International Economics: IB Economics
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US inflation jumps as fuel and housing costs rise

US inflation jumps as fuel and housing costs rise | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - April 11, 2:42 AM
Inflation was 3.5% in March, a sign that cooling has stalled and interest rate cuts may be delayed.
Graham Watson's insight:

US inflation remains problematically high, and has actually gone up over the last month, driven by fuel and housing costs. As a result, the Fed are likely to be more reluctant to lower interest rates and this has implications for the conduct of monetary policy everywhere. 

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International Economics: IB Economics
Economy
A collection of articles relating to the 'international' elements of Economics and relating to IB, Pre-U and A-Level Economics.
Curated by Graham Watson
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The EU is expected to hit Chinese electric cars with tariffs

The EU is expected to hit Chinese electric cars with tariffs | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - Today, 12:54 AM
Brussels is widely expected to introduce tariffs on Chinese electric vehicles coming to Europe.
Graham Watson's insight:

The EU are contemplating introducing tariffs of Chinese electric cars, although unlike the US, where a 100% tariff has been imposed, the EU equivalent is expected to be around 25%. This is to offset the effect of Chinese government subsidies worth around 30% of the value of the car and the article depicts this as appropriate, reasoning that it's an attempt to counter an 'unfair' competitive advantage.

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EU expected to impose import tariffs on Chinese electric vehicles | International trade | The Guardian

EU expected to impose import tariffs on Chinese electric vehicles | International trade | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 10, 10:55 AM
Experts believe Beijing will retaliate with measures that could hit European exports from cheese to cognac
Graham Watson's insight:

The trade war between the EU and China continues: the EU is expected to impose tariffs on electric vehicles and is expecting Chinese retaliation in turn.

 

Once again, you have to wonder who is gaining from this. 

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US jobs surge casts doubt over interest rate cuts

US jobs surge casts doubt over interest rate cuts | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - June 8, 4:01 AM
US employers added 272,000 jobs in May which was far higher than economists expected.
Graham Watson's insight:

Rising job creation in the US might have implications for the conduct of monetary policy, with the prospect of further rate cuts being delayed because of concerns about the level of aggregate demand in the economy. 

 

It will be interesting to see what the Federal Reserve will do.

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Waves of change: Japan’s female fishers fill the gap in a struggling industry | Japan | The Guardian

Waves of change: Japan’s female fishers fill the gap in a struggling industry | Japan | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 6, 9:40 AM
Although women are helping to address a desperate labour shortage, they face resistance in a sector dominated by men
Graham Watson's insight:

Another lovely little niche article, this piece looks at how increased female participation at the margin is helping overcome a labour shortage in the fishing sector in Japan. There's a degree of controversy though - instead of being involved in processing fish, these women are employed on the seas themselves, helping catch or farm fish or shellfish. 

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Investment in clean energy likely to be double figure for fossil fuels in 2024, IEA says | Energy industry | The Guardian

Investment in clean energy likely to be double figure for fossil fuels in 2024, IEA says | Energy industry | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 6, 3:33 AM
Low-carbon electricity investment driven by solar projects but oil and gas spending still too high to meet climate goals
Graham Watson's insight:

Another snippet from the International Energy Agency, although some might think its greenwashing to an extent. They reckon that there will be twice the level of investment in renewables compared to fossil fuels this year, which you'd think would be good news for the environment. 

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Smoke-Free Kitchens: Transforming Lives With Improved Stoves in Bihar, India - YouTube

From www.youtube.com - June 5, 3:32 AM

In the heart of the Indo-Gangetic Plain, Bihar, India struggles with severe air pollution, with smoke from traditional wood and cow dung burning stoves being a major contributor. Despite progress in adopting cleaner fuels like LPG and biogas, many impoverished households still rely on these polluting methods. This video sheds light on the innovative efforts of women-led Self Help Groups (SHGs) to introduce improved stoves, reducing health risks for women and children and cutting down on Bihar’s ambient air pollution.

Graham Watson's insight:

Another World Bank clip, this time looking at how the adoption of cleaner stoves enhances standards of living in poor rural provinces, such as Bihar. An example of how development can be associated with a reduction in harmful negative externalities, such as air pollution. 

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World will miss target of tripling renewable electricity generation by 2030 – IEA | Renewable energy | The Guardian

World will miss target of tripling renewable electricity generation by 2030 – IEA | Renewable energy | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 4, 2:20 AM
Analysis of policies of nearly 150 countries shows shortfall to hit target viewed as vital for transition from fossil fuels
Graham Watson's insight:

The International Energy Agency has looked at the commitments made by 150 countries to say whether they are likely to achieve the stated aim of tripling renewable electricity generation by 2030. 

 

In short, they arent't.

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Debt payments by countries most vulnerable to climate crisis soar | Debt relief | The Guardian

Debt payments by countries most vulnerable to climate crisis soar | Debt relief | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 2:02 AM
Exclusive: level at highest in more than 30 years, say campaigners, who want ‘rapid and effective’ relief scheme
Graham Watson's insight:

It seems that the rate of debt payment for less economically developed countries has reached a 30 year high, especially for those most vulnerable to climate change. The charity Debt Justice estimates that these countries are paying 15.5% in government revenues to external creditors, compared to 8% pre-Covid and 4% in 2010.

 

Such a rise in debt interest payments has a significant opportunity cost. 

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Shops rush for Christmas stock as shipping costs surge

Shops rush for Christmas stock as shipping costs surge | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - June 3, 1:45 AM
Firms are placing their Christmas orders early to avoid empty shelves as shipping route disruption continues.
Graham Watson's insight:

This article highlights the impact of ongoing supply chain disruption in the Middle East, which has driven up the cost of shipping and has seen firms order their Christmas stock ahead of time.

 

And even having taken this course of action, it seems as though the price of some consumer durables with low profit margins is likely to rise in the months ahead. 

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World Bank’s Geo Enabling Initiative for Monitoring and Supervision in Bangladesh

From www.youtube.com - June 1, 4:25 AM

The World Bank’s Geo-Enabling Initiative for Monitoring and Supervision is an innovative program that is helping to maintain transparency and accountability in project monitoring and supervision. Digital initiatives like these can help Bangladesh achieve its upper middle-income vision. 

Graham Watson's insight:

This World Bank clip looks at Bangladesh's roads, and their importance to development. Enhancing infrastructure, in boosting the supply-side is clearly a good thing - however, the schemes also employed nearly 800 rural women who have been able to save and start their own businesses, giving them the potential to break out of the poverty cycle.

 

Roads are essential to development - enhancing education and healthcare, as well as encouraging greater trade. 

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Why policymakers are more likely to risk high inflation during periods of economic uncertainty | Kenneth Rogoff | The Guardian

Why policymakers are more likely to risk high inflation during periods of economic uncertainty | Kenneth Rogoff | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - May 30, 4:41 AM
Central banks may not aim for such an outcome but will probably adjust interest rate decisions in a way that makes it more likely than deep recession
Graham Watson's insight:

I've put this here - it could easily just be a Macroeconomic 'scoop' - however, it has universal applications. In short, Kenneth Rogoff argues that periods of economic uncertainty are likely to see higher than expected inflation because of the way that monetary policy is determined and an inflationary bias on the part of central banks.

 

But I'm not sure that this is much of an argument - yes, higher than anticipated inflation is a bad thing, but the costs of unemployment are higher than the costs of inflation - David Blanchflower is the man on this issue - so surely it's prudent to risk higher inflation than higher unemployment?

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Corporations are forcing Americans to pay more for less – in their own words | Matt Stoller | The Guardian

Corporations are forcing Americans to pay more for less – in their own words | Matt Stoller | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - May 23, 6:42 AM
Companies in the oil, hotel, meat and other sectors are price-gouging the US public. They’re not hiding it, either
Graham Watson's insight:

Evidence in the US of widespread 'greedflation' with companies using an inflationary environment to hike up prices - so-called price gouging. 

 

Matt Stoller cites evidence alleging that the practice is widespread, occurring everywhere from the oil industry to rents to food, and the suggestion is that there's also been a commensurate rise in collusion between firms too. As a result, he's calling for tougher competition policy, and more vigorous enforcement by the Federal Trade Commission. 

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Federal Reserve concerned over ‘lack of further progress’ in bid to tame inflation | US economy | The Guardian

Federal Reserve concerned over ‘lack of further progress’ in bid to tame inflation | US economy | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - May 23, 2:19 AM
While price growth has fallen sharply, with April’s 3.4% lower than March’s 3.5%, it is still higher than Fed’s medium-term goal of 2%
Graham Watson's insight:

Both the UK and the US are currently waiting for the next interest rate cut; however, it doesn't seem to be imminent in either economy because in both instances the respective central bank is nervous about the fact that inflation hasn't quite fallen far enough.

 

In the US inflation is currently 3.4%, but that's still 1.4% higher than the Federal Reserve's medium-term goal of 2%, and there's concern that inflationary pressure hasn't yet been driven out of either economy. 

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Adaptive Social Protection in the Sahel: Protecting People, Promoting Growth

From www.youtube.com - June 10, 5:06 PM

In the Sahel, adaptive social protection has proven to have strong positive impacts on household well-being, society, and the economy. It is a very profitable investment, reducing poverty and food insecurity, and contributing to greater productivity among the poorest. It enables governments to invest in systems and programs that help households improve their livelihoods, be more prepared to address climate change challenges, and better cope with shocks when they occur and afterwards. 

Graham Watson's insight:

This World Bank clip looks at adaptive social protection as a way of fostering resilience against climate change and promoting sustainable development.

 

Adaptive social protection has four main pillars - essentially the development of social safety nets that are predicated upon tying this to schemes to enhance human capital. As a result, some of the poorest people in the world might be able to break out of the poverty cycle. 

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alexavegas857@gmail.com's comment, June 10, 7:06 PM
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Is the US economy doing well? It depends if you ask a Democrat or a Republican | Joe Biden | The Guardian

Is the US economy doing well? It depends if you ask a Democrat or a Republican | Joe Biden | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 9, 9:57 AM
Data shows that when Americans’ preferred party is in the White House, they’re more likely to boast of a booming economy – even if it’s untrue
Graham Watson's insight:

This strikes me as something that's rather self-evident. However, people are likely to interpret economic data more favourably when the party they support are in power. 

 

Interestingly, it seems that even though the US economy is doing well at present, with unemployment low at around 4%, inflation falling and the economy growing, a large number of Americans think that they're experiencing a recession.

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Steve Rosenberg: Russia's economy is growing, but can it last?

Steve Rosenberg: Russia's economy is growing, but can it last? | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - June 6, 3:35 PM
Russia’s economy has been cut off from the global financial system - but it is still growing. Why?
Graham Watson's insight:

This excellent in-depth assessment of the Russian economy looks at whether or not the Ukraine related sanctions have harmed it. 

 

The conclusion? Not for now - but is this just storing up long-term problems for the Russian economy. Zhou En-Lai would be in his element. 

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European Central Bank cuts interest rate to 3.75%

From www.bbc.co.uk - June 6, 9:35 AM
The eurozone is the second major economy to cut its main lending rate this week after Canada.
Graham Watson's insight:

The Eurozone has seen the European Central Bank cut its interest rate, following a similar move by the Bank of Canada. The rate cut - to 3.75% from 4% - should provide a monetary stimulus to economic activity, although currently growth remains sluggish.

 

However, from a UK perspective, the question is whether this will prompt the Bank of England to follow suit. 

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alexavegas857@gmail.com's comment, June 10, 7:08 PM
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Cycling and Electric Vehicles: Helping Combat Air Pollution in Nepal - YouTube

From www.youtube.com - June 5, 3:36 AM

Clean air is a classic regional public goods case, as the air flows freely across the borders. It requires collective action by the countries, cities & municipalities sharing the same airshed. In Nepal, working towards lowering vehicular emissions is one of the most efficient ways to clear the air.

Graham Watson's insight:

Another clip looking at air pollution in South Asia, this time in the small mountain kingdom of Nepal, where development has seen increased demand for transport, and more car and motorcycle use. 

 

However, this is associated - not only with dramatic music - but increased levels of pollution and given the prevailing geography, this is problematic, generating significant negative externalities. However, by encouraging the adoption of electric vehicles and electric bikes the World Bank is helping the country overcome them. 

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How Modern Technology Is Revolutionizing Agriculture in Indonesia? Innovation & Sustainable Farming

From www.youtube.com - June 5, 3:22 AM

Discover how modern technology is revolutionizing agriculture in Indonesia. The Strategic Irrigation Modernization and Urgent Rehabilitation Project is transforming the irrigation system, benefiting 350,000 farmers by enhancing water management and boosting productivity. Watch how this innovative approach is improving lives and promoting sustainable farming. 

Graham Watson's insight:

Lots of economic issues raised here - the importance of agriculture to developing economies, scarcity and resource management, innovation and the clever use of technology to enhance agricultural productivity, the role of the World Bank. The list goes on.

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The Guardian view on taxing billionaires: we need to talk about the super-rich | Editorial | The Guardian

The Guardian view on taxing billionaires: we need to talk about the super-rich | Editorial | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 2:14 AM
Editorial: G20 countries will discuss proposals to make the world’s wealthiest individuals pay more towards funding public goods. The debate is overdue
Graham Watson's insight:

Today's Guardian editorial makes the case - again - for a global wealth tax on the super-rich.

 

The politics of envy or a necessary corrective to rising levels of inequality? You choose. 

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alexavegas857@gmail.com's comment, June 10, 7:20 PM
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European and Canadian central banks expected to cut interest rates this week | Interest rates | The Guardian

European and Canadian central banks expected to cut interest rates this week | Interest rates | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 1:55 AM
New lower rates of 3.75% and 4.75% respectively are likely to be introduced this week after drops in inflation
Graham Watson's insight:

Globally, it seems that there's going to be a loosening of monetary policy, with European and Canadian central banks are likely to lower rates to 3.75% and 4.75% respectively. 

 

This is likely to stimulate aggregate demand in these economies. 

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Europe must splash the cash (and seize it) to save 2024 | Phillip Inman | The Guardian

Europe must splash the cash (and seize it) to save 2024 | Phillip Inman | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - June 2, 4:32 AM
There is still an expensive war to fight, and if EU and UK politicians insist on using taxpayer funds for it, there will be little left to spend on public services
Graham Watson's insight:

Phillip Inman takes the temperature of the European economy - and posits that without an uptick in government spending, and the use of frozen Russian assets to fund the Ukraine war, 2024 will prove to be a disappointing one economically-speaking. 

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Business manifestos: six pre-election proposals touted by UK industry | Business | The Guardian

Business manifestos: six pre-election proposals touted by UK industry | Business | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - May 31, 10:20 AM
The business groups’ big ideas, from payroll savings schemes to making big tech compensate for fraud on its platforms
Graham Watson's insight:

What does business want from government? 

 

This Guardian article identifies six policies - and they're diverse policies - that various business groups seem to want. They vary from an end to smart motorways, an AI champion for SMEs, to greater certainty as a result of the Budget taking place on a fixed day each year. 

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Elon Musk says he opposes US tariffs on Chinese electric vehicles

Elon Musk says he opposes US tariffs on Chinese electric vehicles | International Economics: IB Economics | Scoop.it
From www.bbc.co.uk - May 24, 2:57 AM
He previously warned Chinese car makers would "demolish" rivals if there were no trade barriers.
Graham Watson's insight:

It's interesting - and entirely in character for Elon Musk to contradict himself - that the Tesla boss is opposed to US tariffs on Chinese electric vehicles. 

 

His argument, according to the article is that "Things that inhibit freedom of exchange or distort the market are not good". China is, of course, likely to retaliate.

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The Guardian view on free trade: an idea whose time has gone | Editorial | The Guardian

The Guardian view on free trade: an idea whose time has gone | Editorial | The Guardian | International Economics: IB Economics | Scoop.it
From www.theguardian.com - May 23, 2:29 AM
Editorial: Joe Biden and Donald Trump agree on tariffs against China. The world has lost its biggest cheerleader for globalisation
Graham Watson's insight:

A rather sad lament in today's Guardian proclaiming the end of free trade, with both Presidential candidates in favour of protectionism, having introduced tariffs on Chinese-made goods. It seems as though nearly 40 years of economic orthodoxy, believing in free trade as lowering prices and promoting competition, have been sacrificed on the altar of politics. 

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