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Archive for 11. Januar 2020

The Changing Face of Economics

Posted by hkarner - 11. Januar 2020

Dani Rodrik, Professor of International Political Economy at Harvard University’s John F. Kennedy School of Government, is the author of Straight Talk on Trade: Ideas for a Sane World Economy.

Economists necessarily lack evidence about alternative institutional arrangements that are distant from our current reality. The challenge is to remain true to empiricism without crowding out the imagination needed to envisage the inclusive and freedom-enhancing institutions of the future.

CAMBRIDGE – Responding to pressures from within and without, the economics profession is gradually changing for the better. Not surprisingly, the populist backlash sweeping advanced democracies in recent years has produced some soul searching in the discipline. After all, the austerity, free-trade deals, financial liberalization, and labor market deregulation that caused it rested on the ideas of economists.

But the transformation extends beyond economic-policy tenets. Within the discipline, there is finally a reckoning with the hierarchical practices and aggressive seminar culture that have produced an inhospitable environment for women and minorities. A 2019 survey carried out by the American Economic Association (AEA) revealed that nearly half of female economists felt discriminated against or treated unfairly on account of their gender. Nearly a third of non-white economists felt treated unfairly based on their racial or ethnic identity.These failings may be related. A profession that is less diverse and less open to different identities is more likely to exhibit groupthink and hubris. Den Rest des Beitrags lesen »

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Trump announces plan to acquire a book – about himself

Posted by hkarner - 11. Januar 2020

Date: 10‑01‑2020

Source: The Guardian

President said Thursday – while announcing a rollback of environmental regulations that he plans to read Donald J Trump: An Environmental Hero

Trump re‑writes environmental protections and says ‚I am a big believer in the environment‘

Donald Trump is going to acquire a book.

The book in question, as Gizmodo reported on Thursday, is titled Donald J Trump: An Environmental Hero, by Edward Russo. And the shocking news emerged as the president announced a rollback of environmental regulations at the White House, taking an ax to the environmental review process required for infrastructure projects. The move, which he pitched as a way around “endless delays” to various projects, poses a new threat to the climate and is likely to face legal challenges.

The president’s war on the environment is nothing new. His plan to bury his nose in a book is.

Trump isn’t known for his literary bona fides. Though the bestseller The Art of the Deal helped make his name, it was ghostwritten by Tony Schwartz – who deeply regrets his work on the book. Ghostwriters have been involved in most, if not all, of his many other volumes. “He doesn’t read books and he doesn’t write them, Schwartz told the Independent in 2018. (The late night host Samantha Bee has developed a conspiracy theory that Trump can’t read at all.) Den Rest des Beitrags lesen »

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Why stereotypes rule in Brussels

Posted by hkarner - 11. Januar 2020

Date: 09‑01‑2020

Source: The Economist

The EU’s de facto capital has a dirty secret

The brussels bubble is a cosmopolitan place. Its inhabitants are typically well travelled and fluent in a hat‑trick of languages. Often, they will have a spouse from another country. Their children attend international schools, in which the playground squeals in a mishmash of French, English, Polish and more. It should be a place where national stereotypes wither, as familiarity breeds content. Instead, Eurocrats, diplomats and hangers‑on revel in stereotyping that would make a 1970s sitcom writer blush.

Entire regions are condemned. Given half a chance, bubble‑dwellers turn into mini Max Webers, pontificating on the essential differences between Catholic and Protestant Europe. Countries in “Club Med” are portrayed as debt‑addicted wasters, while their counterparts in the north are condemned as moralistic misers. Objections from newer member‑states are disregarded as adolescent moaning. Good ideas put forward by the original gang of six members are dismissed as Euro‑aristocrats lording it over newer arrivals. Officials from some countries are written off with barely a chance. One former eu official pooh‑poohed the idea that stereotypes shape thinking in Brussels, before adding later that “everyone” likens the Dutch to female genitalia. The rise of the eu was supposed to iron out such crass distinctions. Instead, at the heart of the project, they stubbornly go on. Den Rest des Beitrags lesen »

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The last GE Man

Posted by hkarner - 11. Januar 2020

Date: 09‑01‑2020

Source: The Economist: Schumpeter

Can a new boss salvage the reputation of Boeing—and of his mentor, Jack Welch?

Editor’s note (January 9th 2020): After this article was published, American media reported intelligence assessments that Ukrainian International Airlines’ Boeing passenger jet which crashed outside Tehran on January 8th had been brought down by Iranian anti‑aircraft missiles, not mechanical failure.

If anyone doubts that David Calhoun, who becomes Boeing’s new boss on January 13th, is taking on one of the world’s most difficult jobs, think again. On January 8th the firm was caught up in a new tragedy: the deaths of 176 people aboard a Boeing 737‑800 passenger jet bound for Ukraine that crashed shortly after take‑off in Iran. The aircraft involved is different from the 737 max planes that went down in two air disasters, in October 2018 and last March, killing 346 people and plunging Boeing into crisis. All the same, getting to the bottom of the accident amid open hostility between Iran and America will be yet another headache for a new ceo fighting to save the skin of the world’s biggest aerospace company.

Lucky then, you might think, that Mr Calhoun is a “ge Man”: the latest in a long line of chief executives (all male) schooled at the knee of Jack Welch. Over the decades since Mr Welch gave up his Messianic leadership of ge in 2001, his subalterns like Mr Calhoun have walked tall—often literally, as in the case of Jeff Immelt, who succeeded Mr Welch at the industrial conglomerate—across the corporate landscape. They have run big American firms, such as 3m, Chrysler, Home Depot, Honeywell, and foreign ones, like abb of Switzerland. Nowhere have ge veterans had such an impact as at Boeing, which has been under the sway of Mr Welch’s protégés almost constantly since its merger with McDonnell Douglas in 1997. Den Rest des Beitrags lesen »

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A revival is under way in the chip business

Posted by hkarner - 11. Januar 2020

Date: 09‑01‑2020

Source: The Economist

The high‑tech industry is as cyclical as any commodity

To see just how fast microchips are eating the world, look at the Consumer Electronics Show (ces), an annual gadget‑fest held in Las Vegas. This year’s event includes everything from ultra‑high‑definition televisions, “smart” light bulbs and powered exoskeletons to concept cars that can drive sideways and house robots designed to deliver toilet paper. Every one of these must‑have consumer trinkets is a computer in disguise, with innards made from microprocessors, memory chips and circuit boards.

Yet the industry upon which all this is built has been having a torrid time of late. Future Horizons, a chip‑industry analysis firm, reckons that global semiconductor sales shrank by about 12% in 2019, to $410bn. Samsung Electronics, a South Korean company that is the world’s biggest maker of memory chips, reported a 56% fall in quarterly operating profits in October, dragged down by the poor performance of its chip division. Entire economies have been feeling the pain. Semiconductors account for a fifth of South Korea’s exports, which have fallen for 12 months in a row, partly owing to the sector’s weakness. Den Rest des Beitrags lesen »

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Auf die Notenbanken wartet ein Jahr wachsender Herausforderungen

Posted by hkarner - 11. Januar 2020

Mohamed A. El-Erian, Chief Economic Adviser at Allianz, the corporate parent of PIMCO where he served as CEO and co-Chief Investment Officer, was Chairman of US President Barack Obama’s Global Development Council. He is President Elect of Queens’ College (Cambridge University), senior adviser at Gramercy, and Part-time Practice Professor at the Wharton School at the University of Pennsylvania. He previously served as CEO of the Harvard Management Company and Deputy Director at the International Monetary Fund. He was named one of Foreign Policy’s Top 100 Global Thinkers four years running. He is the author, most recently, of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.

SEATTLE – Nachdem 2019 durch eine der größten Kehrtwenden der jüngeren geldpolitischen Geschichte gekennzeichnet war, erhoffen sich die Notenbanken für 2020 nun ein ruhiges Jahr. Dies gilt insbesondere für die beiden mächtigsten Währungsinstitutionen: die Europäische Zentralbank und die US Federal Reserve. Doch entzieht sich dies zunehmend der direkten Kontrolle der Notenbanken, und ihre Hoffnungen könnten ohne Weiteres dadurch zunichte gemacht werden, dass die Märkte einer der vielen erliegen, die vielfach deutlich über den Wirtschafts- und Finanzbereich hinaus und in die Bereiche der Geopolitik, der Institutionen und der nationalen gesellschaftlichen und politischen Rahmenbedingungen hinein reichen. 

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