Friday, September 19, 2014
  1. Europe’s Bargain

    Michael Spence

    Europe’s Bargain


     calls for eurozone members to cut public-sector liabilities while hiking public-sector investment.

    EU Parliament Strasbourg EU Parliament/Flickr

    Eurozone member countries should implement fiscal and structural reforms in exchange for short-run relaxation of fiscal constraints – not to increase liabilities, but to focus on growth-oriented investments to jump-start sustained recovery. If they do, private investors would take note, accelerating the recovery process. READ MORE

  2. Great Cities and Ghost Towns

    Andrew Sheng

    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

  3. Piketty’s Missing Rentiers

    Jeffrey Frankel

    Piketty’s Missing Rentiers


     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

  4. The Economics of Violence

    Bjørn Lomborg
  5. Revamping Europe’s Tattered Social Contract

    Kemal Derviş

    Revamping Europe’s Tattered Social Contract


     explains why structural reforms cannot ignore the social, historical, and political context.

    Man on bench europe Paolo Margari/Flickr

    Europe's economy needs deep supply-side reforms, so that fiscal stimulus translates into sustainable long-term growth, not just temporary spurts and further increases in countries’ debt ratios. But too many call for structural reforms without specifying their content or considering the social, historical, and political context. READ MORE

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