>> Click Here for Historical Wall Post Listing <<
Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
Today there are 10 articles discussed 'behind the wall'.
Please support all that we do at Global Economic Intersection with a subscription to our premium content 'behind the wall'.
You get a full year for only $25.
The crisis of capitalism isn't just about the gap between rich and poor. It's about the gap between what's demanded by our planet and what's demanded by our economy.
Piketty's analysis is framed exclusively by Western historical experience and thus unfortunately ignores the context in which Western wealth creation occurred, despite the fact that many seek to perpetuate and emulate it today.
Piketty, like every other economist, seeks to explain the world with reference to economic capital alone while ignoring the mother of all capitals-natural capital. This is a rejection of the scientific evidence on the state of the world.
Natural Capital can be defined as the world's stocks of natural assets which include geology, soil, air, water and all living things.
Extending two theories of "excessive" government expansion, the authors argue that public officials' corruption should cause state spending to be artificially elevated. Corruption increased state spending over the period 1997-2008. During that time, the 10 most corrupt states could have reduced their total annual expenditure by an average of $1,308 per capita-5.2 percent of the mean per capita state expenditure-if corruption had been at the average level of the states. Moreover, at the expense of social sectors, corruption is likely to distort states' public resource allocations in favor of higher-potential "bribe-generating" spending and items directly beneficial to public officials, such as capital, construction, highways, borrowing, and total salaries and wages. The authors use an objective, concrete, and consistent measurement of corruption, the number of convictions.
Econintersect Behind the Wall
|.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet|
|Asia / Pacific|
|Middle East / Africa|
This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved