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Bigger is Not Fairer

“New data from the World Bank suggests China could surpass the U.S. as the world’s biggest economy as early as this year, a day that was always meant to arrive after China began its quest for wealth in the 1980s, but it will just veil the reality of its economic weaknesses,”reported TIME’s Michael Schuman China’s economy is catching up to the U.S.’s much more quickly than anticipated. That’s according to a new report from the International Comparison Program of the World Bank. The study recalibrates GDP statistics based on updated estimates of “purchasing-power parity” — a measure of what …Read more

The New York Times Book Review: "Follow The Money"

The New York Times Book Review: On April 13, 2014, readers of the Sunday New York Times were treated to a cover theme under an adaptation of the reverse of the Great Seal of the United States -- the Eye of Providence over a pyramid -- with the pyramid, in this version, made up of a labyrinth centered around the dollar sign. Labyrinth Image courtesy of

All, or virtually all, of the books reviewed addressed banking and fiscal, not monetary, affairs.  The editors of the Times thereby collapse the distinction between money and credit.  This distinction is not trivial.  It is critical.  Money represents a unit of account, as …Read more

Britain’s Weird Recovery

Britain is turning into this year’s European success story – albeit without much competition. “Britain's growth forecasts have been upgraded by the European Commission in another boost for Chancellor George Osborne’s economic policy,” wrote James Salmon of the London Mail. In its latest health check of the 28 members of the European Union, it said growth in the UK was ‘broadening’ and becoming ‘firmly established’. It now expects Britain’s economy to grow by 2.7 per cent this year, compared with a forecast of 2.5 per cent in February and 2.2 per cent in November. Unemployment is expected to …Read more

The Low-Wage Recovery

Young people are not working – at least they aren’t working enough.   But low-wage jobs are the foundation of the recent U.S. jobs recovery.  The New York Times’ Annie Lowery observed: “The deep recession wiped out primarily high-wage and middle-wage jobs. Yet the strongest employment growth during the sluggish recovery has been in low-wage work, at places like strip malls and fast-food restaurants. In essence, the poor economy has replaced good jobs with bad ones. That is the conclusion of a new report from the National Employment Law Project, a research and advocacy group, analyzing …Read more
 

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff
(1896-1978)

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