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Sunday, June 29, 2014

Daniel Little at his blog, Understanding Society: Thelen on the prospects for egalitarian capitalism

Understanding Society: Thelen on the prospects for egalitarian capitalism



..... there are institutional .there are institutional and policy choices available that
are consistent with the imperatives of a capitalist market economy and yet that give rise
to more egalitarian outcomes than we observe in the US, Canada, and the UK. 

Saturday, June 28, 2014

Dani Rodrik : "When Ideas Trump Interests: Preferences, Worldviews, and Policy Innovations"

pubs.aeaweb.org/doi/pdfplus/10.1257/jep.28.1.189"



Ideas are strangely absent from modern models of political economy. In most eas are strangely absent from modern models of political economy. In most prevailing theories of policy choice, the dominant role is instead played prevailing theories of policy choice, the dominant role is instead played by “vested interests”—elites, lobbies, and rent-seeking groups which get y “vested interests”—elites, lobbies, and rent-seeking groups which get their way at the expense of the general public.
I  will challenge the notion that there is a well-defined mapping from “interests” to outcomes
 

Friday, June 27, 2014

Άγγελος Τσακανίκας : «Παράθυρο ευκαιρίας» για την ελληνική οικονομία | Foreign Affairs - Hellenic Edition

«Παράθυρο ευκαιρίας» για την ελληνική οικονομία | Foreign Affairs - Hellenic Edition

Europe needs new investment, not new rules | Guntram B. Wolff at Bruegel.org

Europe needs new investment, not new rules | Guntram B. Wolff at Bruegel.org

Instead of wasting political capital on yet another reform of the Stability and Growth Pact, it is time for Europe to design a new deal on investment. Europe sorely needs this growth to meet its fiscal targets.

Anti-austerity links, ‘economists hate to say ‘I should have told you so” edition | Real-World Economics Review Blog

Anti-austerity links, ‘economists hate to say ‘I should have told you so” edition | Real-World Economics Review Blog

Ιωακείμ Γρυσπολάκης : "Ο ΣΥΡΙΖΑ, η Κεντροαριστερά και οι Μεταρρυθμίσεις" | Μεταρρύθμιση

Tuesday, June 24, 2014

Miranda Xafa : "Greek debt restructuring: Lessons learned" | vox

Greek debt restructuring: Lessons learned | vox

The Burden of Nonperforming Loans on Credit in the Euro Area | iMFdirect - The IMF Blog

What a Drag: The Burden of Nonperforming Loans on Credit in the Euro Area | iMFdirect - The IMF Blog

ESM direct recapitalization | Silvia Merler at Bruegel.org

Comfortably numb: ESM direct recapitalization | Silvia Merler at Bruegel.org

After two years of negotiations, euro area member States seem to have finally reached a "political understanding" on the operational framework for the ESM direct bank recapitalisation instrument, which should therefore be adopted after the relevant national procedure will be completed. | Read more at Bruegel http://www.bruegel.org/nc/blog/detail/article/1369-comfortably-numb-esm-direct-recapitalization/

Μπάμπης Παπαδημητρίου :" Η αναδιαπραγμάτευση έχει πραγματοποιηθεί" | Απόψεις | Η ΚΑΘΗΜΕΡΙΝΗ

Η αναδιαπραγμάτευση έχει πραγματοποιηθεί | Απόψεις | Η ΚΑΘΗΜΕΡΙΝΗ



Η εικόνα του ελληνικού υπερδανεισμού, που προκάλεσε πανικό και φόβο στις διεθνείς αγορές, 
Χμ.. Πανικό και φόβο προκάλεσαν τα δύο ελλείματα, Δημοσιονομικό και του Ισοζυγίου Τρεχουσών Συναλλαγών, όχι απλά ο "υπερδανεισμός". 'Ηταν η διαφαινόμενη συνεχής ανάγκη δανεισμού, δημοσίου καί ιδιωτικού, που πλησίαζε το 30% του ΑΕΠ ετησίως 

Wednesday, June 18, 2014

Matt O'Brien : "Why the euro crisis still isn’t over, in 1 chart" - The Washington Post

Why the euro crisis still isn’t over, in 1 chart - The Washington Post



overindebted households and companies don't want to take on much more debt, and banks don't want to make as many loans now that they have to comply with tougher capital requirements.

Mohamed A. El-Erian: "Is Greece Really Back?" - Bloomberg View

Is Greece Really Back? - Bloomberg View
On June 17, 2012 -- exactly two years today -- when Greeks went to the polls in parliamentary elections seen as a referendum on the government's austerity measures, investors were right to be worried about the country's economic future. An exit from the single currency, with all the financial chaos that could entail, was a clear and present danger.

Η παράλειψη των «58»

Έχουν περάσει κάπου επτά μήνες, που 58, εν πολλοίς σοβαροί, έμπειροι, καταξιωμένοι, συμπολίτες μας προχώρησαν σε μια βαθειά πολιτικά πρωτοβουλία: να καλέσουν εμάς τους ανένταχτους κομματικά σοσιαλδημοκράτες/κεντροαριστερούς να συμμετάσχουμε στην δημιουργία ενός «τρίτου πόλου».
Το πείραμα απέτυχε λόγω ενός λάθους και μιας παράλειψης. Το λάθος ήταν ότι τέθηκε σαν προϋπόθεση επιτυχίας η συμμετοχή του ΠΑΣΟΚ και της ΔΗΜΑΡ.
Σοβαρότερος λόγος όμως ήταν η παράληψη: η απουσία συνθηκών ενεργούς συμμετοχής 4.000+ συμπολιτών μας, που δήλωσαν πρόθεση συμμετοχής σε επιτροπές. Μας έμεινε ο ρόλος του θεατή/ακροατή σε εκδηλώσεις που οργανώθηκαν από κάποιους νεολαίους του ΠΑΣΟΚ.
Τι έπρεπε να γίνει, ή μάλλον, τι πρέπει να γίνει: Προτείνω
  1. Αναδιατύπωση της αρχικής διακήρυξης και σύσταση κεντρικής ομάδας πρωτοβουλίας από όσους των αρχικών 58 εμμένουν στον διατυπωμένο στόχο.
  2. Διατύπωση ενός λιτού κειμένου 4-5 Αρχών.
  3. Πρόσκληση, μέσω email, ξανά για συμμετοχή σε επιτροπές, καταρχήν τοπικές.
  4. Οι Τοπικές Επιτροπές θα αποτελέσουν τα βασικά οργανωτικά κύτταρα του υπό διαμόρφωση πολιτικού φορέα. Σε 45-60 ημέρες μπορεί να γίνει επεξεργασία των Πολιτικών και Οργανωτικών Αρχών.
  5. Ίδρυση Κόμματος και Συνέδριο.

Ας μην είμαστε μεμψίμοιροι και ας δούμε τα θετικά που μπορούμε να πετύχουμε.

Οι μεγαλύτεροι από μας αφήνουμε στους νεώτερους μια κατάσταση πολύ χειρότερη από αυτή που μας άφησαν:  χρωστάμε…

Tuesday, June 17, 2014

Zsolt Darvas and Pia Hüttl at Bruegel "The long haul: debt sustainability analysis | Read more at Bruegel : The Long Haul, Debt Sustainability Analysis

Despite lower yields, euro-periphery is not yet out of the woods | Zsolt Darvas and Pia Hüttl at Bruegel.org

Argentina's Debt Appeal Is Rejected by Supreme Court - NYTimes.com

EUobserver / Danes the highest taxed in Europe, reveals Eurostat

EUobserver / Danes the highest taxed in Europe, reveals Eurostat



epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-16062014-BP/EN/2-16062014-BP-EN.PDF

Singapore delivers better health care at lower costs than the U.S. Here's how. - Vox

Singapore delivers better health care at lower costs than the U.S. Here's how. - Vox



See also the Brookings e-book by William Haseltine "Affordable Excellence

ΔΗΜΑΡ: μια ιστορία πολιτικών αντιφάσεων και προσωπικών τακτοποιήσεων, Γεωργάτος Γεράσιμος | Μεταρρύθμιση

ΔΗΜΑΡ: μια ιστορία πολιτικών αντιφάσεων και προσωπικών τακτοποιήσεων, Γεωργάτος Γεράσιμος | Μεταρρύθμιση



Το εγχείρημα φαίνεται πως ήταν από την αρχή ναρκοθετημένο. 
Η πρώτη πρόταση λέει, στην ουσία: "Μήν διαβάσεις άλλο. Για την κατάργησή μας φταίνε κάποιοι τρίτοι που μας υπονόμευσαν"



...ο επικεφαλής και ο στενός κύκλος των στελεχών πείστηκαν ότι δεν έχουν εκεί κανένα πολιτικό μέλλον...(εντός ΣΥΡΙΖΑ)
Ωστε εκεί ήταν το πρωτεύον; Στην προσωπική πολιτική επιβίωση του Φώτη Κουβέλη  και των περί αυτόν;





Wednesday, June 11, 2014

Ernst's Economy for you: The deflatory trend in the Euro-zone in charts: my reaction to the statement of chairman Mario Draghi of the ECB AND to the column of Mathijs Bouman in Het Financieele Dagblad.

The ECB's gloomy message: Propping up the periphery | The Economist

The ECB's gloomy message: Propping up the periphery | The Economist

Barry Ritholtz at Bloomberg View : "What's the Penalty for Pundits Who Get It Wrong?"

What's the Penalty for Pundits Who Get It Wrong? - Bloomberg View



Mark Thoma remarks : I would separate those who are honestly wrong from those who take a misleading position (or one they know is wrong) for political purposes. There should be consequences in both cases, those who are honestly wrong again and again should come to be ignored, but those who intend to mislead and deceive should face much higher penalties. As it stands, there's hardly any penalty at all for telling people what they want to hear even if there is no basis for it, or misleading people to accomplish a political agenda.

The Euro Area Crisis: Politics Over Economics by Athanasios Orphanides :: SSRN

Tuesday, June 10, 2014

Κι’ όμως, το μέλλον ανήκει στην Κεντροαριστερά, Γρυσπολάκης Ιωακείμ | Μεταρρύθμιση

Κι’ όμως, το μέλλον ανήκει στην Κεντροαριστερά, Γρυσπολάκης Ιωακείμ | Μεταρρύθμιση

χμ!... με την προϋπόθεση οτι αυτοί που θα έχουν την πρωτοβουλία ανοίξουν τις διαδικασίες και στη "βάση".

Greece: IMF Fifth Review

Greece: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access; Staff Report; Press Release; and Statement by the Executive Director for Greece
Significant progress has been made toward rebalancing the economy. The fiscal primary and external current account balances are in surplus. 
But a number of challenges remain to be overcome before stabilization is deemed complete and Greece is on a sustained and balanced growth path.
Fiscal gaps are projected for 2015–16, and public debt remains very high.
P. Thomsen's answers to the IMF Survey

Back in mid-2012, when the current government coalition took office, there were widespread doubts about Greece’s future in the euro zone. The government’s determined policy actions since then have taken “Grexit” off the table, and we are now seeing signs of economic stabilization
Overall, ...developments suggest grounds for cautious optimism, and we expect growth to turn positive in 2014, for the first time since 2007. 
It is too early to declare victory though, as policies need to build on what has been achieved, to improve confidence further and lay the ground for the recovery to turn into sustained and robust growth. In this context, it is imperative to address Greece’s competitiveness problem by accelerating structural reforms, 
However, product prices have not declined commensurately with wages, and therefore Greece remains relatively uncompetitive.... The lack of adequate price adjustment reflects primarily structural rigidities in product and labor markets.




The economic consequences of leaving the EU | CER

The economic consequences of leaving the EU | CER

SS. relates to the UK: useful insights

Who Benefits From Increasing the Minimum Wage? | Jared Bernstein | On the Economy

Who Benefits From Increasing the Minimum Wage? | Jared Bernstein | On the Economy

Saturday, June 7, 2014

Simon Wren-Lewis : What we do know

mainly macro: What we do know: After reading all about the latest ECB moves, I happened to read this by Noah Smith (HT MT). It made me unusually irritated, but it is not...



While the reasons for the Great Recession may still be controversial, the major factor behind the second Eurozone recession is not: contractionary fiscal policy, in the core as well as the periphery. 

Thursday, June 5, 2014

ECB acts: belatedly? adequately?

WFrances Coppola at Forbes "Why Negative Rates Won't Work In The Eurozone"
"So I don’t think this is about bank lending at all. I think it is about German disinflation and the exchange value of the Euro."
Free Exchange/the Economist
"The ECB has certainly done a lot today, but its measures look insufficiently potent to break the spell of “lowflation”."  
At The Real-World Economics Review Blog, a rather heterodox blog, merijnknibbe says: "I think that these policies should be welcomed..." 

While the team at Open Europe Blog say: "in the end, the ECB has made its play and will likely now give it time to pan out. It will continue to provide dovish statements and may even talk up asset purchases in the future but it will urge patience in waiting to see if these measures have the desired impact." 

Noah Smith "What Happens When the Economy Baffles Economists?" - Bloomberg View

What Happens When the Economy Baffles Economists? - Bloomberg View

Philippe Legrain lays the blame for the disastrous outcome of the European Parliament election at Germany's feet. - Project Syndicate

Philippe Legrain lays the blame for the disastrous outcome of the European Parliament election at Germany's feet. - Project Syndicate



"Greeks have been forced to accept brutal austerity measures in order to continue to service an unbearable debt burden, thereby limiting losses for French and German banks and for eurozone taxpayers whose loans to Greece bailed out those banks."





Hm, indeed. This is an oft mentioned argument. There is a big hole in it though 

Robert Kaplan of Stratfor, "Europe's Deep Right-Wing Logic"

RealClearWorld - Europe's Deep Right-Wing Logic

In sum, the rise of the right is part of a narrative about the decline of Europe and its place in the world as more demographically and economically vibrant societies in the Greater Indian Ocean and elsewhere continue their rise. Just as the European left has had no solutions to the current crisis, neither will the nationalistic right. Places in relative decline often make headlines. That is the case with Europe now.

Wednesday, June 4, 2014

Timothy Taylor "Economics and Morality" -- Finance & Development, June 2014

Economics and Morality -- Finance & Development, June 2014

Understanding Society: Basic social institutions and democratic equality

Understanding Society: Basic social institutions and democratic equality: We would like to think that it is possible for a society to embody basic institutions that work to preserve and enhance the wellbeing of ...





...It is difficult to be optimistic about our political future if we are particularly concerned about equality and opportunity for all; the politics of our time seem to be taking us further and further from these ideals.