Divided We Stand: Why Inequality Keeps Rising is the latest report from the OECD Directorate for Employment, Labour and Social Affairs. It finds:
In the three decades prior to the recent economic downturn, wage gaps widened and household income inequality increased in a large majority of OECD countries. [...]Launching the report in Paris, OECD Secretary-General Angel Gurría said “The social contract is starting to unravel in many countries. This study dispels the assumptions that the benefits of economic growth will automatically trickle down to the disadvantaged and that greater inequality fosters greater social mobility. Without a comprehensive strategy for inclusive growth, inequality will continue to rise.”
Links to
Overview [.pdf];
press release; notes [.pdf format] for
Australia,
Canada,
the UK,
the USA;
data link (excel format).
posted by wilful
on Dec 5, 2011 -
53 comments
I was Wrong and So are You. I needed to retract the conclusions I’d trumpeted in The Wall Street Journal. The new results invalidated our original result: under the right circumstances, conservatives and libertarians were as likely as anyone on the left to give wrong answers to economic questions. The proper inference from our work is not that one group is more enlightened, or less. It’s that “myside bias”—the tendency to judge a statement according to how conveniently it fits with one’s settled position—is pervasive among all of America’s political groups. The bias is seen in the data, and in my actions. [more inside]
posted by storybored
on Dec 3, 2011 -
41 comments
Critics of the Occupy Wall Street movement have complained that the protestors have no clear goals, so
WE DON'T MAKE DEMANDS composed a list of 12 concrete, specific suggestions focusing on economic reform, stronger regulation, and closing loopholes.
posted by The Whelk
on Nov 30, 2011 -
193 comments
Political revolution, the Tea Party, and Occupy Wall Street notwithstanding, what actual policy steps could be taken to prevent the U.S. from falling into a Japanese-like decade of stagnation (or worse)? Economists from the
New America Foundation offer a rather balanced, clearly articulated, and comprehensive proposal:
The Way Forward.
[more inside]
posted by GnomeChompsky
on Oct 11, 2011 -
66 comments
Over the past few centuries, Western cultures have been very good at creating general prosperity for themselves. Historian Niall Ferguson asks: Why the West, and less so the rest? He suggests half a dozen big ideas from Western culture -- call them
the 6 killer apps -- that promote wealth, stability and innovation. And in this new century, he says, these apps are all shareable.
[more inside]
posted by Foci for Analysis
on Oct 4, 2011 -
97 comments
BBC News asks independent trader Alessio Rastani "
what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer:
"Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite
on Sep 26, 2011 -
235 comments
From 1935 to 1951, Time Magazine bridged the gap between print & radio news reporting and the new visual medium of film, with
March of Time: award-winning newsreel reports that were a combination of objective documentary, dramatized fiction and pro-American, anti-totalitarian propaganda. They “often
tackled subjects and themes that audiences weren’t used to seeing —
foreign affairs,
social trends, public-health issues — and did so with a combination of panache and subterfuge that today seems either absurd or visionary.”
(Previous two links have autoplaying video.) By 1937, the short films were being seen by as many as 26 million people every month and
may have helped steer public opinion on numerous issues,
including (
eventually) America’s
entry to WWII. Video samples are available at
Time.com, the
March of Time Facebook page and the entire collection is available online,
(free registration required) at
HBO Archives. [more inside]
posted by zarq
on Aug 22, 2011 -
8 comments
Researchers at the
New England Complex Systems Institute say they've uncovered a pattern that triggers riots wherever it's found. What is that pattern?
The price of food. When it rises to a certain level, social unrest & violence are soon to follow. According to their calculations the food price index is due to peak in August of 2013, assuming no corrective action is taken. The original paper is
here.
posted by scalefree
on Aug 21, 2011 -
49 comments
"We now have a smallish house in a nondescript working class Seattle neighborhood with no sidewalks. We have one car, a battered old minivan with a large dent on one side where you have to bang it with your hip to make the door shut. Our boys go to public schools. Our jobs pay enough to support our lifestyle, mostly anyway. If we wanted, we could both do the "next thing" on our respective career paths..... Fact is, we just don't want to work that hard! We already work harder than we feel like working. We enjoy having time to lay around in the living room with the kids, reading. We like to watch a little TV after the kids are in bed. We like going to the park and visits with friends and low-key vacations and generally relaxing. Going further down our respective career paths would likely mean more work, greater responsibilities, higher stress, and less time to lay around the living room with the kids. So why do it?" David Roberts in
Grist on satisficing, voluntary non-affluence, and
the medium chill.
posted by escabeche
on Jul 27, 2011 -
179 comments
Everyone knows that
correlation doesn't imply causation, but researchers invariably need to come up with plausible explanations (i.e., models) for the patterns found in their data. However, very different models can "explain" the same pattern. The books
The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It and
Wars, Guns and Votes: Democracy in Dangerous Places by Oxford economist
Paul Collier try to explain why some countries have remained poor using data from econometric studies. In his
very interesting review (PDF),
Mike McGovern, a political anthropologist at Yale, critiques the types of explanations found in popular economics books. Statistician Andrew Gelman has further thoughts on
descriptive statistics, causal inference, and story time.
posted by Jasper Friendly Bear
on Jul 13, 2011 -
59 comments
The housing bubble was the last chance most middle-class families saw for grasping the brass ring. Working hard didn’t pay off. Investing in the stock market was a sucker’s bet. But the housing bubble allowed middle-class families to dream again and more importantly to keep spending as if they were getting a big fat raise every year. -
How the Bubble Destroyed the Middle Class
posted by Slap*Happy
on Jul 11, 2011 -
205 comments
"
Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this year controlled almost $1.5 trillion of assets (not far short of the $2 trillion in hedge funds), has become a matter for concern among financial regulators. Could ETFs be the next source of financial scandal, or even of systemic risk?" Characterizing the Financial sector "like a hyperactive child" that "can never leave a good thing be",
The Economist appears to be
wishing for the
ETFs to be
better regulated because "it would be a shame if reckless expansion spoiled a good innovation".
posted by vidur
on Jun 26, 2011 -
28 comments
