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Archive for 16. Juni 2017

Mehr Pragmatismus, weniger Dogmatismus auf dem Weg zur Vollendung der Wirtschafts- und Währungsunion

Posted by hkarner - 16. Juni 2017

Atanas Pekanov und Margit Schratzenstaller, 16. Juni 2017, oekonomenstimme.de

Die Europäische Kommission hat kürzlich ein Reflexionspapier zur Vertiefung der Europäischen Wirtschafts- und Währungsunion (WWU) veröffentlicht. Die darin gemachten Vorschläge würden in die richtige Richtung gehen, reichen aber noch nicht aus, wie dieser Beitrag zeigt.

Das Ende Mai 2017 erschienene Reflexionspapier der Europäischen Kommission zur Vertiefung der Europäischen Wirtschafts- und Währungsunion (WWU) (European Commission 2017) erkennt klar die Notwendigkeit weiterer Reformen und einer Vertiefung der Integration an, um die WWU zu stärken und krisenfester zu machen.[ 1 ] Es wurde in den letzten Jahren oft darauf hingewiesen, dass eine unvollständige Union mit einer gemeinsamen Geldpolitik, aber ohne gemeinsame Fiskalpolitik, in der große Heterogenität zwischen den Ländern besteht, langfristig in Schwierigkeiten geraten kann, besonders in Zeiten, in denen sich die Unterschiede und Ungleichgewichte zwischen den Regionen verstärken. Schon der vor zwei Jahren veröffentlichte so genannte Fünf-Präsidenten-Bericht (European Commission 2015) ging davon aus, dass die Vollendung der WWU eine vertiefte Integration in vielen Wirtschaftsbereichen benötigen werde, obwohl die weitere fiskalische Integration in Europa viele Gegner hat. Den Rest des Beitrags lesen »

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Wages through the ages

Posted by hkarner - 16. Juni 2017

Date: 15-06-2017
Source: The Economist

What history says about inequality and technology

The recent rise in earnings for skilled workers is a rare phenomenon

ONE factor behind the rise of income inequality in America over the past four decades is that the labour market has increasingly favoured the well-educated. Real wages for college graduates have risen by over a third since 1963, whereas wages for those without high-school diplomas have dropped. As more of the economy becomes automated, doomsayers worry that the gap between the haves and the have-nots will only grow. History shows, however, that this need not be so.

The recent rise in earnings for skilled workers is a rare historical phenomenon. Compiling records from churches, monasteries, colleges, guilds and governments, Gregory Clark, an economist at the University of California, Davis, has put together a comprehensive dataset of English wages that stretches back to the 13th century. Mr Clark notes that in the past the skilled-wage premium, defined as the difference in wages between craftsmen, such as carpenters and masons, and unskilled labourers has been fairly stable, save for two sharp declines (see chart).

The first drop came in the 14th century, and had nothing to do with technological change. Den Rest des Beitrags lesen »

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Brexit Is Dead: A Wave of Anger Crashes over Britain

Posted by hkarner - 16. Juni 2017

Date: 16-06-2017
Source: SPIEGEL

Europe used to have a fearful respect of the Tories. But those days have long since passed. Now, the weakened party may have accidentally killed off Brexit — a pet project that most party leaders didn’t want in the first place.

British Prime Minister Theresa May

Once upon a time, under the leadership of Margaret Thatcher, the Tories filled all of Europe with trepidation. French President François Mitterrand complained to his psychologist that he was plagued by nightmares caused by the British leader and German Chancellor Helmut Kohl, as unclassified British documents revealed in late 2016, once preferred to chow down on a cream pie in Salzburg than meet with the British prime minister.

Many in the UK thought a bit of fear was a good thing. Fear sounded like respect and influence — and, more than anything, like good deals. But now, after two catastrophic elections in less than a year, that is over. Completely.

„The country looks ridiculous,“ the Financial Times — not exactly a leftist mouthpiece — wrote recently. Indeed, the party of Winston Churchill and Margaret Thatcher has turned into a gaggle of high rollers and unwitting clowns.

First came Boris Johnson, who vociferously supported Brexit last year to show his boss, Prime Minister David Cameron, what an outstanding orator he was even though he, Johnson, didn’t really want Brexit. They both went all in, and the country lost. Den Rest des Beitrags lesen »

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Britain’s Norway Solution

Posted by hkarner - 16. Juni 2017

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The End of the Trump Administration?

Posted by hkarner - 16. Juni 2017

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How Populists Win When They Lose

Posted by hkarner - 16. Juni 2017

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Now Britain, Not France, Risks Being ‘Sick Man’ of Europe

Posted by hkarner - 16. Juni 2017

Date: 15-06-2017
Source: The Wall Street Journal By Simon Nixon

Despite the triumphalism of Brexit advocates, the U.K.’s cross-Channel rival is better placed for growth

It is often underappreciated just how quickly a country’s fortunes can change. In 2004, Germany was considered the sick man of Europe. Five years later, after some judicious reforms to its labor market, it was Europe’s economic powerhouse. Four years ago, Spain was widely dismissed as an economic basket case, one step away from national bankruptcy and euro exit. Yet since mid-2013, it has been growing at around 3% a year and created two million jobs.

That points to a second aspect to economic turnarounds: They are rarely obvious at the time, even to the economists, policy makers and pundits paid to spot these things. Famously, 364 distinguished economists—among them Mervyn King, who later became governor of the Bank of England—wrote to the Times in 1981 to warn that Prime Minister Margaret Thatcher’s policies were doomed to fail. Yet history shows that Britain’s recovery began at almost exactly that moment, and five years later its economy was booming. Den Rest des Beitrags lesen »

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World Coal Output Fell by Record Amount in 2016

Posted by hkarner - 16. Juni 2017

Date: 15-06-2017
Source: The Wall Street Journal

Coal accounted for 28% of energy production last year in a ‘marked shift toward lower-carbon fuels,’ BP says in annual energy review

An excavator moves rocks Coal production world-wide fell by the biggest amount ever last year, according to BP PLC’s annual energy review.

Global coal production saw its largest decrease on record in 2016, as China and the U.S. dug up less of the commodity and burned less of it for electricity, BP BP -1.83% PLC said in the U.K. oil and gas giant’s annual energy review.

Coal made up only 28% of the world’s energy production last year, its lowest level since 2004 and a reflection of what BP said was “marked shift toward lower-carbon fuels as renewable energy continues to grow strongly.” BP, as a major producer of natural gas, stands to gain from less production of an energy source such as coal.

Global coal production fell 6.2%, the most ever recorded, said BP’s Statistical Review of World Energy, a closely watched compendium of information about global energy trends. U.S. output declined 19% and Chinese production fell almost 8%. Den Rest des Beitrags lesen »

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