Monetarism’s failings are giving rise to the new economy of wellbeing
The world is changing. And while many of these changes are obvious, such as the revolution in technology or the tectonic shifts in world politics, there are also significant changes taking place in the ideas that underpin the science of economics. Why do these ideas matter? They matter because economics is a foundational science. The…
Being out-gunned in the incentives game can carry a heavy cost
Recent news stories from both sides of the Canada-U.S. border highlight the growing role of business incentives and “subsidies” in shaping the climate for corporate location and expansion decisions. The big three U.S. automobile producers are in the midst of downgrading their presence in Ontario as they build new plants in various American states as…
The most successful economies today are also the most indebted
Is it just me, or does the fabric of global capitalism seems to be unraveling? It seems the sovereign debt dragon was just sleeping and has now roared out of it’s den once again and is starting to snort fire all the way from Greece in the Euro zone, through the U.S. budget debates, to…
Any attempt to equate capitalism and communism is wrong-headed
In a recent column from a Toronto journalist on communism and capitalism, the writer made an astonishing claim: While “millions have been the tragic victims of communism,” Roy MacGregor wrote, “that number pales, surely, in comparison with the victims of capitalism.” Surely, it does not. The columnist attempted to link communism and capitalism as mere…
Are we heading for a Downton Abbey economy, with its elitist Upstairs/Downstairs society? The numbers tell a chilling story. Today the top 1 per cent of Americans own 40 per cent of all asset wealth in the country and take home 24 per cent of all income. Meanwhile, the bottom 80 per cent takes home…