dollar was considerablyhigher than it is now) The correction from the over‐valued dollar isgoing to hurt regardless of what we do with the budget deficit The priceof imports will rise between 10‐20 percent raising the rate of inflationand reducing living standards in the United States
There are good arguments for reducing the budget deficit but itrsquos justsilly to pretend that the pain from a falling dollar is attributable to thebudget deficit or that a lower deficit will somehow prevent this pain
Posted by Mark Thoma on Saturday May 20 2006 at 0338 PM in Budget Deficit EconomicsInternational Finance Policy Politics Taxes | Permalink TrackBack (0) Comments (21)
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anne said
Oh dear when the dollar lost from 40 to 50 in value relative to the primeinternational currencies after the Plaza Accord of September 1985 I remember myparents feeling ever so much poorer and complaining of all sorts of inflation Theproblem was cheese cheese French cheese which suddenly who could afford whileDad poor dear had a thing for French cheese Cheese I would hear him groan andcover my head with a blanket Cheese cheese cheese But there was more tocome
Reply Saturday May 20 2006 at 0426 PM
anne said
A few cheeseless years later we got those French and got them good because theFrench were threatened currency‐wise by speculators who forced a devaluation and
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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suddenly they were begging us to buy cheese while the Frenches went about withbarrels of inflation money moaning of the loss of well affordable highly affordableum what do Frenches buy from us anyway )
Reply Saturday May 20 2006 at 0432 PM
anne said
We have had years to prepare as importers and investors as have our trading partnersand international investors for a decline in the value of the dollar Besides the dollarhas been relative strong and weak before and the Federal Reserve chiefs past andpresent have noted the economy would not be sacrificed for the sake of the dollarWhere then is the worry Dad may go through French cheese pangs again but I amstronger and can pledge to abstain from that )
Reply Saturday May 20 2006 at 0451 PM
Winslow R said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify theUS as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
I am not convinced that tax cuts for the wealthy qualify as an inflationary force Iwould argue they are even deflationary if saved Suboptimal wealth distribution doeslead to other undesirable consequences like substandard growth
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Reply Saturday May 20 2006 at 0527 PM
anne said
Quite a powerful comment Winslow I do appreciate Stiglitz also Baker though Ihave aquibble with the dollar value issue )
Reply Saturday May 20 2006 at 0602 PM
dryfly said
Joseph Stiglitz says the IMF must identify the US as the major cause of globalimbalances in order to have legitimacy as an institution and the US must begin toreduce its budget deficit to address the problem
Amen
But if Im not mistaken doesnt a European head up the IMF Like Team Bush will listenor even care Until these guys are gone it will be nothing but silent trees falling inthe forest
Reply Saturday May 20 2006 at 0658 PM
a said
Dryfly by your logic UN is run by Ganna because Kofi is from there
US has the single veto power in IMF
Yes one can blame the Bush team but publci awareness of the problem is so veryimportant for the next administration to carry out anything different The Bush may beincompetent in many ways but polluting public opinion with lies has been them singlestrength It is foolish not to take care of that
Reply Sunday May 21 2006 at 0740 AM
mauisurfer said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify the
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 415
US as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
Thanks for that Stiglitz and Winslow makes sense to me only more so If you examinethe cost of deactivating this vast armada of nukes the real cost is far higher than anygovt estimate And if you add the costs of cleanup at Hanford and elsewhere USA isreally so broke it cannot afford to hire a plumber to fix the toilet
Years ago Sam Bowles suggested that the true cost of goods and services could onlybe accounted for accurately by subtracting the cost of bads
Reply Sunday May 21 2006 at 1054 AM
anne said
The idea that we can needlessly spend $10 billion a month for the war and occupationof Iraq but that there should be no consequences for doing so as though a mereaccounting were the only wasteful enterprise is a perversion of economicresponsibility to ourselves and others to persons and instutions There have beenconsequences from Iraq each wound suffered external or within to the material costhowever supposedly hidden We must leave Iraq immediately
Reply Sunday May 21 2006 at 1115 AM
dryfly said
a ‐ The director of the IMF is usually a European amp the World Bank an AmericanVestige of Bretton Woods amp outdated considering Asias rise but thats the way it is
A little over a year ago there was a big pissing match between the EU amp the US overwho would run the World Bank Bush appointed Wolfowitz (one of the master mindsof the Iraq War) Wolfowitz was charged with the task of reforming the World Bank(to be more neo‐con friendly) The IMF (being headed by Rato) isnt quite as neo‐confriendly
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances they will consider the source and chalk it up to Bush hatred on the partof Old Europe and brush it off
Not much will come of this Politics not economics
Reply Sunday May 21 2006 at 0719 PM
a said
Bush appointed Wolfowitz (one of the master minds of the Iraq War) Wolfowitz wascharged with the task of reforming the World Bank (to be more neo‐con friendly) TheIMF (being headed by Rato) isnt quite as neo‐con friendly
It is probably not that important to argue which one is more neo‐liberal I do thinkthat the argument that because IMFs head is a European hence it is less neo‐liberal ismisleading
IMF is headed by groups of powerful western countries finance ministers (40 of thevoting power goes to USA which by far has the largest voting power Japan GermanyFrance and UK) (See httpwwwimforgexternalnpsecmemdiredshtm)
The Bretton Woods Project keeps close eyes on then bank and the fund and here is anunflattering news on the European head of the Fundhttpwwwbrettonwoodsprojectorgarticleshtmlcmd[126]=x‐126‐537521
quote (the fact the Fund just recycle bankers from Wall Street is not an coincidence itrefelcts the core intrerest groups in represents in reality)==================
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 515
With the imminent departure of Anne Krueger from the post of first deputy managingdirector of the IMF Rodrigo de Rato had a unique chance to move the Fund in adifferent direction as it looks to implement its medium‐term strategic review Insteadthe managing director nominated US banker John Lipsky maintaining the conventionof keeping the top two posts at the Fund split between the transatlantic powercentres
Lipsky currently the vice chairman of JP Morgan Investment Bank is no stranger tothe IMF having worked there from 1974 to 1984 including a stint as the countryrepresentative to Chile when it was under Pinochets rule He also has an agreeableeducational pedigree with economics degrees from Wesleyan and StanfordUniversities
Reply Monday May 22 2006 at 0714 AM
a said
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances
It is not about the Bush administration It is about IMF which is in trouble now for lackof credibility of the borrwer countries Asia Countries for one are forming their owndevelopment bank to solve their fund needs And Latin American countries are alsopre‐paying the debt and getting out of the grips of IMF as quickly as they can Withoutmuch victims blood to suck one has to see how IMF manage to make itself relavant
In comparison the world bank has solid development programs and will still be inbusiness for a long time to see
Reply Monday May 22 2006 at 0721 AM
a said
the world bank has solid development programs ‐‐‐While that is before PaulWolfwitz completely ruined it of course
Reply Monday May 22 2006 at 0725 AM
Richard said
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Ive been thinking the same thing inflationary inputs today might take a decade ortwo before they are realized as inflationary outputs tomorrow
But please Im already unhappy enough about Iraq Im trying very very hard toimagine that the more muted tones we hear from the administration today are theresult of prudence caution and lessons learned and not the quiet of crackpots prior toa final quixotic conflict
Reply Monday May 22 2006 at 0143 PM
a said
Reported by Democracy Nowhttpwwwdemocracynoworgarticleplsid=0605221352205===============================================Economist Joseph Stiglitz Backs Boliviarsquos Move to Nationalize Gas Resources
The Nobel Prize winning economist Joseph Stiglitz has publicly backed Boliviarsquosdecision to nationalize its vast gas and oil reserves and to renegotiate all contractswith foreign oil companies Stiglitz met with Bolivian President Evo Morales on FridayThe former World Bank official said Bolivia was right to receive just compensation forits natural resources and that nationalization is part of a process of returning whatalready belonged to the Bolivian government Stiglitz added that it is clear that theneo‐liberal economic policies of Washington have failed the people of Bolivia
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 615
Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
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Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
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nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
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Why has world trade beenso weak in recentyears
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
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Going All Natural at the Fed
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Is buying penny stocksever a good idea
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Tweet 0
how it would redress global imbalances
With the US trade deficit the major global imbalance attention shouldfocus on how to increase US national savings While it is true that taxpreferences might yield slightly higher private savings the loss of taxrevenues would more than offset the gains thereby actually reducingnational savings There is only one solution reduce the fiscal deficit
In short the US bears responsibility both for trade imbalances and thepolicies that might quickly be adopted to address them The IMFrsquosresponse to its new mission of assessing global imbalances will thus testits battered political legitimacy
If the IMFrsquos analysis of global imbalances is not balanced if it does notidentify the US as the major culprit and if it does not direct itsattention on the USrsquos need to reduce its fiscal deficits through highertaxes for Americarsquos richest and lower defence spending the fundrsquosrelevance in the 21st century will inevitably decline
Dean Baker has another perspective on the budget deficit and global imbalances in hiscomments on a NY Times editorial He ends with
An over‐valued dollar regardless of the cause creates imbalances (ietrade deficits) that inevitably imply a painful correction process Thecurrent over‐valuation was not caused by budget deficits (remember wehad a huge budget surplus in 2000 when the dollar was considerablyhigher than it is now) The correction from the over‐valued dollar isgoing to hurt regardless of what we do with the budget deficit The priceof imports will rise between 10‐20 percent raising the rate of inflationand reducing living standards in the United States
There are good arguments for reducing the budget deficit but itrsquos justsilly to pretend that the pain from a falling dollar is attributable to thebudget deficit or that a lower deficit will somehow prevent this pain
Posted by Mark Thoma on Saturday May 20 2006 at 0338 PM in Budget Deficit EconomicsInternational Finance Policy Politics Taxes | Permalink TrackBack (0) Comments (21)
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anne said
Oh dear when the dollar lost from 40 to 50 in value relative to the primeinternational currencies after the Plaza Accord of September 1985 I remember myparents feeling ever so much poorer and complaining of all sorts of inflation Theproblem was cheese cheese French cheese which suddenly who could afford whileDad poor dear had a thing for French cheese Cheese I would hear him groan andcover my head with a blanket Cheese cheese cheese But there was more tocome
Reply Saturday May 20 2006 at 0426 PM
anne said
A few cheeseless years later we got those French and got them good because theFrench were threatened currency‐wise by speculators who forced a devaluation and
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paine on Links for 11shy20shy15
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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suddenly they were begging us to buy cheese while the Frenches went about withbarrels of inflation money moaning of the loss of well affordable highly affordableum what do Frenches buy from us anyway )
Reply Saturday May 20 2006 at 0432 PM
anne said
We have had years to prepare as importers and investors as have our trading partnersand international investors for a decline in the value of the dollar Besides the dollarhas been relative strong and weak before and the Federal Reserve chiefs past andpresent have noted the economy would not be sacrificed for the sake of the dollarWhere then is the worry Dad may go through French cheese pangs again but I amstronger and can pledge to abstain from that )
Reply Saturday May 20 2006 at 0451 PM
Winslow R said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify theUS as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
I am not convinced that tax cuts for the wealthy qualify as an inflationary force Iwould argue they are even deflationary if saved Suboptimal wealth distribution doeslead to other undesirable consequences like substandard growth
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Reply Saturday May 20 2006 at 0527 PM
anne said
Quite a powerful comment Winslow I do appreciate Stiglitz also Baker though Ihave aquibble with the dollar value issue )
Reply Saturday May 20 2006 at 0602 PM
dryfly said
Joseph Stiglitz says the IMF must identify the US as the major cause of globalimbalances in order to have legitimacy as an institution and the US must begin toreduce its budget deficit to address the problem
Amen
But if Im not mistaken doesnt a European head up the IMF Like Team Bush will listenor even care Until these guys are gone it will be nothing but silent trees falling inthe forest
Reply Saturday May 20 2006 at 0658 PM
a said
Dryfly by your logic UN is run by Ganna because Kofi is from there
US has the single veto power in IMF
Yes one can blame the Bush team but publci awareness of the problem is so veryimportant for the next administration to carry out anything different The Bush may beincompetent in many ways but polluting public opinion with lies has been them singlestrength It is foolish not to take care of that
Reply Sunday May 21 2006 at 0740 AM
mauisurfer said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify the
20shy15
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
RGC on Links for 11shy20shy15
Lee A Arnold on PaulKrugman The FarceAwakens
Lee A Arnold on PaulKrugman The FarceAwakens
RGC on Links for 11shy20shy15
Pat McGann on ExplainingInequality (PikettyMurphy Durlauf Video)
anne on Paul Krugman TheFarce Awakens
Eric377 on Paul KrugmanThe Farce Awakens
Fred Fnord on PaulKrugman The FarceAwakens
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 415
US as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
Thanks for that Stiglitz and Winslow makes sense to me only more so If you examinethe cost of deactivating this vast armada of nukes the real cost is far higher than anygovt estimate And if you add the costs of cleanup at Hanford and elsewhere USA isreally so broke it cannot afford to hire a plumber to fix the toilet
Years ago Sam Bowles suggested that the true cost of goods and services could onlybe accounted for accurately by subtracting the cost of bads
Reply Sunday May 21 2006 at 1054 AM
anne said
The idea that we can needlessly spend $10 billion a month for the war and occupationof Iraq but that there should be no consequences for doing so as though a mereaccounting were the only wasteful enterprise is a perversion of economicresponsibility to ourselves and others to persons and instutions There have beenconsequences from Iraq each wound suffered external or within to the material costhowever supposedly hidden We must leave Iraq immediately
Reply Sunday May 21 2006 at 1115 AM
dryfly said
a ‐ The director of the IMF is usually a European amp the World Bank an AmericanVestige of Bretton Woods amp outdated considering Asias rise but thats the way it is
A little over a year ago there was a big pissing match between the EU amp the US overwho would run the World Bank Bush appointed Wolfowitz (one of the master mindsof the Iraq War) Wolfowitz was charged with the task of reforming the World Bank(to be more neo‐con friendly) The IMF (being headed by Rato) isnt quite as neo‐confriendly
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances they will consider the source and chalk it up to Bush hatred on the partof Old Europe and brush it off
Not much will come of this Politics not economics
Reply Sunday May 21 2006 at 0719 PM
a said
Bush appointed Wolfowitz (one of the master minds of the Iraq War) Wolfowitz wascharged with the task of reforming the World Bank (to be more neo‐con friendly) TheIMF (being headed by Rato) isnt quite as neo‐con friendly
It is probably not that important to argue which one is more neo‐liberal I do thinkthat the argument that because IMFs head is a European hence it is less neo‐liberal ismisleading
IMF is headed by groups of powerful western countries finance ministers (40 of thevoting power goes to USA which by far has the largest voting power Japan GermanyFrance and UK) (See httpwwwimforgexternalnpsecmemdiredshtm)
The Bretton Woods Project keeps close eyes on then bank and the fund and here is anunflattering news on the European head of the Fundhttpwwwbrettonwoodsprojectorgarticleshtmlcmd[126]=x‐126‐537521
quote (the fact the Fund just recycle bankers from Wall Street is not an coincidence itrefelcts the core intrerest groups in represents in reality)==================
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More on UK interest and
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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With the imminent departure of Anne Krueger from the post of first deputy managingdirector of the IMF Rodrigo de Rato had a unique chance to move the Fund in adifferent direction as it looks to implement its medium‐term strategic review Insteadthe managing director nominated US banker John Lipsky maintaining the conventionof keeping the top two posts at the Fund split between the transatlantic powercentres
Lipsky currently the vice chairman of JP Morgan Investment Bank is no stranger tothe IMF having worked there from 1974 to 1984 including a stint as the countryrepresentative to Chile when it was under Pinochets rule He also has an agreeableeducational pedigree with economics degrees from Wesleyan and StanfordUniversities
Reply Monday May 22 2006 at 0714 AM
a said
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances
It is not about the Bush administration It is about IMF which is in trouble now for lackof credibility of the borrwer countries Asia Countries for one are forming their owndevelopment bank to solve their fund needs And Latin American countries are alsopre‐paying the debt and getting out of the grips of IMF as quickly as they can Withoutmuch victims blood to suck one has to see how IMF manage to make itself relavant
In comparison the world bank has solid development programs and will still be inbusiness for a long time to see
Reply Monday May 22 2006 at 0721 AM
a said
the world bank has solid development programs ‐‐‐While that is before PaulWolfwitz completely ruined it of course
Reply Monday May 22 2006 at 0725 AM
Richard said
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Ive been thinking the same thing inflationary inputs today might take a decade ortwo before they are realized as inflationary outputs tomorrow
But please Im already unhappy enough about Iraq Im trying very very hard toimagine that the more muted tones we hear from the administration today are theresult of prudence caution and lessons learned and not the quiet of crackpots prior toa final quixotic conflict
Reply Monday May 22 2006 at 0143 PM
a said
Reported by Democracy Nowhttpwwwdemocracynoworgarticleplsid=0605221352205===============================================Economist Joseph Stiglitz Backs Boliviarsquos Move to Nationalize Gas Resources
The Nobel Prize winning economist Joseph Stiglitz has publicly backed Boliviarsquosdecision to nationalize its vast gas and oil reserves and to renegotiate all contractswith foreign oil companies Stiglitz met with Bolivian President Evo Morales on FridayThe former World Bank official said Bolivia was right to receive just compensation forits natural resources and that nationalization is part of a process of returning whatalready belonged to the Bolivian government Stiglitz added that it is clear that theneo‐liberal economic policies of Washington have failed the people of Bolivia
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Bernie Sanders is rightThe top 01 percenthave as much as thebottom 90 percent
A growing number oflawmakers wantsObama to fire thenationrsquos top drug cop
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
The Paris climateshychangeconference needs to bemore ambitious
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Maybe the euro arearsquos badbanks didnrsquot matter
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Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
Final Thoughts OnSeptember
Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 815
award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 315
suddenly they were begging us to buy cheese while the Frenches went about withbarrels of inflation money moaning of the loss of well affordable highly affordableum what do Frenches buy from us anyway )
Reply Saturday May 20 2006 at 0432 PM
anne said
We have had years to prepare as importers and investors as have our trading partnersand international investors for a decline in the value of the dollar Besides the dollarhas been relative strong and weak before and the Federal Reserve chiefs past andpresent have noted the economy would not be sacrificed for the sake of the dollarWhere then is the worry Dad may go through French cheese pangs again but I amstronger and can pledge to abstain from that )
Reply Saturday May 20 2006 at 0451 PM
Winslow R said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify theUS as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
I am not convinced that tax cuts for the wealthy qualify as an inflationary force Iwould argue they are even deflationary if saved Suboptimal wealth distribution doeslead to other undesirable consequences like substandard growth
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Reply Saturday May 20 2006 at 0527 PM
anne said
Quite a powerful comment Winslow I do appreciate Stiglitz also Baker though Ihave aquibble with the dollar value issue )
Reply Saturday May 20 2006 at 0602 PM
dryfly said
Joseph Stiglitz says the IMF must identify the US as the major cause of globalimbalances in order to have legitimacy as an institution and the US must begin toreduce its budget deficit to address the problem
Amen
But if Im not mistaken doesnt a European head up the IMF Like Team Bush will listenor even care Until these guys are gone it will be nothing but silent trees falling inthe forest
Reply Saturday May 20 2006 at 0658 PM
a said
Dryfly by your logic UN is run by Ganna because Kofi is from there
US has the single veto power in IMF
Yes one can blame the Bush team but publci awareness of the problem is so veryimportant for the next administration to carry out anything different The Bush may beincompetent in many ways but polluting public opinion with lies has been them singlestrength It is foolish not to take care of that
Reply Sunday May 21 2006 at 0740 AM
mauisurfer said
If the IMFrsquos analysis of global imbalances is not balanced if it does not identify the
20shy15
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
RGC on Links for 11shy20shy15
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paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
paine on Rebooting theEurozone Step 1 ndashAgreeing a CrisisNarrative
im1dc on Links for 11shy20shy15
Brad DeLong
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Inflation and Activity shy TwoExplorations and theirMonetary PolicyImplications shyshy byOlivier BlanchardEugenio CeruttiLawrence Summers
Access to Schooling andthe BlackshyWhiteIncarceration Gap inthe Early 20th CenturyUS South Evidencefrom RosenwaldSchools shyshy by KatherineEriksson
Common Currency versusCurrency Union TheUS Continental Dollarand DenominationalStructure 1775shy1776 shyshyby Farley Grubb
Bright Minds Big RentGentrification and theRising Returns to Skill shyshy by Lena EdlundCecilia MachadoMichaela Sviatchi
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Working Papers
Blogs
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 415
US as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
Thanks for that Stiglitz and Winslow makes sense to me only more so If you examinethe cost of deactivating this vast armada of nukes the real cost is far higher than anygovt estimate And if you add the costs of cleanup at Hanford and elsewhere USA isreally so broke it cannot afford to hire a plumber to fix the toilet
Years ago Sam Bowles suggested that the true cost of goods and services could onlybe accounted for accurately by subtracting the cost of bads
Reply Sunday May 21 2006 at 1054 AM
anne said
The idea that we can needlessly spend $10 billion a month for the war and occupationof Iraq but that there should be no consequences for doing so as though a mereaccounting were the only wasteful enterprise is a perversion of economicresponsibility to ourselves and others to persons and instutions There have beenconsequences from Iraq each wound suffered external or within to the material costhowever supposedly hidden We must leave Iraq immediately
Reply Sunday May 21 2006 at 1115 AM
dryfly said
a ‐ The director of the IMF is usually a European amp the World Bank an AmericanVestige of Bretton Woods amp outdated considering Asias rise but thats the way it is
A little over a year ago there was a big pissing match between the EU amp the US overwho would run the World Bank Bush appointed Wolfowitz (one of the master mindsof the Iraq War) Wolfowitz was charged with the task of reforming the World Bank(to be more neo‐con friendly) The IMF (being headed by Rato) isnt quite as neo‐confriendly
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances they will consider the source and chalk it up to Bush hatred on the partof Old Europe and brush it off
Not much will come of this Politics not economics
Reply Sunday May 21 2006 at 0719 PM
a said
Bush appointed Wolfowitz (one of the master minds of the Iraq War) Wolfowitz wascharged with the task of reforming the World Bank (to be more neo‐con friendly) TheIMF (being headed by Rato) isnt quite as neo‐con friendly
It is probably not that important to argue which one is more neo‐liberal I do thinkthat the argument that because IMFs head is a European hence it is less neo‐liberal ismisleading
IMF is headed by groups of powerful western countries finance ministers (40 of thevoting power goes to USA which by far has the largest voting power Japan GermanyFrance and UK) (See httpwwwimforgexternalnpsecmemdiredshtm)
The Bretton Woods Project keeps close eyes on then bank and the fund and here is anunflattering news on the European head of the Fundhttpwwwbrettonwoodsprojectorgarticleshtmlcmd[126]=x‐126‐537521
quote (the fact the Fund just recycle bankers from Wall Street is not an coincidence itrefelcts the core intrerest groups in represents in reality)==================
Marginal Revolution
Friday assorted links
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Further wounds forObamacare
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Syrian Refugees JellyBeans and Murderers
Leadership sentences toponder
Calculated Risk
Kansas City Fed RegionalManufacturing Activityexpanded slightly inOctober First Timesince February
BLS on StateUnemployment RatesNo State at or above7 First Time sinceearly 2007
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DOT Vehicle Miles Drivenincreased 23 yearshyovershyyear in AugustRolling 12 Months at AllTime High
Lawler Preliminary Tableof Distressed Sales andAll Cash Sales forSelected Cities inOctober
Philly Fed ManufacturingSurvey showed slightexpansion in November
Weekly InitialUnemployment Claimsdeclined to 271000
Noahpinion
Unlearning economics
Gelman vs CaseshyDeatonacademics vs blogsagain
Black immigrants areupwardly mobile
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Panics and Bubblesreading list
Big TFP data mystery(Probably solved)
Growth vs static efficiency
Mainly Macro
When central bankersshould keep quiet
Austerity the Treasuryand Spending underLabour
What if Labourrsquos pessimistsare right
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Europersquos other tabooreform of the ECB
More on UK interest and
A Fine TheoremA Fistful of EurosAdam SmithAdam Smith InstituteAltshyMAndrew BiggsAngry BearAntonio FatasArnold KlingBack of the EnvelopeBank UndergroundBrad DeLongBud MeyersBusiness EthicsCafe HayekCalculated RiskCapital Ebbs and FlowsCaptain CapitalismCarola BinderCecchetti and SchoenholtzCheap TalkChris BlattmanCity EconomistConglomerate BlogCoordination ProblemCore EconomicsCoyote BlogCredit WritedownsCroaking CassandraCrooked TimberDan ArielyDangerous EconomistDani RodrikDash of InsightData PointsDave GilesDean BakerDemography MattersDepartment of LaborDigitopolyEconbrowserEconLogEconomic PerspectivesEconomic PrincipalsEcon and DevelopEconomics RoundtableEconomics UKEconoSpeakEcons Do It with ModelsEconWeeklyEnv and Urban EconomicsEnvironmental EconFreakonomicsFree ExchangeFresh Economic ThinkingFT AlphavilleGonzaga Macro BlogGreg MankiwGrowth EconomicsIMFDirectInterfluidityJared BernsteinJayson LuskJesses Cafeacute AmeacutericainJohn QuigginJohn TaylorJuan ColeKids Prefer CheeseKnowledge ProblemLane KenworthyLiberty StreetMacro MusingsmacroblogMacroManiaMagic maths moneymainly macroMarc BellemareMarginal RevolutionMiles CorakMoneynessMultiplier EffectNaked CapitalismNEPshyDGE BlogNewmarks DoorNo HesitationsNoahpinionOECD InsightsOff the ChartsOpen EconomicsOregon Economics BlogOvercoming BiasOwen ZidarPaul KrugmanPeter Gordons BlogPolitical EconomistProspects for DevelopPSD BlogReal Time EconomicsRealityshyBased CommRichard A PosnerRichard GreenRichard SerlinRobert ReichRobert WaldmannRortybombscatterplotScottish Economy WatchSeeing the ForestStat Model and Social SciSteven LandsburgStumbling and MumblingSupply and DemandSupplyshySide LiberalTax Policy BlogTea with FT
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 515
With the imminent departure of Anne Krueger from the post of first deputy managingdirector of the IMF Rodrigo de Rato had a unique chance to move the Fund in adifferent direction as it looks to implement its medium‐term strategic review Insteadthe managing director nominated US banker John Lipsky maintaining the conventionof keeping the top two posts at the Fund split between the transatlantic powercentres
Lipsky currently the vice chairman of JP Morgan Investment Bank is no stranger tothe IMF having worked there from 1974 to 1984 including a stint as the countryrepresentative to Chile when it was under Pinochets rule He also has an agreeableeducational pedigree with economics degrees from Wesleyan and StanfordUniversities
Reply Monday May 22 2006 at 0714 AM
a said
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances
It is not about the Bush administration It is about IMF which is in trouble now for lackof credibility of the borrwer countries Asia Countries for one are forming their owndevelopment bank to solve their fund needs And Latin American countries are alsopre‐paying the debt and getting out of the grips of IMF as quickly as they can Withoutmuch victims blood to suck one has to see how IMF manage to make itself relavant
In comparison the world bank has solid development programs and will still be inbusiness for a long time to see
Reply Monday May 22 2006 at 0721 AM
a said
the world bank has solid development programs ‐‐‐While that is before PaulWolfwitz completely ruined it of course
Reply Monday May 22 2006 at 0725 AM
Richard said
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Ive been thinking the same thing inflationary inputs today might take a decade ortwo before they are realized as inflationary outputs tomorrow
But please Im already unhappy enough about Iraq Im trying very very hard toimagine that the more muted tones we hear from the administration today are theresult of prudence caution and lessons learned and not the quiet of crackpots prior toa final quixotic conflict
Reply Monday May 22 2006 at 0143 PM
a said
Reported by Democracy Nowhttpwwwdemocracynoworgarticleplsid=0605221352205===============================================Economist Joseph Stiglitz Backs Boliviarsquos Move to Nationalize Gas Resources
The Nobel Prize winning economist Joseph Stiglitz has publicly backed Boliviarsquosdecision to nationalize its vast gas and oil reserves and to renegotiate all contractswith foreign oil companies Stiglitz met with Bolivian President Evo Morales on FridayThe former World Bank official said Bolivia was right to receive just compensation forits natural resources and that nationalization is part of a process of returning whatalready belonged to the Bolivian government Stiglitz added that it is clear that theneo‐liberal economic policies of Washington have failed the people of Bolivia
exchange rates
Where would you get themoney from
Econbrowser
Wisconsin PrivateEmployment ldquohighestoneshymonth jump since1992rdquo
Closing the Output Gap
The Wisconsin Economysince the Last Peak
Potential GDP Again
ldquohellipinflation expectationscan change quicklyrdquo
What the Taylor Rule(s)Say(s)
Preparing for liftshyoff
WSJ Econ Blog
5 Things to Watch on theEconomic Calendar
Video The MarriedMillennial Parents AreComing
Lower ElectronicsshyStoreSpending May Not BeWhat You Think
Renters Spent a RecordshyHigh Share of Incomeon Rent This Spring
As Home Prices Rise theForeclosure CrisisContinues to Recede
WSJ Survey Oil andInflation Are StubbornDisappointments
China Fires the First Shot ina Currency War
Wonkblog
Rwanda is beating theUnited States in genderequality
The surprising reason morepolice dogs are dying inthe line of duty
The refugees Americanshave fought againstover 200 years
Why Missouri might be thenext big battlegroundin the rightshytoshyworkdebate
Specialty drugs now costmore than the medianhousehold income
Bernie Sanders is rightThe top 01 percenthave as much as thebottom 90 percent
A growing number oflawmakers wantsObama to fire thenationrsquos top drug cop
Free exchange
To get a climateagreement first setout principles for faircostshysharing
Tea with FTThe Baseline ScenarioThe Berkeley Econ BlogThe Big PictureThe Economic PopulistThe Everyday EconomistThe Glittering EyeThe Incidental EconomistThe InterpreterThe Irish EconomyThe Money IllusionTheory ClassThomas PalleyThoughts On EconomicsTransfer Pricing EconTreasury BlogTriple CrisisTwentyshyCent ParadigmsUS Economic SnapshotUnsettling EconomicsUpdated PriorsUpshotUrbanomicsWine EconomistWinterspeakWorthwhile Canad InitZambian Economist
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 615
Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
The Paris climateshychangeconference needs to bemore ambitious
A world of debt
Governments do not knowthe best way to savethe Amazon rainforestAnd that needs tochange
The worlds nevershyendingdebt story
Some simple rules ofthumb
Do ultrashylow interest ratesreally damage growth
FT Alphaville
Maybe the euro arearsquos badbanks didnrsquot matter
Buiter on transferringrobot incomes to thepeople
Alphachat Robotsartificial intelligenceand a sluggish shoppingseason
Just you wait till thesecond half says Slateramp Gordon
When unsecured is cheaperthan secured borrowing
Markets Live Friday 20thNovember 2015
JCap on Wirecard a searchfor the Asian business
The Upshot
Economic View ASuburbanshyUrban Dividein Charter SchoolSuccess Rates
Road to 2016 Batman andRubio The Drawbackof a Youthful Look
Best of the Web Stuff WeLiked TacklingInequality andMeasuring Free Speech
Tax Policy MomentumBuilds to TaxConsumption MoreIncome Less
Loyalty Test Readers andStarwood React toStarwood CustomerAgitation
Road to 2016 The GOPEstablishment Has aBig New HampshireProblem
Political ScienceOverrating Outrage inObamarsquos Response toParis Attacks
Bank Underground
How did the Bankrsquosforecasts performbefore during and afterthe crisis
Regulatory arbitrage inaction evidence fromcrossshyborder lendingand macroprudentialpolicy
Productivity in the UK vs
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Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
Final Thoughts OnSeptember
Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
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UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
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The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Rortybomb
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Advice for Twitter
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I love Germany AndGreece And especiallyFinland
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Hedging Against RobotStealing All The Jobs
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Immigration AndProtectionism
Virtual Reality AndCreative Industries
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Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
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November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Causality
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What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
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Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
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Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
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Soak The Rich
Late Night
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Americas Worst Humans
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Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
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GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 415
US as the major culprit and if it does not direct its attention on the USrsquos need toreduce its fiscal deficits through higher taxes for Americarsquos richest and lower defencespending the fundrsquos relevance in the 21st century will inevitably decline
Stiglitz is trying to pin the blame for higher inflation on the real cause higherwasteful defense spending that destroys real wealth
Thanks for that Stiglitz and Winslow makes sense to me only more so If you examinethe cost of deactivating this vast armada of nukes the real cost is far higher than anygovt estimate And if you add the costs of cleanup at Hanford and elsewhere USA isreally so broke it cannot afford to hire a plumber to fix the toilet
Years ago Sam Bowles suggested that the true cost of goods and services could onlybe accounted for accurately by subtracting the cost of bads
Reply Sunday May 21 2006 at 1054 AM
anne said
The idea that we can needlessly spend $10 billion a month for the war and occupationof Iraq but that there should be no consequences for doing so as though a mereaccounting were the only wasteful enterprise is a perversion of economicresponsibility to ourselves and others to persons and instutions There have beenconsequences from Iraq each wound suffered external or within to the material costhowever supposedly hidden We must leave Iraq immediately
Reply Sunday May 21 2006 at 1115 AM
dryfly said
a ‐ The director of the IMF is usually a European amp the World Bank an AmericanVestige of Bretton Woods amp outdated considering Asias rise but thats the way it is
A little over a year ago there was a big pissing match between the EU amp the US overwho would run the World Bank Bush appointed Wolfowitz (one of the master mindsof the Iraq War) Wolfowitz was charged with the task of reforming the World Bank(to be more neo‐con friendly) The IMF (being headed by Rato) isnt quite as neo‐confriendly
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances they will consider the source and chalk it up to Bush hatred on the partof Old Europe and brush it off
Not much will come of this Politics not economics
Reply Sunday May 21 2006 at 0719 PM
a said
Bush appointed Wolfowitz (one of the master minds of the Iraq War) Wolfowitz wascharged with the task of reforming the World Bank (to be more neo‐con friendly) TheIMF (being headed by Rato) isnt quite as neo‐con friendly
It is probably not that important to argue which one is more neo‐liberal I do thinkthat the argument that because IMFs head is a European hence it is less neo‐liberal ismisleading
IMF is headed by groups of powerful western countries finance ministers (40 of thevoting power goes to USA which by far has the largest voting power Japan GermanyFrance and UK) (See httpwwwimforgexternalnpsecmemdiredshtm)
The Bretton Woods Project keeps close eyes on then bank and the fund and here is anunflattering news on the European head of the Fundhttpwwwbrettonwoodsprojectorgarticleshtmlcmd[126]=x‐126‐537521
quote (the fact the Fund just recycle bankers from Wall Street is not an coincidence itrefelcts the core intrerest groups in represents in reality)==================
Marginal Revolution
Friday assorted links
How do students feel aboutolder faculty members
Further wounds forObamacare
Can this be true
Thursday assorted links
Syrian Refugees JellyBeans and Murderers
Leadership sentences toponder
Calculated Risk
Kansas City Fed RegionalManufacturing Activityexpanded slightly inOctober First Timesince February
BLS on StateUnemployment RatesNo State at or above7 First Time sinceearly 2007
Merrill Lynch on economicimpact of El Nintildeo Q1Risk to Upside
DOT Vehicle Miles Drivenincreased 23 yearshyovershyyear in AugustRolling 12 Months at AllTime High
Lawler Preliminary Tableof Distressed Sales andAll Cash Sales forSelected Cities inOctober
Philly Fed ManufacturingSurvey showed slightexpansion in November
Weekly InitialUnemployment Claimsdeclined to 271000
Noahpinion
Unlearning economics
Gelman vs CaseshyDeatonacademics vs blogsagain
Black immigrants areupwardly mobile
CaseshyDeaton and thehuman capital debate
Panics and Bubblesreading list
Big TFP data mystery(Probably solved)
Growth vs static efficiency
Mainly Macro
When central bankersshould keep quiet
Austerity the Treasuryand Spending underLabour
What if Labourrsquos pessimistsare right
Osborne Cameron andfiscal irresponsibility
Europersquos other tabooreform of the ECB
More on UK interest and
A Fine TheoremA Fistful of EurosAdam SmithAdam Smith InstituteAltshyMAndrew BiggsAngry BearAntonio FatasArnold KlingBack of the EnvelopeBank UndergroundBrad DeLongBud MeyersBusiness EthicsCafe HayekCalculated RiskCapital Ebbs and FlowsCaptain CapitalismCarola BinderCecchetti and SchoenholtzCheap TalkChris BlattmanCity EconomistConglomerate BlogCoordination ProblemCore EconomicsCoyote BlogCredit WritedownsCroaking CassandraCrooked TimberDan ArielyDangerous EconomistDani RodrikDash of InsightData PointsDave GilesDean BakerDemography MattersDepartment of LaborDigitopolyEconbrowserEconLogEconomic PerspectivesEconomic PrincipalsEcon and DevelopEconomics RoundtableEconomics UKEconoSpeakEcons Do It with ModelsEconWeeklyEnv and Urban EconomicsEnvironmental EconFreakonomicsFree ExchangeFresh Economic ThinkingFT AlphavilleGonzaga Macro BlogGreg MankiwGrowth EconomicsIMFDirectInterfluidityJared BernsteinJayson LuskJesses Cafeacute AmeacutericainJohn QuigginJohn TaylorJuan ColeKids Prefer CheeseKnowledge ProblemLane KenworthyLiberty StreetMacro MusingsmacroblogMacroManiaMagic maths moneymainly macroMarc BellemareMarginal RevolutionMiles CorakMoneynessMultiplier EffectNaked CapitalismNEPshyDGE BlogNewmarks DoorNo HesitationsNoahpinionOECD InsightsOff the ChartsOpen EconomicsOregon Economics BlogOvercoming BiasOwen ZidarPaul KrugmanPeter Gordons BlogPolitical EconomistProspects for DevelopPSD BlogReal Time EconomicsRealityshyBased CommRichard A PosnerRichard GreenRichard SerlinRobert ReichRobert WaldmannRortybombscatterplotScottish Economy WatchSeeing the ForestStat Model and Social SciSteven LandsburgStumbling and MumblingSupply and DemandSupplyshySide LiberalTax Policy BlogTea with FT
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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With the imminent departure of Anne Krueger from the post of first deputy managingdirector of the IMF Rodrigo de Rato had a unique chance to move the Fund in adifferent direction as it looks to implement its medium‐term strategic review Insteadthe managing director nominated US banker John Lipsky maintaining the conventionof keeping the top two posts at the Fund split between the transatlantic powercentres
Lipsky currently the vice chairman of JP Morgan Investment Bank is no stranger tothe IMF having worked there from 1974 to 1984 including a stint as the countryrepresentative to Chile when it was under Pinochets rule He also has an agreeableeducational pedigree with economics degrees from Wesleyan and StanfordUniversities
Reply Monday May 22 2006 at 0714 AM
a said
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances
It is not about the Bush administration It is about IMF which is in trouble now for lackof credibility of the borrwer countries Asia Countries for one are forming their owndevelopment bank to solve their fund needs And Latin American countries are alsopre‐paying the debt and getting out of the grips of IMF as quickly as they can Withoutmuch victims blood to suck one has to see how IMF manage to make itself relavant
In comparison the world bank has solid development programs and will still be inbusiness for a long time to see
Reply Monday May 22 2006 at 0721 AM
a said
the world bank has solid development programs ‐‐‐While that is before PaulWolfwitz completely ruined it of course
Reply Monday May 22 2006 at 0725 AM
Richard said
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Ive been thinking the same thing inflationary inputs today might take a decade ortwo before they are realized as inflationary outputs tomorrow
But please Im already unhappy enough about Iraq Im trying very very hard toimagine that the more muted tones we hear from the administration today are theresult of prudence caution and lessons learned and not the quiet of crackpots prior toa final quixotic conflict
Reply Monday May 22 2006 at 0143 PM
a said
Reported by Democracy Nowhttpwwwdemocracynoworgarticleplsid=0605221352205===============================================Economist Joseph Stiglitz Backs Boliviarsquos Move to Nationalize Gas Resources
The Nobel Prize winning economist Joseph Stiglitz has publicly backed Boliviarsquosdecision to nationalize its vast gas and oil reserves and to renegotiate all contractswith foreign oil companies Stiglitz met with Bolivian President Evo Morales on FridayThe former World Bank official said Bolivia was right to receive just compensation forits natural resources and that nationalization is part of a process of returning whatalready belonged to the Bolivian government Stiglitz added that it is clear that theneo‐liberal economic policies of Washington have failed the people of Bolivia
exchange rates
Where would you get themoney from
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5 Things to Watch on theEconomic Calendar
Video The MarriedMillennial Parents AreComing
Lower ElectronicsshyStoreSpending May Not BeWhat You Think
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As Home Prices Rise theForeclosure CrisisContinues to Recede
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Rwanda is beating theUnited States in genderequality
The surprising reason morepolice dogs are dying inthe line of duty
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Specialty drugs now costmore than the medianhousehold income
Bernie Sanders is rightThe top 01 percenthave as much as thebottom 90 percent
A growing number oflawmakers wantsObama to fire thenationrsquos top drug cop
Free exchange
To get a climateagreement first setout principles for faircostshysharing
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
The Paris climateshychangeconference needs to bemore ambitious
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Governments do not knowthe best way to savethe Amazon rainforestAnd that needs tochange
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Some simple rules ofthumb
Do ultrashylow interest ratesreally damage growth
FT Alphaville
Maybe the euro arearsquos badbanks didnrsquot matter
Buiter on transferringrobot incomes to thepeople
Alphachat Robotsartificial intelligenceand a sluggish shoppingseason
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When unsecured is cheaperthan secured borrowing
Markets Live Friday 20thNovember 2015
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Tax Policy MomentumBuilds to TaxConsumption MoreIncome Less
Loyalty Test Readers andStarwood React toStarwood CustomerAgitation
Road to 2016 The GOPEstablishment Has aBig New HampshireProblem
Political ScienceOverrating Outrage inObamarsquos Response toParis Attacks
Bank Underground
How did the Bankrsquosforecasts performbefore during and afterthe crisis
Regulatory arbitrage inaction evidence fromcrossshyborder lendingand macroprudentialpolicy
Productivity in the UK vs
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Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
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Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
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Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
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Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
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Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
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Americas Worst Humans
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People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 515
With the imminent departure of Anne Krueger from the post of first deputy managingdirector of the IMF Rodrigo de Rato had a unique chance to move the Fund in adifferent direction as it looks to implement its medium‐term strategic review Insteadthe managing director nominated US banker John Lipsky maintaining the conventionof keeping the top two posts at the Fund split between the transatlantic powercentres
Lipsky currently the vice chairman of JP Morgan Investment Bank is no stranger tothe IMF having worked there from 1974 to 1984 including a stint as the countryrepresentative to Chile when it was under Pinochets rule He also has an agreeableeducational pedigree with economics degrees from Wesleyan and StanfordUniversities
Reply Monday May 22 2006 at 0714 AM
a said
I dont expect the Bush admin to care much if the IMF brands the US a major source ofimbalances
It is not about the Bush administration It is about IMF which is in trouble now for lackof credibility of the borrwer countries Asia Countries for one are forming their owndevelopment bank to solve their fund needs And Latin American countries are alsopre‐paying the debt and getting out of the grips of IMF as quickly as they can Withoutmuch victims blood to suck one has to see how IMF manage to make itself relavant
In comparison the world bank has solid development programs and will still be inbusiness for a long time to see
Reply Monday May 22 2006 at 0721 AM
a said
the world bank has solid development programs ‐‐‐While that is before PaulWolfwitz completely ruined it of course
Reply Monday May 22 2006 at 0725 AM
Richard said
Twenty years from now Republicans will blame inflation on rising wagesunions etcand a few economists will agree We may need the wealth distruction resulting froma war with Iran before inflation really takes hold
Ive been thinking the same thing inflationary inputs today might take a decade ortwo before they are realized as inflationary outputs tomorrow
But please Im already unhappy enough about Iraq Im trying very very hard toimagine that the more muted tones we hear from the administration today are theresult of prudence caution and lessons learned and not the quiet of crackpots prior toa final quixotic conflict
Reply Monday May 22 2006 at 0143 PM
a said
Reported by Democracy Nowhttpwwwdemocracynoworgarticleplsid=0605221352205===============================================Economist Joseph Stiglitz Backs Boliviarsquos Move to Nationalize Gas Resources
The Nobel Prize winning economist Joseph Stiglitz has publicly backed Boliviarsquosdecision to nationalize its vast gas and oil reserves and to renegotiate all contractswith foreign oil companies Stiglitz met with Bolivian President Evo Morales on FridayThe former World Bank official said Bolivia was right to receive just compensation forits natural resources and that nationalization is part of a process of returning whatalready belonged to the Bolivian government Stiglitz added that it is clear that theneo‐liberal economic policies of Washington have failed the people of Bolivia
exchange rates
Where would you get themoney from
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Preparing for liftshyoff
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5 Things to Watch on theEconomic Calendar
Video The MarriedMillennial Parents AreComing
Lower ElectronicsshyStoreSpending May Not BeWhat You Think
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Rwanda is beating theUnited States in genderequality
The surprising reason morepolice dogs are dying inthe line of duty
The refugees Americanshave fought againstover 200 years
Why Missouri might be thenext big battlegroundin the rightshytoshyworkdebate
Specialty drugs now costmore than the medianhousehold income
Bernie Sanders is rightThe top 01 percenthave as much as thebottom 90 percent
A growing number oflawmakers wantsObama to fire thenationrsquos top drug cop
Free exchange
To get a climateagreement first setout principles for faircostshysharing
Tea with FTThe Baseline ScenarioThe Berkeley Econ BlogThe Big PictureThe Economic PopulistThe Everyday EconomistThe Glittering EyeThe Incidental EconomistThe InterpreterThe Irish EconomyThe Money IllusionTheory ClassThomas PalleyThoughts On EconomicsTransfer Pricing EconTreasury BlogTriple CrisisTwentyshyCent ParadigmsUS Economic SnapshotUnsettling EconomicsUpdated PriorsUpshotUrbanomicsWine EconomistWinterspeakWorthwhile Canad InitZambian Economist
Archives
November 2015October 2015September 2015August 2015July 2015June 2015May 2015April 2015March 2015February 2015January 2015December 2014 More
Categories
Academic PapersAnimationBooksBudget DeficitChinaConferencesDevelopmentDiscussion QuestionsEconometricsEconomicsEducationEnvironmentEquityFed SpeechesFed WatchFinancial SystemFiscal PolicyFiscal TimesGraphsHealth CareHistory of ThoughtHousingImmigrationIncome DistributionIndiaInflationInternational FinanceInternational TradeIraqIraq and AfghanistanKenyaLinksMacroeconomicsMarket FailureMediaMethodologyMiscellaneousMonetary PolicyMoneyWatchOilOregonPolicyPoliticsPressProductivityReadingRegulationReligionSavingScienceSocial Insurance
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
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Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
The Paris climateshychangeconference needs to bemore ambitious
A world of debt
Governments do not knowthe best way to savethe Amazon rainforestAnd that needs tochange
The worlds nevershyendingdebt story
Some simple rules ofthumb
Do ultrashylow interest ratesreally damage growth
FT Alphaville
Maybe the euro arearsquos badbanks didnrsquot matter
Buiter on transferringrobot incomes to thepeople
Alphachat Robotsartificial intelligenceand a sluggish shoppingseason
Just you wait till thesecond half says Slateramp Gordon
When unsecured is cheaperthan secured borrowing
Markets Live Friday 20thNovember 2015
JCap on Wirecard a searchfor the Asian business
The Upshot
Economic View ASuburbanshyUrban Dividein Charter SchoolSuccess Rates
Road to 2016 Batman andRubio The Drawbackof a Youthful Look
Best of the Web Stuff WeLiked TacklingInequality andMeasuring Free Speech
Tax Policy MomentumBuilds to TaxConsumption MoreIncome Less
Loyalty Test Readers andStarwood React toStarwood CustomerAgitation
Road to 2016 The GOPEstablishment Has aBig New HampshireProblem
Political ScienceOverrating Outrage inObamarsquos Response toParis Attacks
Bank Underground
How did the Bankrsquosforecasts performbefore during and afterthe crisis
Regulatory arbitrage inaction evidence fromcrossshyborder lendingand macroprudentialpolicy
Productivity in the UK vs
Social InsuranceSocial SecuritySportsTaxesTechnologyTelevisionTerrorismTravelUnemploymentUnionsUniversitiesUniversity of OregonVideoWebTechWeblogs
Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 715
nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
Final Thoughts OnSeptember
Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 815
award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
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Carola Binder
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
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NYT Wrongly DescribesProtectionist TPP asFree Trade
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UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
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Remember tax inversionshelliptheyrsquore baaaack
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Wherein I argue withfriends and allies aboutthe Cadillac tax
This is your paycheck atfull employmenthellipmaybe
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Reality Check
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The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
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I love Germany AndGreece And especiallyFinland
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Is Education Reform A PipeDream
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Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
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November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
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Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
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Cochrane on EconomicGrowth
Keep the Cadillac Tax
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EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
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The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
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Soak The Rich
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Americas Worst Humans
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Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
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The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 615
Reply Tuesday May 23 2006 at 1218 PM
said
in contrast democracy now is reporting (httpwwwdemocracynoworgarticleplsid=0605231358246)
============================Bush Warns of ldquoErosion of Democracyrdquo in Venezuela amp BoliviaPresident Bush warned Monday that Venezuela and Bolivia are suffering from what hedescribed as an ldquoerosion of democracyrdquo Bushrsquos comments come a week after the UScut off military sales to Venezuela and three weeks after Bolivia announced it wouldnationalize its natural gas resources Bush said he had a message for VenezuelaBolivia and other nations in the hemisphere President Bush I am going to continue toremind our hemisphere that respect for property rights and human rights is essentialfor all countries in order for there to be prosperity and peace Im going to remind ourallies and friends in the neighborhood that the United States of America stands forjustice that when we see poverty we care about it and we do something about itthat we care for good ‐‐ we stand for good health care Im going to remind our peoplethat meddling in other elections is ‐‐ to achieve a short‐term objective is not in theinterests of the neighborhoodrdquo
Reply Tuesday May 23 2006 at 1220 PM
anne said
Nice ) Perfectly contrasted and I agree with Stiglitz
Reply Tuesday May 23 2006 at 1234 PM
anne said
httpwwwnytimescom20060402booksreview02reichhtmlex=1301634000ampen=6e5bda8116c5eb20ampei=5090amppartner=rssuserlandampemc=rss
April 2 2006
The Poor Get Poorer By ROBERT B REICH
It is not exactly a new debate On my bookshelf sits Which Protection or Free Tradeedited by H W Furber and published in Boston in 1888 That was some 70 years afterthe British economist David Ricardo first suggested that the gains from trade exceedthe losses regardless of whether trading partners are more or less economicallyadvanced as each nation shifts to where it has a comparative advantage Mosteconomists and policy makers now accept Ricardos argument although the populardebate over the merits of free trade continues
The new and more interesting debate is about how the benefits of trade should beshared During the 1990s the so‐called Washington consensus of officials from theInternational Monetary Fund World Bank and United States Treasury Departmentthought the best way to spur growth in developing nations was for them to quicklylower their trade barriers and deregulate their markets But that prescription hasntworked especially well even though it still shapes American trade policy Apart fromChina and India the gap between rich and poor nations has continued to widen Morethan two billion people worldwide live on the equivalent of less than a dollar a dayTrade talks initiated in Doha Qatar in 2001 were intended to redress the balancebut have gone nowhere The last major international meeting in 2003 in CancuacutenMexico ended in failure and recrimination and theres been little progress since Theworlds poorer nations think the richer ones are still offering a lousy deal
In their provocative book Fair Trade for All Joseph E Stiglitz a professor ofeconomics at Columbia and Andrew Charlton a research officer at the London Schoolof Economics argue that the poorer nations are right A better deal would be for themto move toward free trade gradually each according to its own particularcircumstances The authors urge richer nations to help poorer ones prepare themselvesfor trade while dismantling their own trade barriers which prevent developing
The Paris climateshychangeconference needs to bemore ambitious
A world of debt
Governments do not knowthe best way to savethe Amazon rainforestAnd that needs tochange
The worlds nevershyendingdebt story
Some simple rules ofthumb
Do ultrashylow interest ratesreally damage growth
FT Alphaville
Maybe the euro arearsquos badbanks didnrsquot matter
Buiter on transferringrobot incomes to thepeople
Alphachat Robotsartificial intelligenceand a sluggish shoppingseason
Just you wait till thesecond half says Slateramp Gordon
When unsecured is cheaperthan secured borrowing
Markets Live Friday 20thNovember 2015
JCap on Wirecard a searchfor the Asian business
The Upshot
Economic View ASuburbanshyUrban Dividein Charter SchoolSuccess Rates
Road to 2016 Batman andRubio The Drawbackof a Youthful Look
Best of the Web Stuff WeLiked TacklingInequality andMeasuring Free Speech
Tax Policy MomentumBuilds to TaxConsumption MoreIncome Less
Loyalty Test Readers andStarwood React toStarwood CustomerAgitation
Road to 2016 The GOPEstablishment Has aBig New HampshireProblem
Political ScienceOverrating Outrage inObamarsquos Response toParis Attacks
Bank Underground
How did the Bankrsquosforecasts performbefore during and afterthe crisis
Regulatory arbitrage inaction evidence fromcrossshyborder lendingand macroprudentialpolicy
Productivity in the UK vs
Social InsuranceSocial SecuritySportsTaxesTechnologyTelevisionTerrorismTravelUnemploymentUnionsUniversitiesUniversity of OregonVideoWebTechWeblogs
Disclaimer
The views expressed onthis site are my own anddo not necessarilyrepresent the views of theDepartment of Economicsor the University ofOregon
Mark ThomaDepartment of EconomicsUniversity of Oregon
Blog Established March 6 2005
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 715
nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
Final Thoughts OnSeptember
Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 815
award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
Comment below or sign in with Typepad Facebook Twitter Google+ and
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Carola Binder
Feds New CommunityAdvisory Council toMeet on Friday
Did the Natural RateFall
Desire to Serve Ability toPerform and Courageto Act
Whose ExpectationsAugment the PhillipsCurve
Which Measure of InflationShould a Central BankTarget
False Discoveries and theROC Curves of SocialScience
Macroeconomics Researchat Liberal Arts Colleges
Environmental
Economics
I guess the Great Wall ofTrump will need tokeep them in
Im at that point in mycareer where Im readyto do somethingabsolutely crazy
Economists RecommendSetting Aside Part OfEvery Paycheck In CaseOf Dire Straits ReunionTour
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
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1937 Delahaye 135 M
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
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EP is not writing this week
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Robotic Hiring
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11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
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Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
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If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
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This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
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Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
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GOP congressman tries toconnect refugeesBenghazi
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Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
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Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 715
nations from selling them many goods and services
Stiglitz is worth listening to A winner of the Nobel in economic science in 2001 for hispioneering work in the economics of information he was a member and thenchairman of the Council of Economic Advisers from 1993 to 1997 (during which timein the interest of full disclosure we frequently attended the same White Housemeetings) thereafter becoming chief economist and senior vice president of the WorldBank In other words Stiglitz was in Washington when the Washington consensus wasformed He was a dissenter however and in recent years has been an outspoken criticof Washingtons trade and global investment policies
Stiglitz and Charlton show that standard economic assumptions are wrong when itcomes to many developing economies When markets in sub‐Saharan Africa andelsewhere are opened people often cant move easily to new industries where thenation has a comparative advantage Transportation systems that might get themthere are often primitive housing is inadequate and job training is scarce Theyrevulnerable in the meantime because safety nets are weak or nonexistent Most peoplelack access to credit or insurance because financial institutions are frail so theyreunable to start their own businesses or otherwise take advantage of new opportunitiesthat trade might bring Many poor countries are already plagued by highunemployment and job losses in the newly traded sector might just add to it
Reply Wednesday May 24 2006 at 0743 AM
a said
Anne thanks for your attention on world issuesYesterday Democracy Now interviewed Arundhati Roy author of God of Small Things(one of my favorite modern novels) and activist She painted a rather dark picture ofIndias current social‐economic situation Here is some excerpt (the whole transcript isreally worth reading) from (httpwwwdemocracynoworgarticleplsid=0605231358250)
=========================ARUNDHATI ROY But I must say that while Bush was in Delhi at the same time on thestreets were ‐‐ I mean apart from the protests there were 60 widows that had comefrom Kerala which is the south of India which is where I come from and they hadcome to Delhi because they were 60 out of the tens of thousands of widows of farmerswho have committed suicide because they have been encircled by debt And this is afact that is simply not reported partly because there are no official figures partlybecause the Indian government quibbles about what constitutes suicide and what is afarmer If a man commits suicide but the land is in his old fathers name he doesntcount If its a woman she doesnt count because women cant be farmers
AMY GOODMAN So she counts as someone who committed suicide but not as a farmerwho committed suicide
ARUNDHATI ROY Exactly
AMY GOODMAN Tens of thousands
ARUNDHATI ROY Tens of thousands And then anyway so these 60 women werethere on the street asking the Indian government to write off the debts of theirhusbands right Across the street from them in a five‐star hotel were Bushs 16 snifferdogs who were staying in this five‐star hotel and we were all told that you cant callthem dogs because they are actually officers of the American Army you know I dontknow what the names were Sergeant Pepper and Corporal Whatever So it wasnteven possible to be satirical or write black comedy because it was all real
Reply Wednesday May 24 2006 at 0836 AM
a said
Continue quoting Arundhati Roy on call centers colonialism democracy ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐AMY GOODMAN Our guest today for the hour is Arundhati Roy She just recently flewin from New Delhi India She is the author of a number of books her Booker Prize
the US ndash can we playcatch up again
The ldquoquestionrdquo or theldquoanswerrdquo Marketreaction to UK stresstests
Highshyfrequency trading andmarket quality Whatrsquosthe deal
Rational and BehaviouralDrivers of FinancialMarkets the case oflsquosearch for yieldrsquo
Why has world trade beenso weak in recentyears
macroblog
A Closer Look at Changes inthe Labor Market
Should We Be Concernedabout Declines in LaborForce Growth
Labor Report Silver LiningZPOP Ratio Continuedto Rise in September
The ZPOP Ratio A SimpleTake on a ComplicatedLabor Market
Liberty Street
On the Economy
The Effects of StimulusSpending onSurrounding Areas
LongshyTerm UnemploymentAffected Older WomenMost FollowingRecession
Improving BusinessClimates and Escapingthe MiddleshyIncome Trap
Indiarsquos Services Sector IsBooming WhileManufacturing Lags
How Much DoesGovernment SpendingBoost AggregateEmployment
The Relationship betweenWage Growth andInflation
Will Real Yields DeclineFurther if InflationRises
Tim Duys Fed Watch
Onto The Next Question
What 2016 Might Bring
December Still Very Much ALive Meeting
Brainard Drops A PolicyBomb
Fed Struggles With TheHigh Water Mark
Final Thoughts OnSeptember
Why the Fed Is Likely toStand Pat This Week
Macro and Other Market
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 815
award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
Comment below or sign in with Typepad Facebook Twitter Google+ and
more
(URLs automatically linked)
Email address is not displayed with comment
Name
Email Address
Web Site URL
Post Preview
Carola Binder
Feds New CommunityAdvisory Council toMeet on Friday
Did the Natural RateFall
Desire to Serve Ability toPerform and Courageto Act
Whose ExpectationsAugment the PhillipsCurve
Which Measure of InflationShould a Central BankTarget
False Discoveries and theROC Curves of SocialScience
Macroeconomics Researchat Liberal Arts Colleges
Environmental
Economics
I guess the Great Wall ofTrump will need tokeep them in
Im at that point in mycareer where Im readyto do somethingabsolutely crazy
Economists RecommendSetting Aside Part OfEvery Paycheck In CaseOf Dire Straits ReunionTour
Data point of the day
A reminder of who we aresupposed to be (orused to be)
Can my students now useThe Onion as alegitimate newssource
Now maybe John will stopwhining about howstressed out he is
Tim Taylor
Refugees DisplacedResettled Some GlobalSnapshots
Remembering HerbertScarf 1930shy2015
Why More HumanitarianAid Should be Given inCash
Uber What are the RealEconomic Gains
How Many Deaths fromMistakes in US HealthCare
Calibrating the Hype aboutOnline Higher Education
Overconfidence TheAncient Evil
The Big Picture
Collapse of Commodities inOne Simple Chart
Structural Changes atSEC
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
Dan Harris Think Yoursquore aGood Multitasker StopLying
Compounded AnnualReturns for IndividualStocks
Beat the Press
Foreign Aid $30 Billion MayNot Be What You ThinkIt Is
Ending Loser LiberalismWhy a Market BasedApproach Makes Sense
News for Ruth MarcusThird Way Policies GaveUs the Great Recession
NYT Wrongly DescribesProtectionist TPP asFree Trade
Longevity and the RisingCosts of Social Security
Robert Samuelson and theNon Problem withFannie Mae and FreddieMac
UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
Jared Bernstein
President Obama makesan interesting pointabout economicmessaging
Remember tax inversionshelliptheyrsquore baaaack
Models of the minimumwage (for what theyrsquoreworth)
Imagine thathellipcandidatesactually debatingsubstantive differenceson economic policy
Incoherency on the TPPrsquoscurrency ldquoside dealrdquo
Wherein I argue withfriends and allies aboutthe Cadillac tax
This is your paycheck atfull employmenthellipmaybe
Robert Reich
The Perils of Circus Politics
What I Learned on My RedState Book Tour
Reality Check
The Rigging of theAmerican Market
On Leaders andDemagogues
THE 4 BIG LIES ABOUTIMMIGRANTS ndash ANDTHE TRUTHDonald
The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
Rortybomb
interfluidity
Advice for Twitter
Translating ldquonet financialassetsrdquo
1099 as antitrust
How to fix the Euro
Price stickiness is not amystery and it is notpsychology
I love Germany AndGreece And especiallyFinland
Banks and Greecersquosbailouts
Modeled Behavior
LowshySkilled Labor MarketsNeed BetterInformation
Hedging Against RobotStealing All The Jobs
Is Uberrsquos Service DoomedTo Get Worse
Immigration AndProtectionism
Virtual Reality AndCreative Industries
Actually EveryoneBenefits From FreeTrade
Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
Dave Giles
November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 815
award‐winning book The God of Small Things and then her books of essays TheOrdinary Personrsquos Guide to Empire The Checkbook and the Cruise Missile amongthem Arundhati you were just talking about what is happening in India ThomasFriedman the well‐known much‐read New York Times columnist and author talksabout the call center being a perfect symbol of globalization in a very positive sense
ARUNDHATI ROY Yes it is the perfect symbol I think in many ways I wish Friedmanwould spend some time working in one But I think its a very interesting issue the callcenter because you know lets not get into the psychosis that takes place inside acall center the fact that you have people working you know according to a differentbody clock and all that and the languages and the fact that you have to de‐identifyyourself
AMY GOODMAN And just for people who arent familiar with what were talking aboutthe call center being places where well you might make a call to information or tosome corporation you actually are making that call to India and someone in a callcenter is picking it up
ARUNDHATI ROY But you know the thing is that its a good example of whats goingon The call center is surely creating jobs for a whole lot of people in India But itcomes as part of a package and that package while it gives sort of an English‐speaking middle or lower middle class young person a job for a while they can neverlast because its such a hard job It actually is also part of the corporate culturewhich is taking away land and resources and water from millions of rural people Butyoure giving the more vocal and the better off anyway ‐‐ the people who speak even alittle bit of English are the better off among the millions of people in India So togive these people jobs youre taking away the livelihoods of millions of others andthis is what globalization does
It creates ‐‐ obviously it creates a very vocal constituency that supports it among theelite of poor countries And so you have in India an elite an upper caste upper classwealthy elite who are fiercely loyal to the neoliberal program And thats exactlyobviously what colonialism has always done and its exactly what happened incountries in Latin America But now its happening in India and the rhetoric ofdemocracies in place because they have learned how to hollow out democracy andmake it lose meaning All it means it seems is elections where whoever you votefor they are going to do the same thing
Reply Wednesday May 24 2006 at 0842 AM
anne said
httpwwwnytimescom20060523worldasia23indiahtmlex=1306036800ampen=ed9584778b703c1dampei=5090amppartner=rssuserlandampemc=rss
May 23 2006
Quotas to Aid Indias Poor vs Push for Meritocracy By SOMINI SENGUPTA
NEW DELHI mdash The problem of caste prejudice here is as ancient as the Hindu textsThe efforts to redress it date from the formation of modern India nearly 59 years agoToday mdash as India enjoys awesome rates of economic progress and confronts thechallenge of spreading the benefits to its needy majority mdash the nation faces apolarizing totem of public policy a government plan to extend college admissionquotas to certain backward castes
Affirmative action is in some ways an even more emotional issue in India than in theUnited States In recent weeks a proposal to extend quotas for admission to some ofthe countrys flagship federally financed universities has caused fresh turmoil
Protests mdash particularly by medical students who say merit should be the only basis foradmission to Indias intensely competitive medical schools mdash have spread across thecountry and here in the capital hobbled public health services Advocates andopponents of the measure have exchanged often ugly rants
For the government redressing age‐old caste discrimination has become mired indivisive politics The government has said it will not back down from its proposal
Musings
Going All Natural at the Fed
How to Trigger a PanicAttack at the Fed
Fact Checking the FactCheckers
No the Fed Did Not EnableLarge Budget DeficitsshyshyYou Did
A Plea to My Fellow FreeMarketers
Peoples QE Has Been TriedBefore and Failed
The Courage to Act in 2008
Worthwhile Canadian
Initiative
Innovation CentralshyBankStyle Engaging withthe ResearchCommunity
My macro framework
Vortigerns immigrationpolicy
Robots and the Core
A modest proposal forrenewed imperialism
Drop your shovels NOWOn ending fiscal policyin NK models
Business cycle theory vsgrowth theory
Digitopoly
Is Uber disruptive
MODshyt A cheap 3D printerthatrsquos easy to use
Twenty Years of theCommercial Internet(Part 2)
The Internet of ThingsDangers Trust and theBlockchain
Getting our Name on aBillboard
Traditional disruptiontheory and predictions
The Disruption DilemmaAvailable for PreshyOrder
Chris Blattman
IPArsquos weekly links
The murderous potential ofstupidity A former ISIShostage explains theirmotives
The only thing Americanslike less than Syrianrefugees in 2016Jewish refugees in1939
ldquoHow can I avoid becomingcynical about aidworkrdquo
Americans own 42 ofcivilian guns in theworld
IPArsquos weekly links
Two interesting pieces onrace in the US
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
Comment below or sign in with Typepad Facebook Twitter Google+ and
more
(URLs automatically linked)
Email address is not displayed with comment
Name
Email Address
Web Site URL
Post Preview
Carola Binder
Feds New CommunityAdvisory Council toMeet on Friday
Did the Natural RateFall
Desire to Serve Ability toPerform and Courageto Act
Whose ExpectationsAugment the PhillipsCurve
Which Measure of InflationShould a Central BankTarget
False Discoveries and theROC Curves of SocialScience
Macroeconomics Researchat Liberal Arts Colleges
Environmental
Economics
I guess the Great Wall ofTrump will need tokeep them in
Im at that point in mycareer where Im readyto do somethingabsolutely crazy
Economists RecommendSetting Aside Part OfEvery Paycheck In CaseOf Dire Straits ReunionTour
Data point of the day
A reminder of who we aresupposed to be (orused to be)
Can my students now useThe Onion as alegitimate newssource
Now maybe John will stopwhining about howstressed out he is
Tim Taylor
Refugees DisplacedResettled Some GlobalSnapshots
Remembering HerbertScarf 1930shy2015
Why More HumanitarianAid Should be Given inCash
Uber What are the RealEconomic Gains
How Many Deaths fromMistakes in US HealthCare
Calibrating the Hype aboutOnline Higher Education
Overconfidence TheAncient Evil
The Big Picture
Collapse of Commodities inOne Simple Chart
Structural Changes atSEC
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
Dan Harris Think Yoursquore aGood Multitasker StopLying
Compounded AnnualReturns for IndividualStocks
Beat the Press
Foreign Aid $30 Billion MayNot Be What You ThinkIt Is
Ending Loser LiberalismWhy a Market BasedApproach Makes Sense
News for Ruth MarcusThird Way Policies GaveUs the Great Recession
NYT Wrongly DescribesProtectionist TPP asFree Trade
Longevity and the RisingCosts of Social Security
Robert Samuelson and theNon Problem withFannie Mae and FreddieMac
UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
Jared Bernstein
President Obama makesan interesting pointabout economicmessaging
Remember tax inversionshelliptheyrsquore baaaack
Models of the minimumwage (for what theyrsquoreworth)
Imagine thathellipcandidatesactually debatingsubstantive differenceson economic policy
Incoherency on the TPPrsquoscurrency ldquoside dealrdquo
Wherein I argue withfriends and allies aboutthe Cadillac tax
This is your paycheck atfull employmenthellipmaybe
Robert Reich
The Perils of Circus Politics
What I Learned on My RedState Book Tour
Reality Check
The Rigging of theAmerican Market
On Leaders andDemagogues
THE 4 BIG LIES ABOUTIMMIGRANTS ndash ANDTHE TRUTHDonald
The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
Rortybomb
interfluidity
Advice for Twitter
Translating ldquonet financialassetsrdquo
1099 as antitrust
How to fix the Euro
Price stickiness is not amystery and it is notpsychology
I love Germany AndGreece And especiallyFinland
Banks and Greecersquosbailouts
Modeled Behavior
LowshySkilled Labor MarketsNeed BetterInformation
Hedging Against RobotStealing All The Jobs
Is Uberrsquos Service DoomedTo Get Worse
Immigration AndProtectionism
Virtual Reality AndCreative Industries
Actually EveryoneBenefits From FreeTrade
Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
Dave Giles
November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 915
Caste‐based quotas are not new As authorized by its Constitution India has long setaside 225 percent of public university seats including those at the most eliteinstitutions for the lowest castes on the Hindu social ladder and indigenous tribesQuotas also apply to government jobs and elective office
The latest proposal extends that principle by setting aside an additional 27 percent ofseats for a group known in the bizarre parlance of Indian bureaucracy as otherbackward classes or OBCs
The new quotas would apply to the countrys most competitive federally financeduniversities including the Indian Institutes of Technology the Indian Institutes ofManagement and some elite medical colleges
Medical students have been particularly outraged because the plan would furtherrestrict the limited number of seats Medical education in India begins with a five‐yearundergraduate program and the proposal could affect students chances of completingtheir training
The central lawn of the All India Institute of Medical Sciences the pre‐eminent publichospital was occupied Friday by medical students on the fifth day of a strike thatbegan last week and continued on Monday My merit is my caste What is yours readone T‐shirt
The quota advocates have also mobilized On Friday in Patna a group of them clashedwith the police Earlier in the week they faced off against antiquota medical studentsat the All India Institute of Medical Sciences arguing that it was against the law fordoctors to strike
Reply Wednesday May 24 2006 at 0846 AM
Comment below or sign in with Typepad Facebook Twitter Google+ and
more
(URLs automatically linked)
Email address is not displayed with comment
Name
Email Address
Web Site URL
Post Preview
Carola Binder
Feds New CommunityAdvisory Council toMeet on Friday
Did the Natural RateFall
Desire to Serve Ability toPerform and Courageto Act
Whose ExpectationsAugment the PhillipsCurve
Which Measure of InflationShould a Central BankTarget
False Discoveries and theROC Curves of SocialScience
Macroeconomics Researchat Liberal Arts Colleges
Environmental
Economics
I guess the Great Wall ofTrump will need tokeep them in
Im at that point in mycareer where Im readyto do somethingabsolutely crazy
Economists RecommendSetting Aside Part OfEvery Paycheck In CaseOf Dire Straits ReunionTour
Data point of the day
A reminder of who we aresupposed to be (orused to be)
Can my students now useThe Onion as alegitimate newssource
Now maybe John will stopwhining about howstressed out he is
Tim Taylor
Refugees DisplacedResettled Some GlobalSnapshots
Remembering HerbertScarf 1930shy2015
Why More HumanitarianAid Should be Given inCash
Uber What are the RealEconomic Gains
How Many Deaths fromMistakes in US HealthCare
Calibrating the Hype aboutOnline Higher Education
Overconfidence TheAncient Evil
The Big Picture
Collapse of Commodities inOne Simple Chart
Structural Changes atSEC
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
Dan Harris Think Yoursquore aGood Multitasker StopLying
Compounded AnnualReturns for IndividualStocks
Beat the Press
Foreign Aid $30 Billion MayNot Be What You ThinkIt Is
Ending Loser LiberalismWhy a Market BasedApproach Makes Sense
News for Ruth MarcusThird Way Policies GaveUs the Great Recession
NYT Wrongly DescribesProtectionist TPP asFree Trade
Longevity and the RisingCosts of Social Security
Robert Samuelson and theNon Problem withFannie Mae and FreddieMac
UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
Jared Bernstein
President Obama makesan interesting pointabout economicmessaging
Remember tax inversionshelliptheyrsquore baaaack
Models of the minimumwage (for what theyrsquoreworth)
Imagine thathellipcandidatesactually debatingsubstantive differenceson economic policy
Incoherency on the TPPrsquoscurrency ldquoside dealrdquo
Wherein I argue withfriends and allies aboutthe Cadillac tax
This is your paycheck atfull employmenthellipmaybe
Robert Reich
The Perils of Circus Politics
What I Learned on My RedState Book Tour
Reality Check
The Rigging of theAmerican Market
On Leaders andDemagogues
THE 4 BIG LIES ABOUTIMMIGRANTS ndash ANDTHE TRUTHDonald
The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
Rortybomb
interfluidity
Advice for Twitter
Translating ldquonet financialassetsrdquo
1099 as antitrust
How to fix the Euro
Price stickiness is not amystery and it is notpsychology
I love Germany AndGreece And especiallyFinland
Banks and Greecersquosbailouts
Modeled Behavior
LowshySkilled Labor MarketsNeed BetterInformation
Hedging Against RobotStealing All The Jobs
Is Uberrsquos Service DoomedTo Get Worse
Immigration AndProtectionism
Virtual Reality AndCreative Industries
Actually EveryoneBenefits From FreeTrade
Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
Dave Giles
November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1015
10 Friday AM Reads
1937 Delahaye 135 M
The Corporate Saving Glutin the Aftermath of theGlobal Financial Crisis
Dan Harris Think Yoursquore aGood Multitasker StopLying
Compounded AnnualReturns for IndividualStocks
Beat the Press
Foreign Aid $30 Billion MayNot Be What You ThinkIt Is
Ending Loser LiberalismWhy a Market BasedApproach Makes Sense
News for Ruth MarcusThird Way Policies GaveUs the Great Recession
NYT Wrongly DescribesProtectionist TPP asFree Trade
Longevity and the RisingCosts of Social Security
Robert Samuelson and theNon Problem withFannie Mae and FreddieMac
UK NonshyFinancial Sectorto Become MoreInternationallyCompetitive Accordingto Bankers Group
Jared Bernstein
President Obama makesan interesting pointabout economicmessaging
Remember tax inversionshelliptheyrsquore baaaack
Models of the minimumwage (for what theyrsquoreworth)
Imagine thathellipcandidatesactually debatingsubstantive differenceson economic policy
Incoherency on the TPPrsquoscurrency ldquoside dealrdquo
Wherein I argue withfriends and allies aboutthe Cadillac tax
This is your paycheck atfull employmenthellipmaybe
Robert Reich
The Perils of Circus Politics
What I Learned on My RedState Book Tour
Reality Check
The Rigging of theAmerican Market
On Leaders andDemagogues
THE 4 BIG LIES ABOUTIMMIGRANTS ndash ANDTHE TRUTHDonald
The Morality of a $15Minimum
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
Rortybomb
interfluidity
Advice for Twitter
Translating ldquonet financialassetsrdquo
1099 as antitrust
How to fix the Euro
Price stickiness is not amystery and it is notpsychology
I love Germany AndGreece And especiallyFinland
Banks and Greecersquosbailouts
Modeled Behavior
LowshySkilled Labor MarketsNeed BetterInformation
Hedging Against RobotStealing All The Jobs
Is Uberrsquos Service DoomedTo Get Worse
Immigration AndProtectionism
Virtual Reality AndCreative Industries
Actually EveryoneBenefits From FreeTrade
Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
Dave Giles
November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1115
Rortybomb
interfluidity
Advice for Twitter
Translating ldquonet financialassetsrdquo
1099 as antitrust
How to fix the Euro
Price stickiness is not amystery and it is notpsychology
I love Germany AndGreece And especiallyFinland
Banks and Greecersquosbailouts
Modeled Behavior
LowshySkilled Labor MarketsNeed BetterInformation
Hedging Against RobotStealing All The Jobs
Is Uberrsquos Service DoomedTo Get Worse
Immigration AndProtectionism
Virtual Reality AndCreative Industries
Actually EveryoneBenefits From FreeTrade
Is Education Reform A PipeDream
Angry Bear
Open thread Nov 20 2015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard [With funupdate]
Oscar Landerretche onInequality
Clinton CampaignSpokesman BrianFallon Says HealthcareInsurance PremiumsArenrsquot Paid by Familiesand EmployersBecause Theyrsquore Paidto Private ForshyProfitInsurers Seriously
High slack or Low slack
Open thread Nov 17 2015
ISIS Rogue State orOrganized CrimeGangMafia
Dave Giles
November Reading
New Forecasting Blog
Angus Deaton ConsumerDemand amp the NobelPrize
Lies Damned Lies ampCointegration
Cointegration amp Granger
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1215
Causality
Illustrating SpuriousRegressions
What NOT To Do WhenData Are Missing
Chris Dillow
Keynes error
Migration as povertyreduction
Best practice
Elites vs representation
Lies weve told our children
Blairism vs the left
Limits of the profit motive
The Baseline Scenario
Request from Two JMUProfessors for Help witha Research Project
Talking About Inequality hellip
60 of Ted Cruzlsquos Tax CutGoes to the Top 1
Hillary Clintonrsquos Lame WallStreet ldquoReformrdquo ldquoPlanrdquo
Whorsquos Afraid of LarryLessig
The Only Two Things ThatMatter Why IrsquomSupporting Larry Lessig
Bernie Sanders Wants toSpend $18 Trillion SoWhat
Greg Mankiw
Regulatory Complexity
What Ive been watching
Obamacare asRedistribution
Where Ill be this week
Presidential Probabilities
Cochrane on EconomicGrowth
Keep the Cadillac Tax
Economic Principals
Trading Places
EP is not writing this week
Europe on the Verge
The Two Worlds of PaulRyan
When ldquoSideshyOccupationsrdquoShowed the Way
Arnold Kling
Campus Hijinks
Robotic Hiring
Useful Housing MarketCharts
Books of the Year
Matt Ridleyrsquos Latest
Further Thoughts on
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1315
Current Events
What is the Middle EastEndgame
Naked Capitalism
The Disaster of GreekAusterity ndash What Next
Links 112015
The REALLY ANNOYINGDonrsquotshyWannashySubsidizeshyWealthyshyKidsrsquoshyCollegeshyTuitionCanard
Ilargi The Great Fall OfChina Started At Least4 Years Ago
On the Lack of Courage inRegulators
200PM Water Cooler11192015
TPPrsquos Orwellian Definitionof ldquoSciencerdquo in itsSanitary andPhytosanitary (SPS)Chapter
Kevin Drum
Jeb Bush Opposed toManipulating PeoplesFears Over SyrianRefugees
Obamacares GrowingPains Are About WhatYoud Expect in a NewlyCompetitive Market
Republicans Play Can YouTop This OverRefugees
Here Is Todays Case Studyin RightshyWing MediaVirtue and Rectitude
Its Time for Yet AnotherSAFE Act
Illegal Immigration FromMexico Continues toDecline
Here Is Hillary ClintonsPlan to Defeat ISIS
Ezra Klein
If America really valuedmothers we wouldnrsquottreat them like this
ISIS can only succeed if weoverreact mdash so weshouldnrsquot
The Democratic debatesWall Street fight leftboth Clinton andSanders looking bad
Republicans think Americais doing terribly but itisnrsquot
What the mostcontroversial part ofObamas trade dealreally does
Larry Davids BernieSanders impressionhas amazingly gotteneven better
What Bernie Sanders getswrong about Obamarsquostrade deal
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1415
Matt Yglesias
This chart showssomethings gonewrong with the UShousing market
Donald Trumps Muslimdatabase explained
The political history behindBernie Sanderss callfor democraticsocialism
The MarriottStarwoodmerger is another caseof the rich gettingricher
Obamas biggest terrorismstruggle how to sellDont do stupid shitas a strategy
Obamas sick burn onRepublican critics of hisrefugee policy
The real reason Japanseconomy keepsstumbling intorecession
Duncan Black
Maybe Ill Take TheAfternoon Off
Cutting Their Way ToProsperity
The Zombie Apocalypse
Soak The Rich
Late Night
Evening Thread
Americas Worst Humans
Steve Benen
Rubio faces leadership testand flunks
Fridays Campaign RoundshyUp 112015
Failing to rise to theoccasion
The importance of CruzsNational Prayer Team
GOP congressman tries toconnect refugeesBenghazi
The reality gap poses realpolitical challenges
Jeb Bush clumsily claimshigh ground againstTrump
Felix Salmon
People flunked this moneytest because thequestions were dumb
Marriott wonrsquot pillage yourSPG rewards Herersquoswhy
The Great Debate Edition
Why Uber should become acar insurer
Why we fear technology
Yes Marco Rubiophilosophy mattersmdashand we could use a lotmore of it
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea
11202015 Economists View Stiglitz What the IMF Must Do to Reestablish Legitimacy
httpeconomistsviewtypepadcomeconomistsview200605stiglitz_what_thtml 1515
Is buying penny stocksever a good idea