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Archive for 18. Oktober 2018

Brexit Provides Early Proof of Deglobalization’s Costs

Posted by hkarner - 18. Oktober 2018

Date: 17-10-2018
Source: The Wall Street Journal By Greg Ip

A study comparing Britain to peer economies finds its output is 2.1% below what it would be without Brexit

For outsiders, Brexit has the feel of a long-running soap opera: a mash-up of plot twists and tragic characters loaded with entertainment value but not much significance if you’re not British.

That complacency is a mistake. Never in the last 70 years has a major advanced economy left a free-trade area. Brexit is providing the first real-world evidence of the costs that come from undoing the intricate bonds of globalization.

It is of course an extreme case of deglobalization: The European Union’s single market for goods, services, capital and labor is much more integrated than other free trade zones. Yet many of the barriers that are bound to rise between Britain and its partners, such as on regulations, trade penalties and immigration, are similar to those cropping up in the wider world, such as between the U.S. and its partners.

Measuring the effect of Brexit is complicated by the fact it hasn’t happened yet. British and European leaders are meeting Wednesday in an effort to bridge differences on a post-Brexit deal. Without a deal, Britain could see tariff and nontariff barriers snap back to the maximum the World Trade Organization permits. Den Rest des Beitrags lesen »

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Mit diesen radikalen Forderungen will der Club of Rome die Wirtschaft verändern

Posted by hkarner - 18. Oktober 2018

Die reichsten zehn Prozent der Erde zusammen dürften nicht mehr als 40 Prozent des Weltvermögens besitzen, sagen Ökonomen.

Nur eine radikale Transformation der Weltwirtschaft in den kommenden Jahrzehnten kann Wohlstand und das Überleben des Planeten in Einklang bringen. Zu dieser Erkenntnis kommt die Organisation Club of Rome, die sich für eine nachhaltige Zukunft einsetzt und am Mittwoch ihr 50-jähriges Bestehen in der italienischen Hauptstadt feiert.

Nur ein Szenario verspricht wirklichen Erfolg für „die Ziele der Menschheit und den Planeten“, erklärte Per Espen Stoknes von der Norwegian Business School, die an dem Bericht beteiligt war. Dafür seien fünf Bedingungen erforderlich:

1. Radikale Energiewende

Es sei etwa nötig, ab 2020 in jedem Jahrzehnt den Ausstoß fossiler Brennstoffe zu halbieren.

2. Nachhaltige Lebensmittelproduktion

Eine nachhaltigere Landwirtschaft sei zwingend notwendig, damit 2050 schätzungsweise zehn Milliarden Menschen ernährt werden könnten.

3. Abbau von Ungleichheit durch faire globale Steuersysteme Den Rest des Beitrags lesen »

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U.S. Is World’s Most Competitive Economy for First Time in a Decade

Posted by hkarner - 18. Oktober 2018

Date: 17-10-2018
Source: The Wall Street Journal

Country regains top spot in World Economic Forum rankings thanks to strong economic growth; report says room for improvement on social issues

The U.S. is back on top as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum, which said the country could still do better on social issues.

America climbed one place in the rankings of 140 countries, with the top five rounded out by Singapore, Germany, Switzerland and Japan. All five countries’ scores rose from 2017, with the U.S. notching the second-biggest gain after Japan’s.

The top spot hasn’t gone to the U.S. since the financial crisis stalled output and triggered a global economic slowdown.

“Economic recovery is well underway, with the global economy projected to grow almost 4% in 2018 and 2019,” said the report, published Tuesday by the organization that produces the Davos conference on global politics and economics. Den Rest des Beitrags lesen »

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The Costs of Climate Change

Posted by hkarner - 18. Oktober 2018

Date: 17-10-2018
Source: YaleGlobal by Kenneth Gillingham

Economic models allow societies to analyze complex problems and make sensible decisions. Yale University Professor William Nordhaus has been named winner of the 2018 Nobel Prize in Economics for his research on models that integrate climate change into long-term economic analysis. Paul Romer of New York University was also named for his work on endogenous growth theory. Kenneth Gillingham of Yale University reflects on Nordhaus’ profound contributions to the field of economics – and to society more broadly – that led to this recognition, explaining that “Nordhaus laid the groundwork for what is now an entire field on the economics of climate change.” The research analyzes how climate change can be mitigated at the lowest-cost possible, what the optimal climate policy is, and how society’s choices about climate mitigation can influence long-run well-being. Gillingham concludes that Nordhaus’ work is global in scope and visionary, dedicated to preparing societies for what may be the most pressing challenge of our time. – YaleGlobal

William Nordhaus, winner of a Nobel prize, laid the groundwork for an entire field – the economics of climate change

Prescient: William Nordhaus of Yale University studied and built models on climate change’s long-term effects, including the damage for agriculture, and his work has been recognized with the 2018 Nobel Prize for Economics Den Rest des Beitrags lesen »

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Europe Offers Britain an Olive Branch to Break Brexit Impasse

Posted by hkarner - 18. Oktober 2018

Date: 17-10-2018
Source: The Wall Street Journal

Brussels offers to extend Britain’s transition year as both sides seek a deal

BRUSSELS—The European Union is prepared to give the U.K. an extra transition year to negotiate a trade agreement in an effort to break a stalemate in Brexit negotiations.

The offer emerged as British Prime Minister Theresa May prepared to address other EU leaders at a summit Wednesday.

While the two sides claim to be intensifying preparations in case of a disruptive no-deal U.K. departure from bloc, EU Brexit negotiator Michel Barnier on Tuesday briefed foreign ministers on a plan to add a further 12 months to the transition period after Britain leaves the bloc in March 2019.

The transition, in which economic and trade relations would remain unchanged after Brexit, has been provisionally agreed by both sides to last until the end of 2020. Den Rest des Beitrags lesen »

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