Can Italy Be Saved? E-mail
MICHAEL SPENCE | OP-EDS
Sunday, 20 November 2011 20:37

As the economist Mario Monti’s new government takes office in Italy, much is at stake – for the country, for Europe, and for the global economy. If reforms falter, public finances collapse, and anemic growth persists, Italy’s commitment to the euro will diminish as the perceived costs of membership come to outweigh the benefits. And Italy’s defection from the common currency – unlike that of smaller countries, like Greece – would threaten the eurozone to the core.

Read more...
 
The Global Jobs Challenge E-mail
MICHAEL SPENCE | OP-EDS
Monday, 17 October 2011 10:18

Over the past three decades, hundreds of millions of new workers have entered the global economy. They arrived with various levels of education and skill, and over time have generally gained in terms of “human capital” – and in terms of value added and income. This has brought a tremendous, and ongoing, growth in income levels, opportunities, and the size of the global economy. But these new workers have also brought more employment competition and significant shifts in relative wages and prices, which is having profound distributional effects.

Read more...
 
No Pain, No Gain E-mail
MICHAEL SPENCE | OP-EDS
Friday, 23 September 2011 09:55

A sacrifice in consumption is unavoidable


The risk of a major slowdown in the US and Europe is rising. The world is looking to policymakers gathering in Washington this week to coordinate their policy responses to the threats that scenario poses to the global economy. A serious slowdown in one economic bloc would complicate the outlook for the other. Either would also produce a growth slowdown in the major emerging markets, through a shortfall in demand that policy cannot safely or sustainably redress in the short run.

Read more...
 
Closing America's Growth Deficit E-mail
MICHAEL SPENCE | OP-EDS
Wednesday, 21 September 2011 09:15

As the American economy continues to sputter three years after the global financial crisis erupted, one thing has become clear: the United States cannot generate higher rates of growth in GDP and employment without a change in the mix of the economy’s domestic and export-oriented components. Above all, this will require structural change and greater competitiveness in an expanded tradable sector.

Read more...
 
The U.S. Employment Challenge E-mail
MICHAEL SPENCE | OP-EDS
Wednesday, 24 August 2011 13:34

Behind the US unemployment numbers

 

Unemployment induced by the crisis is likely to turn out to be stubbornly high because it’s in part structural, and before the crisis it was sort of hidden from view or overcome by some unusual forces that are not sustainable. In the study of the evolving structure of the American economy and the employment problem, we looked at employment over an 18-year period coming up to 2008, just before the crisis, and we looked at value added sector by sector, and we looked at value added per person.

Read more...
 
<< Start < Prev 1 2 3 4 Next > End >>

Page 1 of 4
joomla web hosting