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from Dean Baker and WEA Commentaries There have been numerous news articles in recent years telling us that China faces a demographic crisis. The basic story is that the market reforms put in place in the late 1970s, together with the country’s one-child policy, led to many fewer children being born in the last four decades. As a result, the number of current workers entering retirement exceeds the size of the cohorts entering the workforce, leading to a stagnant or declining workforce....

from Lars Syll [embedded content]

from David Richardson and RWER #98 To the extent they are taxed at all, capital gains are only taxed on realisation. In that way avoidance avenues can take place by simply not realising capital gains. The arguments against taxing gains as they accrue are pragmatic. It would be difficult to measure the value of assets each year to calculate tax liabilities. If capital gains are difficult to tax because they are difficult to value, then perhaps wealth should be taxed instead. Wealth could...

The Review of Keynesian Economics is pleased to announce that Professor Paul Krugman will give the 2022 Godley – Tobin Lecture. Professor Krugman is Distinguished Professor of Economics at the Graduate Center of the City University of New York. He has also taught at MIT, Princeton University, and Yale University. Like James Tobin, Professor Krugman […]

from Maria Alejandra Madi According to ILO, the COVID-19 epidemic was changed from a public health disaster to an employment and social crisis. The pandemic has had a devastating impact on worldwide public health, employment, and daily life. In this scenario, a lack of comprehensive policy initiatives exacerbates inequality and limits overall workplace growth. Among the most significant labor-market outcomes, we can recall: 1. Because many firms, particularly micro and small businesses,...

from Emmanuelle Bénicourt, Sophie Jallais and Camille Noûs and RWER #98 The case of distribution of revenue Marginal product is a key concept of neo-classical economics, for, in the perfect competition model, it determines inputs’ demands (the quantities chosen by a competitive profit-maximizing firm are such that the value of the input’s marginal product equals the input’s real price). It is then a core concept of neoclassical distribution theory, the so-called ‘marginal productivity...

A fun and often useful way of getting perspective on events from what seems like the relatively recent past is to take the time interval between those events and the present, then count back an equal time into the past [1]. For example, The Beatles first big hit, Love me Do, came out 60 years ago, in 1962. Going back 60 years to 1902, the hits of that year included Scott Joplin’s ragtime number The Entertainer. The recent buzz around Get Back can be compared to the revival of...

In tax we trust. To our fellow millionaires and billionaires, If you’re participating in  the World Economic Forum’s ‘online Davos’ this January , you’re going to be joining an exclusive group of people looking for an answer to the question behind this year’s theme, ‘how do we work together and restore trust?’ You’re not going to find the answer in a private forum, surrounded by other millionaires and billionaires and the world’s most powerful people. If you’re paying attention, you’ll...

by New Deal democrat Short term economic forecast through mid year 2022 My short-term forecast for the first half of this year is up at Seeking Alpha. This forecast is based on the same system I have successfully used since before the Great Recession. Most forecasters, deliberately or not, cherry pick data points to fit a previously arrived at an intellectual point of view, and simply project the current trend ahead (or else default to...