Friday, September 19, 2014
  1. Economics

    Piketty’s Missing Rentiers

    Jeffrey Frankel
    Economics

    Piketty’s Missing Rentiers

    6

     says that inequality is rising, but not for the reason Thomas Piketty has given.

    Rich and poor on street Ice Man/Flickr

    Thomas Piketty predicts that interest rates will rise substantially above the growth rate, capital will accumulate, and the rich will get richer through inheritance and capital income, rather than through outlandish salaries and stock options. But unearned income is not what is driving the current rise in inequality. READ MORE

  2. Politics

    The Price of Scottish Independence

    Jeffrey D. Sachs
  3. Culture & Society

    The Looming Death of Homo Economicus

    Dennis J. Snower
    Culture & Society

    The Looming Death of Homo Economicus

    1

     insists that humans' economic self-interest cannot be separated from their capacity for care.

    Individualism thinking sophiad/Flickr

    The world seems to be on the verge of another “great transformation," which will fundamentally redefine the nature of our economic and social relationships. But mainstream economics – which assumes that people are self-interested, fully rational economic actors – fails to recognize the social half of the equation. READ MORE

  4. Economics

    Great Cities and Ghost Towns

    Andrew Sheng
    Economics

    Great Cities and Ghost Towns

    & 1

    &  point out that China's excess infrastructure capacity is necessary for economic modernization.

    Ghost City China mikecornelus/Flickr

    Many observers tend to regard the rise of unoccupied modern “ghost towns,” funded through risk-laden local-government financing vehicles (LGFVs), as symptoms of China’s coming collapse. But this view underestimates the inevitability – indeed, the necessity – of such challenges on the path to development. READ MORE

  5. Politics

    Vanguard Scotland?

    Robert Skidelsky
    Politics

    Vanguard Scotland?

    2

     sees behind Scotland's independence referendum the failed promises of liberal capitalism.

    Scotland Flag Tom Parnell/Flickr

    Whichever way the Scottish independence referendum goes, the spectacular rise of nationalism, in Scotland and elsewhere in Europe, is a symptom of a diseased political mainstream. It is what happens when a form of politics claims to satisfy every human need except the coziness of communal belonging – and then lets the people down. READ MORE

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