Prime Minister Trudeau leads a big entourage to China this week, in hopes of expanding Canada’s foothold in that huge economy. A couple of interesting media stories today set the stage for the visit: an overview of China’s evolving diplomatic and economic strategies by Andy Blatchford of Canadian Press, and a review of China’s growing […]
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The Progressive Economics Forum: Challenging Inflation Targeting
Every 5 years the federal Finance Minister updates the “marching orders” that guide the Bank of Canada and its conduct of monetary policy. This process is the one opportunity for democratic oversight of the Bank, which otherwise is deemed to be operating “independently” of government — all the better to ensure that it has the […]
Continue readingThe Progressive Economics Forum: Is Slow “Growth” Inevitable?
Most of the world economy (including Canada’s) has performed sluggishly since the Global Financial Crisis of 2008-09. And many economic and fiscal projections now accept this pattern of slow growth as more-or-less inevitable, as a “new normal.” This argument is typically invoked to justify a ratcheting down of expectations regarding job prospects, incomes, and public […]
Continue readingThe Progressive Economics Forum: “Signing Trade Deals” is NOT Synonymous with “Promoting Trade”
The fine folks at the Institute for Research on Public Policy have undertaken an important and eclectic review of Canadian trade policy. They have marshaled 30 contributions from researchers addressing all aspects of Canada’s recent trade performance, and how we can improve it. The contributions will eventually be published in a single volume, Redesigning Canadian […]
Continue readingThe Progressive Economics Forum: Comparing Fiscal Federalism in Canada and Australia
One interesting topic for a Canadian living in Australia is the manner in which fiscal and social responsibilities are divided between the levels of government. Both countries are big, regionally diverse, and resource-rich (with all the pluses and minuses that entails). As in Canada, Australian states are largely responsible for the big-ticket social programs: including […]
Continue readingThe Progressive Economics Forum: Stanford Responds to Moffatt: Why I Still Worry About Auto Job Losses Under a TPP
My friend and fellow #cdnecon tweeter Mike Moffatt has published a thought-provoking commentary regarding the impact of the proposed Trans Pacific Partnership (TPP) on Canada’s auto industry. Specifically, Mike engages critically with previous arguments I have made (on this site and elsewhere) that the TPP, as currently negotiated, could result in the ultimate loss of […]
Continue readingThe Progressive Economics Forum: Redistribution, Inequality, and Federal Policy: Guest Post by Edgardo Sepulveda
We are pleased to present this rich guest post by a new PEF member, Edgardo Sepulveda. Edgardo has been a consulting economist for more than two decades advising Governments and operators in more than 40 countries on telecommunications policy and regulation matters (www.esepulveda.com). Redistribution, Inequality and the new Federal Tax & Transfer initiatives I want […]
Continue readingThe Progressive Economics Forum: Canada Once Again Adding Value to Its Exports
In the course of researching a forthcoming commentary on Canada’s trade policy for the good folks over at the IRPP, I stumbled upon a surprising and encouraging bit of data. I grouped Statistics Canada’s series on exports and imports by broad commodity grouping (CANSIM Table 228-8059) into three categories: 4 primary sectors (including agriculture, energy, […]
Continue readingThe Progressive Economics Forum: Economics for Everyone, 2nd Ed.: Book Tour!
The second edition of Economics for Everyone: A Short Guide to the Economics of Capitalism was co-published by Pluto Books, the Canadian Centre for Policy Alternatives, and Fernwood Publishing this summer. With the federal election now safely behind us, I am pleased to announce a series of book launch events
Continue readingThe Progressive Economics Forum: Election 2015 and the Battle of Economic Ideas
I am not a member of a political party. I recognize the importance of elections, participate in election campaigns (including canvassing and raising money for good candidates), and engage heavily in election-related debates (like the detailed critique of the Harper government’s economic record I co-authored, with Jordan Brennan, for Unifor).
Continue readingThe Progressive Economics Forum: #HarperEconomy: From Worst to … Worster?
As this marathon election campaign enters its final days, it is interesting to look back on the evolution of the economic debate during the past 11 weeks on the hustings. The Harper Conservatives once again tried to play the “economic card,” claiming their policies are essential to Canada’s future growth
Continue readingThe Progressive Economics Forum: Too Early to Call Recession Over
Statistics Canada is reporting a 0.3% increase in monthly GDP for July, on top of a (downward revised) 0.4% increase in June. This will no doubt spark Conservative politicians, and many economists, to declare that the shallow recession which Canada experienced in the first half of 2015 is already over.
Continue readingThe Progressive Economics Forum: TPP: Renegotiating NAFTA, By the Back Door
For years, trade and justice activists have proposed renegotiating the North American Free Trade Agreement to address some of the deal’s most damaging features: for example, by removing the anti-democratic investor-state dispute settlement provisions of Chapter 11, linking trade benefits to genuine protections for human and labour rights (all the
Continue readingThe Progressive Economics Forum: Federal Surplus: Digging Deeper
This week Stephen Harper’s Conservatives are trumpeting the announcement of a small surplus ($1.9 billion) for fiscal 2014-15. The political symbolism of this “good news” is a welcome change for them from a string of negative economic reports (most importantly, news that Canada slipped into recession in the first half
Continue readingThe Progressive Economics Forum: GDP Recession a Symptom of Deeper Failures
There were surely more people (myself included) watching Statistics Canada’s GDP release at 8:30 am Tuesday, than any other release in recent history! This reflected the political significance of the possibility that an official recession would be confirmed by the numbers, right smack in the middle of an election campaign
Continue readingThe Progressive Economics Forum: “Taking Care of Business,” by Stephen Harper and the Senators!
At the big Unifor Canadian Council meeting in Montreal last weekend there was a surprise appearance by a new musical group, called “Stephen Harper and the Senators”, featuring Stephen Harper on guitar and vocals, Patrick Brazeau on drums, Pamela Wallin on bass, and Mike Duffy on lead guitar and general
Continue readingThe Progressive Economics Forum: When Bad News is Good News: Harper’s Call to Poloz
Was there any concrete economic reason for Stephen Harper to call Stephen Poloz yesterday, as global stock markets continued their gyrations? And then to have his office subsequently issue a cryptic and rather foreboding statement about the conversation? Of course, Prime Ministers and central bank governors talk to each other every
Continue readingThe Progressive Economics Forum: Quality Public Child Care: An Economic No-Brainer
Child care will be a major issue in this federal election campaign. The NDP has pledged to create 370,000 new $15-per-day spaces through joint federal-provincial initiatives by 2017-18, at an estimated cost of around $2 billion per year (growing that to 1 million spaces by 2023). The Liberals have not
Continue readingThe Progressive Economics Forum: Rhetoric vs Reality: The Harper Govt Economic Record
Speculation is intense that the unofficial election campaign we have already been experiencing for several months, is about to become official: Ottawa is awash in rumours the writ may be dropped as early as this weekend, setting the stage for months of promises, accusations, and photo-ops. As always the economy
Continue readingCanadian Dimension: Harper is fighting the deficit battle but losing the economic war
Finance Minister Joe Oliver • Photo by Harvey K The evidence is mounting that Canada’s economy may already be in an outright recession. Recent data on investment, exports, building permits and retail sales all paint a gloomy picture, and Friday’s jobs numbers (the private sector shed 49,000 jobs in June,
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