The Equality Impacts of the Current Recession
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Marxist Crisis Theory and the Severity of the Current Economic Crisis
Marxist Crisis Theory and the Severity of the Current Economic Crisis By David M. Kotz Department of Economics Thompson Hall University of Massachusetts Amherst Amherst, MA 01003, U.S.A. December, 2009 Email Address: [email protected] This paper was presented on a panel on "Heterodox Analyses of the Current Economic Crisis" sponsored by the Union for Radical Political Economics at the Allied Social Science Associations annual convention, Atlanta, January 4, 2010. Research Assistance was provided by Ann Werboff. It is a revised version of a paper "The Final Crisis: What Can Cause a System-Threatening Crisis of Capitalism," Science & Society 74(3), July 2010. Marxist Crisis Theory and the Current Crisis, December, 2009 1 The theory of economic crisis has long occupied an important place in Marxist theory. One reason is the belief that a severe economic crisis can play a key role in the supersession of capitalism and the transition to socialism. Some early Marxist writers sought to develop a breakdown theory of economic crisis, in which an absolute barrier is identified to the reproduction of capitalism.1 However, one need not follow such a mechanistic approach to regard economic crisis as central to the problem of transition to socialism. It seems highly plausible that a severe and long-lasting crisis of accumulation would create conditions that are potentially favorable for a transition, although such a crisis is no guarantee of that outcome.2 Marxist analysts generally agree that capitalism produces two qualitatively different kinds of economic crisis. One is the periodic business cycle recession, which is resolved after a relatively short period by the normal mechanisms of a capitalist economy, although since World War II government monetary and fiscal policy have often been employed to speed the end of the recession. -
Price Spike Of
United States Department of The "Great" Price Spike of '93: Agriculture Forest Service An Analysis of Lumber and Pacific Northwest Research Station Stum.page Pr=ces =n the Research Paper PNW-RP-476 Pac=f=c Northwest August 1994 Brent L. Sohngen and Richard W. Haynes ....~ ~i!i I 11~.............. pp~L~ ~ S if!i,: ~SS ~$~ ~ ~ S$ $ $_ ss sSSos'S S$ $ S$$ s$$SsSss s ss $ sss~ ~ S sSsS~ Sss S $~ $.~ $ S$ Authors BRENT L. SOHNGEN is a graduate student, Yale University School of Forestry and Environmental Studies, New Haven, CT 06510; and RICHARD W. HAYNES is a research forester, U.S. Department of Agriculture, Forest Service, Pacific Northwest Research Station, Forestry Sciences Laboratory, P.O. Box 3890, Portland, OR 97208-3890. Abstract Sohngen, Brent L.; Haynes, Richard W. 1994. The "great" price spike of '93: an analysis of lumber and stumpage prices in the Pacific Northwest. Res. Pap. PNW-RP-476. Portland, OR: U.S. Department of Agriculture, Forest Service, Pacific Northwest Research Station. 20 p. Lumber prices for coast Douglas-fir (Psuedotsuga menziesii (Mirb.) Franco var. menziesil) swung rapidly from a low of $306 per thousand board feet (MBF) in September 1992 to a high of $495/MBF in March 1993. This price spike represented a sizable increase in the value of lumber over a short period, but it was not the histor- ical anomaly that many in the media would suggest. Using the theoretical relation between lumber and stumpage prices, we analyzed the interaction between these two markets over the past 82 years. Among our major findings were that there are distinct seasonal variations in monthly lumber and stumpage prices; over the longer term, these markets can be divided into three different periodsm1910 to 1944, 1945 to 1962, and 1963 to 1992; the most recent price spike did not match previous spikes in real terms; and the traditional lumber and stumpage price interaction became more significant with time but it does not seem to be as pronounced when we look at monthly prices. -
Tackling the Gender Pay Gap from Individual Choices to Institutional Change
POLICY BRIEF NO. 6 TACKLING THE GENDER PAY GAP FROM INDIVIDUAL CHOICES TO INSTITUTIONAL CHANGE SUMMARY Sixty-five years after the International Labour Organization Convention No. 100 on equal remuneration, the gender pay gap remains pervasive across all regions and most sectors, and policy debate continues on how to close it. Policy attention has focused on women’s own behaviour and choices, but women have been investing more in their education and participat- ing more continuously in employment without reaping the expected benefits. It is time to focus instead on changing the environment in which women are making choices. This brief focuses on policies needed to change employment arrange- ments. This would involve: raising and extending minimum wage floors to reduce the penalties that come from being at the bottom of the wage hierarchy; improving the valuation of women’s work through strengthening legal and collective regulation; extending gender pay audits and action plans; and improving women’s employment opportunities by devel- oping progression opportunities in female-dominated jobs and sectors, and enabling mothers to remain in, or return to, employment. Policies to close the gender pay gap need to be developed in tandem with policies to reduce inequality overall, promote social justice and extend state support for working parents. Introduction: Why closing the gender In addition pay equality can have positive economic benefits if it enables economies to make better use of women’s potential pay gap matters and talents. Despite the strides that women have made in many parts of the world in integrating into formal employment, raising Explaining the gender pay gap: From their educational levels—sometimes above that of men—and developing their political and economic independence, gender individual choices to structural causes pay gaps remain a feature of all labour markets. -
The UK Recession in Context — What Do Three Centuries of Data Tell Us?
Research and analysis The UK recession in context 277 The UK recession in context — what do three centuries of data tell us? By Sally Hills and Ryland Thomas of the Bank’s Monetary Assessment and Strategy Division and Nicholas Dimsdale of The Queen’s College, Oxford.(1) The Quarterly Bulletin has a long tradition of using historical data to help analyse the latest developments in the UK economy. To mark the Bulletin’s 50th anniversary, this article places the recent UK recession in a long-run historical context. It draws on the extensive literature on UK economic history and analyses a wide range of macroeconomic and financial data going back to the 18th century. The UK economy has undergone major structural change over this period but such historical comparisons can provide lessons for the current economic situation. Introduction An overview of UK business cycles The UK economy recently suffered its deepest recession since Over the past half century, enormous effort has gone into the 1930s. The recent recession had several defining constructing historical national income data for the characteristics: it took place simultaneously with a global United Kingdom. First, annual GDP estimates were recession; the financial sector was both the source and constructed back to the mid-19th century, based on output, propagator of the crisis; the exchange rate depreciated income and expenditure approaches (Deane and Cole (1962), sharply; and there was a substantial loosening of monetary Deane (1968) and Feinstein (1972)). These were followed by policy alongside a marked increase in the fiscal deficit. But ‘balanced’ estimates of GDP growth that attempted to despite UK output falling by more than 6% between 2008 Q1 reconcile these different approaches from 1870 onwards and 2009 Q3, CPI inflation remains above the Government’s (Solomou and Weale (1991) and Sefton and Weale (1995)). -
The Recent Evolution of the Natural Rate of Unemployment
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES The Recent Evolution of the Natural Rate of Unemployment Mary Daly Federal Reserve Bank of San Francisco Bart Hobijn Federal Reserve Bank of San Francisco Rob Valletta Federal Reserve Bank of San Francisco January 2011 Working Paper 2011-05 http://www.frbsf.org/publications/economics/papers/2011/wp11-05bk.pdf The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. The Recent Evolution of the Natural Rate of Unemployment MARY DALY,* BART HOBIJN, AND ROB VALLETTA Federal Reserve Bank of San Francisco 101 Market Street San Francisco, CA 94105 January 17, 2011 ABSTRACT The U.S. economy is recovering from the financial crisis and ensuing deep recession, but the unemployment rate has remained stubbornly high. Some have argued that the persistent elevation of unemployment relative to historical norms reflects the fact that the shocks that hit the economy were especially disruptive to labor markets and likely to have long lasting effects. If such structural factors are at work they would result in a higher underlying natural or non- accelerating inflation rate of unemployment, implying that conventional monetary and fiscal policy should not be used in an attempt to return unemployment to its pre-recession levels. We investigate the hypothesis that the natural rate of unemployment has increased since the recession began, and if so, whether the underlying causes are transitory or persistent. -
Economic Crisis and Labour Regulations: New Issues and Challenges♦
Regulating for Decent Work Conference, 8-10 July 2009 Panel Debate, 10 July 2009 Economic crisis and labour regulations: new issues and challenges♦ 1. Purpose of the panel debate The final session of the Regulating for Decent Work (RDW) conference consisted of a panel of five presenters and a chairperson. The five panellists were: Sumangala Damodaran (National Commission for Enterprises in the Unorganised Sector/Government of India), Francis Green (University of Kent), Brian Langille (University of Toronto), Michael Reich (University of California at Berkeley) and Jill Rubery (University of Manchester) and the Chairperson was Gerry Rodgers (Former Director, International Institute for Labour Studies). The purpose of the panel debate was to reflect back on the three days of the conference and to provide an opportunity for the speakers to present their views on how to advance the RDW agenda. In particular, the aim of this session was to identify future research areas and policy priorities in the context of the current economic crisis. The contributions from the five panellists consisted of more general reflections and issues as well as specific examples from which more general lessons could be drawn. 2. Key issues One of the overarching issues that was discussed during the panel debate was the extent to which there is currently a shift away from the deregulation agenda towards more regulatory models. In the context of the US Michael Reich spoke of how the recent change of government has led to speculation about whether there will be more of a focus on regulation and, if so, the type and strength of regulation. -
Framing the Global Economic Downturn Crisis Rhetoric and the Politics of Recessions
Framing the global economic downturn Crisis rhetoric and the politics of recessions Framing the global economic downturn Crisis rhetoric and the politics of recessions Edited by Paul ’t Hart and Karen Tindall Published by ANU E Press The Australian National University Canberra ACT 0200, Australia Email: [email protected] This title is also available online at: http://epress.anu.edu.au/global_economy_citation. html National Library of Australia Cataloguing-in-Publication entry Title: Framing the global economic downturn : crisis rhetoric and the politics of recessions / editor, Paul ‘t Hart, Karen Tindall. ISBN: 9781921666049 (pbk.) 9781921666056 (pdf) Series: Australia New Zealand School of Government monograph Subjects: Financial crises. Globalization--Economic aspects. Bankruptcy--International cooperation. Crisis management--Political aspects. Political leadership. Decision-making in public administration. Other Authors/Contributors: Hart, Paul ‘t Tindall, Karen. Dewey Number: 352.3 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without the prior permission of the publisher. Cover design by John Butcher Cover images sourced from AAP Printed by University Printing Services, ANU Funding for this monograph series has been provided by the Australia and New Zealand School of Government Research Program. This edition © 2009 ANU E Press John Wanna, Series Editor Professor John Wanna is the Sir John Bunting Chair of Public Administration at the Research School of Social Sciences at The Australian National University and is the director of research for the Australian and New Zealand School of Government (ANZSOG). He is also a joint appointment with the Department of Politics and Public Policy at Griffith University and a principal researcher with two research centres: the Governance and Public Policy Research Centre and the nationally-funded Key Centre in Ethics, Law, Justice and Governance at Griffith University. -
Closing the Gender Pay
Closing the gender pay gap: A review of the issues, policy mechanisms and international evidence Closing the gender pay gap: A review of issues, policy mechanisms and international evidence Gender, Equality and Diversity ILO Branch CLOSING THE GENDER PAY GAP: A REVIEW OF THE ISSUES, POLICY MECHANISMS AND INTERNATIONAL EVIDENCE JILL RUBERY* AND ARISTEA KOUKIADAKI** *Professor, Alliance Manchester Business School, University of Manchester **Senior Lecturer, University of Manchester’s School of Law International Labour Office • Geneva Copyright © International Labour Organization 2016 First published (2016) Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Licensing), International Labour Office, CH-1211 Geneva 22, Switzerland, or by email: [email protected]. The International Labour Office welcomes such applications. Libraries, institutions and other users registered with a reproduction rights organization may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country. Rubery, Jill; Koukiadaki, Aristea. Closing the gender pay gap: a review of the issues, policy mechanisms and international evidence / Jill Rubery, Aristea Koukiadaki; International Labour -
F I S C a L I M P a C T R E P O
Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes. Current and previously issued FIRs are available on the NM Legislative Website (www.nmlegis.gov) and may also be obtained from the LFC in Suite 101 of the State Capitol Building North. F I S C A L I M P A C T R E P O R T ORIGINAL DATE 02/07/14 SPONSOR Dodge LAST UPDATED HB 234 SHORT TITLE Exclude NOL Carryover For Up To 20 Years SB ANALYST Graeser REVENUE (dollars in thousands) Estimated Revenue Recurring Fund FY14 FY15 FY16 FY17 FY18 or Nonrecurring Affected General *** Nonrecurring Fund (Parenthesis ( ) Indicate Revenue Decreases) See “FISCAL ISSUES” below for a discussion of impacts in FY18 and beyond. Duplicates SB 156 and conflicts with SB 106. See discussion below in “FISCAL ISSUES.” SOURCES OF INFORMATION LFC Files Responses Received From Economic Development Department (EDD) Taxation and Revenue Department (TRD) SUMMARY Synopsis of Bill House Bill 234 would extend net operating loss carryovers (NOLs) incurred from net income reported for corporate income tax purposes and personal income tax purposes from the current five-year period to 20-years for taxable years (TYs) beginning after January 1, 2013. For TYs beginning before January 1, 2013, NOLs not recovered after five years would be extinguished. Losses incurred in taxable years beginning after January 1, 2013 would be allowed to be excluded from net income until recovered or twenty years from the taxable year of loss, whichever is earlier. -
The Role of Policy in the Great Recession and the Weak Recovery
The Role of Policy in the Great Recession and the Weak Recovery John B. Taylor* Stanford University January 2014 It’s been nearly five years since the recession of 2007-2009 ended. By all accounts, this very severe recession was followed by an extremely disappointing recovery. Economic growth during the recovery has been far too slow to raise the employment-to-population ratio from the low levels to which it fell during the recession, or to close materially the gap between real GDP and potential GDP, in marked contrast to the rapid recovery from the previous severe recession in the early 1980s or earlier severe recessions in U.S. history. When you include the both the periods of the recession and the slow recovery, economic instability has more than tripled according to a common measure of performance used by macroeconomists: The standard deviation of the percentage gap between real GDP and potential GDP rose from 1½ percent during 1984-2006 to 5½ percent during 2007-2013. In this paper I consider the role of economic policy in this poor economic performance. I. The Shift in Policy In evaluating the role of policy it is important to consider actions taken before, during, and after the financial panic in the fall of 2008. A careful look at the full decade from 5 years before to 5 years after the panic reveals that there was a significant shift in policy away from what worked reasonably well in the decades before. Broadly speaking, monetary policy, regulatory policy, and fiscal policy each became more discretionary, more interventionist, and * Prepared for presentation at the American Economic Association meetings on January 3, 2014. -
Jill Rubery European Work and Employment Research Centre Manchester Business School Reflections Based On
WOMEN AND AUSTERITY: SOME REFLECTIONS ON THE IMPACT OF AUSTERITY ON THE PROSPECTS FOR GENDER EQUALITY Jill Rubery EuropeAn Work AnD Employment ReseArch Centre Manchester Business School Reflections bAseD on: Edited book with Maria Karamessini Women anD Austerity: The Economic Crisis anD the Future for Gender Equality Routledge. 16 chapters including one EU overviews(Bettio and Verashchagina) plus nine case studies of countries in the eye of the storm plus (7 EU countries, Iceland and the US) plus framework and policy papers on the gender contract, EU employment policy and macroeconomic options. Initiative is response to austerity plus update of Women AnD Recession (Routledge 1988 and 2010) Search for an analytical framework for understanding gender effects Common approaches to gender • Essentialist – women as carers first • Optimistic- progress non reversible Problem that both fail to identify gender relations • as an institution which is subject to change and variation • as an influence on policy and labour market responses to recession Three steps 1. Review approaches to gender effects of the cycle 2. Consider characteristics of current crisis- financial and austerity 3. Apply institutional change concepts to consider if this is a critical juncture in gender relations and European social models 1. Gender and the economic cycle Demand side effects Variable due to gender segregation • Women concentrated in Buffer effect flexible/disposable jobs Protective • Women concentrated in jobs protected effects from economic cycle Substitution -
A New Labour Market Segmentation Approach
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Grimshaw, Damian (Ed.); Fagan, Colette (Ed.); Hebson, Gail (Ed.); Tavora, Isabel (Ed.) Book — Published Version Making work more equal: A new labour market segmentation approach Provided in Cooperation with: Manchester University Press Suggested Citation: Grimshaw, Damian (Ed.); Fagan, Colette (Ed.); Hebson, Gail (Ed.); Tavora, Isabel (Ed.) (2017) : Making work more equal: A new labour market segmentation approach, ISBN 978-1-5261-2597-2, Manchester University Press, Manchester, http://dx.doi.org/10.7765/9781526125972 This Version is available at: http://hdl.handle.net/10419/181918 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten