A push away from “globalism” that is taking place in many loud pockets of the world is pushing experts to humbly take notice. With the rift between the public and policy-making experts fully exposed, leading voices are trying to re-ground the conversation on “globalism”. First, Lawrence Summers calls for a “responsible nationalism” over a “reflex globalism”: A […]

Milanovic

The winners and losers of globalization has been an especially popular news headline in the last year or two. Much can be made of whether or not globalization per se is the culprit of the shrinking middle classes of the U.S. and other advanced economies, and the rising middle classes of China and other developing economies. The pace and ease in […]

Since 1989, foreigners have owned more assets in the U.S. than Americans have abroad. At the same time, Americans have been earning more income from their $20 trillion of overseas assets than foreigners have been earning from their $28 trillion of U.S. assets. In other words, although the U.S. is a debtor nation, it has a positive net income. This is largely […]

Going back two centuries before World War 1, income per person in Colonial America was actually higher than Britain and Western Europe, and inequality was much lower. Peter Lindert and Jeffrey Williamson have taken a new approach to assembling historical GDP data. GDP can be measured in three ways that are all supposed to yield […]

Innovation is widely touted as a primary ingredient to growth for an organization and for an economy as a whole. The pace of technological breakthroughs and innovation seems to be advancing at breakneck speeds, but the economy in the US and abroad remains mired in weak growth. Techno-optimists believe we are in for a rapid acceleration in […]

OECD productivity

The OECD’s newly released findings from its productivity database focuses its attention on the “productivity paradox” (mentioned in the Record’s previous post). Much is being debated around why productivity growth has been slowing down despite “significant technological change, increasing participation of firms and countries in global value chains and rising education levels in the labor […]

US output per hour growth_Conference Board

For the first time since 1982, productivity in the U.S. economy may decline. A new projection for 2016 by The Conference Board has output per hour worked, a measure of labor productivity, slow down by 0.2 percent. Labor productivity measures how efficient workers are in the production process. In the long run, an economy’s productivity […]