Reagan-era economic thinking focuses on the Gross Domestic Product (GDP) as the bellwether for how well society is doing. It’s a narrow view of the world which ignores everything except the movement of capital, yet many economists and politicians are stuck in this outdated way of thinking. In this context,
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Defend Public Healthcare: The Ontario Budget: Hard Times Ahead
Health Care: To ease future cuts, the government established a budgeting system this year which would see much of the COVID-related funding budgeted under special funds distinct from the normal ministries. So much of the increased funding for the Ministry of Health or Ministry of Long-Term Care is not reflected
Continue readingThings Are Good: Caring About the GDP is Passé
In 2009 we looked at how Bhutan uses Gross National Happiness instead of the bizarre Gross Domestic Product (GDP) measurement to see how “successful” the country is. The GDP doesn’t reflect lives lived since things like oil spills and other disasters actually make the GDP go up despite the damage
Continue readingWell-being as National Security
When the term “national security” crops up, our thoughts usually turn to things military. Indeed the dictionary on my Mac defines national security as “the safety of a nation against threats such as terrorism, war, or espionage.” But the security of a people is often threatened by things other than
Continue readingThe Disaffected Lib: Have We Lost the Ability to Govern Ourselves?
It was October, 1980, and US elections were just a few days away. Ronald Reagan took to the airwaves and asked Americans “Are you better off than you were four years ago?” Reagan was talking about how voters were doing materially. Were they able to get a job? Could they
Continue readingThings Are Good: Replace GDP with Inclusive Development Index
Economic influencers and generally super-rich have occupied Davos, Switzerland this week to discuss how to get wealthier. They also discuss global issues that impact more than just their own wealth. Unsurprisingly interest in climate change and inequality during the Davos meeting increases every year. This year the host of the
Continue readingThe Disaffected Lib: Another Sign? I Sure Hope Not.
Something has changed over the past two years. My home is bordered along the back by a row of large cedar trees. When I moved here some 15 years ago one of the delights I discovered was being awakened in the mornings by the chirps and songs of a seemingly
Continue readingThe Canadian Progressive: Art for innovation’s sake? Lessons from our Canadian cousin
The Liberal government of Justin Trudeau is making significant investments in the Canadian public broadcasting, the arts and creative industries. A lesson for other countries on “how to tap into the creative capital of a society.” The post Art for innovation’s sake? Lessons from our Canadian cousin appeared first on
Continue readingThe Progressive Economics Forum: Jobs and Growth after the Great Recession
This is the time of year when articles list their favourite things about last year, and their “things to watch” for the next year. Naturally, my “things to watch” list will always include the labour market. Where have we seen the strongest job growth or worst job losses, and what are the trends that might […]
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 readingEnough of this low tax nonsense
If conservatives believe in low taxes in order to keep government small, so be it, but when they insist that low taxes are necessary for a healthy economy, they are talking rot, parroting a mantra that has been utterly disproved. The low tax theory can in fact be refuted with
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: The Deficit Battle and the Economic War
Evidence continues to mount regarding Canada’s lousy economic trajectory, and there is now a pretty broad consensus among Canadian economists that the economy was likely in recession in the first half of the year. That’s not a sure thing, of course: we won’t know until September 1 if second quarter
Continue readingThe Progressive Economics Forum: Judging the Odds for an “Election Recession”
Canada’s first-quarter GDP report was not just “atrocious,” as predicted by Stephen Poloz. It was downright negative: total real GDP shrank at an annualized rate of 0.6% (fastest pace of decline since the 2008-09 recession). Nominal GDP fell faster (annualized rate of 3%), as deflation took hold across the broader
Continue readingThe Progressive Economics Forum: Guest Blog from Kim Pollock: Stagnation Without End
We are pleased to present this guest commentary from Kim Pollock, a former union researcher based in B.C. and Saskatchewan. Now retired, Kim is investigating various aspects of Canada’s economic performance. A longer version of this paper will be presented by him at the upcoming Society for Socialist Studies meetings in
Continue readingThe Progressive Economics Forum: Bank of Canada Holds Rate Steady
The Bank of Canada released it’s quarterly Monetary Report today, and held rates firm at 3/4 per cent. The Bank cut growth expectations for 2015, but expects Canada’s GDP to rebound in 2016. Much of this rebound will depend on a growing U.S. and global economy, and on the ability of Canadian
Continue readingThe Progressive Economics Forum: Thinking Through the Fall-Out of Lower Oil Prices
Canada’s economic and fiscal debates in recent months have been dominated by the possible impacts of the sudden fall in oil prices since last autumn on growth, employment, and fiscal balances. Finance Minister Joe Oliver delayed the budget, the Bank of Canada shocked markets with a rate cut, and Alberta
Continue readingThe Progressive Economics Forum: ROCHON: Harper in closet over the economy as Canada heads toward another recession
This guest blog post has been written by Louis-Philippe Rochon. You can follow him on Twitter @Lprochon – Harper’s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much
Continue readingHookers to be part of Italy’s GDP
Italy’s National Institute of Statistics recently announced that next year it will start including activities such as prostitution and illegal drug sales in the country’s Gross Domestic Product. And why not. After all, these activities create jobs and incomes and are therefore an integral part of a national economy. Estimating
Continue readingThe Progressive Economics Forum: The IMF and Progressive Economics in Canada
It is interesting to note that the most recent IMF staff report on Canadian economic issues echoes some key concerns of progressive economists. I have reported these for the Broadbent Institute. As noted in this summary, the IMF report that corporate Canada’s cash hoard is the biggest in the G7
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