During the evolvement of the five-year plans, two terminology revisions in its title are worth noting. One is the sixth Five-Year Plan (1981-1985). “Social development“ was added in the document's title alongside “national economy,“ broadening its scope and emphasizing the link between e...
Why productivity growth is declining in advanced economies Two waves have dragged down productivity growth by 1.9 percentage points on average across countries since the mid-2000s (Exhibit 3). The waning of a boom that began in the 1990s with the first information and communications technology (IC...
Because the COVID-19 recession was partly self-induced, the tendency is to assume it will be short. This was the rationale behind President Trump’s since-abandoned proposal to reopen the economy in mid-April. But this idea is incorrect. As long as there is significant community spread of ...
Instead of government policy deciding how resources are allowed, a free enterprise's large benefit is that consumers have a greater voice in the economy. The consumer determines the ultimate prices of a good, which products are needed in a market, and what goods fail or succeed. It is up t...
"But there is a risk: If people are not financially literate, their use of technology might not help. That's why I really think that technology is not a substitute for financial literacy. It should be a complement. Now that we live in a digital world, it is even more important to be...
At the end of the twentieth century legions of the powerful—politicians, intellectuals, journalists, business leaders, and visionaries—made what can only be called pilgrimages to a spot in California between San Francisco Bay and the Pacific Ocean, some forty milesJB DeLongwww j...
Across many countries, including the United States, Brazil, Mexico, and much of Europe, our five themes—flight to digital, shift to value, shock to loyalty, homebody economy, and new holiday outlook—hold to varying degrees. Asia looks notably different. In...
Why Is Fair Trade Important? While free market capitalism has delivered the greatest quality of life improvements in the history of civilization for the most people around the world, this incredible engine of innovation can be harmful if it isn't properly regulated. While it's great for people...
The inverse correlation between inflation and unemployment depicted in the Phillips curve works well in the short run, especially when inflation is fairly constant as it was in the 1960s. However, it does not hold up over the long term since the economy reverts to the natural rate of unemplo...
There are many reasons why the world’s millionaires and billionaires give their money way. When it comes down to it, the main reason is simple: they want to help people who’re less fortunate than they are. Advertisements I’ve given away money to charities over the years. You may have...