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For most politicians, including U.S. President Donald Trump, the concept of trade balance is invoked in order to justify everything and its opposite.
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The wheels of gender equality are in motion in the UK but there is evidently still a long way to go -- "subtle" and institutional bias persist, women still get paid 18 per cent less than men and only 25 per cent of UK STEM graduates are female.
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Beyond helping break the cycle of constant consumption and allowing people to focus on things that matter -- like friends, family and time in nature -- a shorter work week would also reduce rush-hour traffic and gridlock, which contribute to pollution and climate change. It could help reduce stress and the health problems that come from modern work practices, such as sitting for long hours at computers. And it would give people more options for family care.
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A large majority of people do not smoke, or no longer smoke, and tend to accept certain bits of conventional wisdom without question. Smoking tobacco being harmful to one's health, smokers therefore need to be protected--even those who would choose to, say, patronize their own smoking restaurants and bars. And we can count on government to enforce regulations and bans to this effect. But what if smokers get something from their "vice," and that this can be explained in economic terms? The answer could be found in the concept of consumer surplus.
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CETA, the EU-Canada Comprehensive Economic and Trade Agreement, has everyone talking about Canada in Brussels, the EU capital, ahead of February 15's vote - and it's not always good. So, here is a tip for Prime Minister Justin Trudeau ahead of his Thursday speech at the European Parliament.
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It's absurd that so many people still work eight hours a day, five days a week -- or more -- with only a few weeks' vacation a year, often needing two incomes to support a household. Our economic system was developed when resources seemed plentiful if not inexhaustible, and physical infrastructure was lacking. We need an overhaul to meet today's conditions rather than those that existed decades ago when we were unaware of many of the potential negative consequences of our actions.
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Humans are one species among countless others to which we are connected and on which we depend. Viewed that way, everything we do has repercussions and carries responsibilities. That we are part of a vast web is a biocentric way of seeing that we've followed for most of our existence. But in assuming the mantle of "dominant" species, we've shifted to thinking we're at the centre of everything.
Why is it that there is more interest generated by fandom than there is by our country's economy? Why, as millennials, are we generally more interested in Hollywood and pop culture than we are about curating our own personal finances? Is it because our attention spans are too short to focus on the complexities of the world around us? Are we too easily bored?
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Few thinkers of the classical liberal tradition elicit the kind of strong reactions that Ayn Rand does. Love her or hate her, the Russian-born American novelist polarizes like nobody else. Since Septe...
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Monday was the first day of the Republican Convention where Donald Trump will be confirmed as the party's nominee for November's presidential election. On Thursday, when he delivers his keynote speech, he will likely repeat his tirade against free trade agreements, which has become his trademark.
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After enduring government-mandated power blackouts, shortages of medicine, standing in line for food, and rampant crime, Venezuelans were standing in line last week for a different reason: to validate their signatures in an attempt to force a referendum to recall President Nicolás Maduro.
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What were once staples of daily living in our communities -- butchers, bakers, fishmongers, and greengrocers -- are now seen as inefficient when large chain grocery stores deliver all-in-one convenience. But "fast and convenient" has weakened our communities. As the African proverb says, "If you want to go fast, go alone. If you want to go far, go together."
We've seen this story before in the mid-1990s, when out-of-control deficits and an impending sovereign debt crisis led to painful spending cuts and tax increases. The government is wrong to make the return to budget balance conditional on strong economic growth. Population aging is already taking its toll on long-term projections, and too many unforeseen events can derail the fiscal path. Only tight fiscal discipline can balance the budget within a reasonable timeframe, protecting Canadians' standards of living from future large tax increases and cuts to government services.
The world's top one per cent own more than 50 per cent of the world's wealth. The ability to make policy and to enforce it at the national level is essential to combat the slide towards plutocracy, under which society is controlled by the wealthiest citizens. Mr. Obama and Ms. Freeland, please listen to your own rhetoric. Pull the plug on the TPP and CETA.
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I recently wrote an edition presenting a statistic that isn't covered very often and it garnered some attention and debate. The statistic I'm referring to is the number of completed but unabsorbed houses. These are houses (single and semi-detached) that are freshly built that don't have a binding, non-conditional agreement made to buy or rent the house.
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the notion that there are a lot of Canadians who are stuck in a cycle of poverty, in this day and age, is simply mistaken. The research is very clear on this question: Social mobility is high in Canada. In other words, despite what you may have heard, the poor are getting richer, too.
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As an economist who has focused on environmental challenges, I've long recognized that in my field it often takes a major crisis before cherished but unsatisfactory theories finally give way to new thinking. So it is with how economists think about growth and the environment. The tragic irony is that all this growth in the past few decades has done little to improve happiness in the 'developed' world. Meanwhile, their growing economies consume the ecological space desperately needed by poorer countries where growth still promises real gains in well-being.
Simon Kuzents, the economist who developed the GDP measurement, warned it was not a good meter stick for national well-being. Still, that's exactly how the GDP has been used globally since the 1940s. GDP is the total value of all the goods and services a country produces in a year. So, creating jobs and producing equipment to clean up an oil spill, for example, adds to the GDP. As does producing guns and bombs for war. GDP is blind to factors like unemployment, living conditions and environmental degradation. Make sense? Not really. Whether it's genuine progress, national happiness, or a system that blends the best of both, the global community must agree on a more holistic way to measure our nations' progress that doesn't just count the money we make.
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I almost spit out my coffee the other morning when I stumbled upon this piece by a fellow named Christopher Elliott. In it, he argued that having enough room for your legs on an airplane should be a "human right." One has to be willfully ignorant to not understand that this type of regulation, if adopted, would raise the cost of airline tickets everywhere.
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The federal leaders' debate on the economy focused on important issues but no one talked about a different vision for Canada's economy. A better economic vision would support the right of all Canadians to live in a healthy environment, with access to clean air and water and healthy food. It would respect planetary boundaries and provide the moral imperative to decrease growing income disparities. Businesses would be required to pay for environmental damage they inflict, capital would be more widely distributed and ideas, such as employee shareholder programs with ethically invested stocks, would be the norm.
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The Prime Minister is many things, but one thing he certainly is not is "an economist" -- in the world of economics, there are three conditions commonly accepted as entry requirements before someone can wear the label. Harper fails completely.
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If we were running things "like a business," we would be doing something like a cost-benefit analysis. Somehow, we became obsessed with cost and swept the other half of the equation under the rug. Everything that government does, or does not do, has consequences that go beyond the number of tax dollars spent.
The population in advanced countries is growing at low rates. At the same time, it is also aging. An aging population combined with low population growth rates can have important social and economic policy implications. This may have important effects on economic growth, heath care, pension system and the standard of living in advanced countries.
This week, ministers from 12 countries representing 40 per cent of the world's economy will meet to discuss the Trans-Pacific Partnership, one of the largest trade agreements ever. As talks are rushed to conclusion, Canada is still fighting to have its supply management system excluded from the deal. We wish the government well in its quest to protect supply management, but we wish it would go to bat for other core Canadian values and industries. Unlike our European and even American counterparts, Canadian discussion on the TPP has been limited to chickens, eggs and milk.
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Whenever I meet a Hummer, tension rises in my chest, unkind thoughts develop in my head and my hands tighten and tremble, as if they want to signal something. I've long wondered why that happens, and I think I've finally figured it out. It has something to do with a song, economics and the courteous way to walk your dog.
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Alberta's Jobs Minister Lori Sigurdson announced at the end of June that the new government would be raising the province's hourly minimum wage from $10.20 to $11.20 come October.
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The dismal record of for-profit hospitals illustrates the problem with running hospitals as businesses. The for-profits have higher death rates and employ fewer clinical personnel like nurses than their non-profit counterparts. But care at for-profits actually costs more, and they spend much more on the bureaucracy, a reflection of the high cost of implementing shrewd financial strategies. Canadian hospital administrators don't have to play financial games to assure their survival.
Why hasn't my Facebook feed filled with at least the same level of indignation about our government's disgraceful treatment of our Veterans as it was about the a tobogganing hill? We must learn to calibrate our anger so it's proportional to the injustice or slight. Let's fight for the things that make life fun for us like tobogganing while also fighting the things that make life miserable such as payday loan companies, multinational corporations, venture capitalists, a failed War on Terrorism and the self-serving hacks in the media and government who enable it all.
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You thought it was dead for good. So did I. It's a proven misfit in an ever-globalizing world. But the 'D' word is back. The U.S. economy is on the move, but Europe is stuck in the mud. Suddenly, there's lots of talk -- once again -- about decoupling.
Different-sex parents, apparently, have a few things to learn about how to run a household from same-sex parents. New evidence concludes that because same-sex couples allocate household chores based on each individual parent's suitability for the job, rather than on gender stereotypes, children from those homes are growing up in happier and more harmonious family environments.
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Those who don't outright deny the existence of human-caused global warming often argue we can't or shouldn't do anything about it because it would be too costly. Take Prime Minister Stephen Harper, who recently said, "No matter what they say, no country is going to take actions that are going to deliberately destroy jobs and growth in their country." But in failing to act on global warming, many leaders are putting jobs and economic prosperity at risk, according to recent studies.
In terms of statistics, 12 per cent grew antibiotic resistance and became marginalized from others. Twenty-eight per cent of the population chose a wealthy style, happily living in their gated biofilms. Half of all the bacteria decided to take a middle-class lifestyle, choosing an easy nutrient source and never engaging in any extreme activity.