New answers tagged

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The meta-analysis cited by user Brian Z seems to support the contention that racial discrimination exists in the job market. Quilian et al. 2017 However due to affirmative action policies the odds of being admitted to US universities is about 15 times higher for African Americans compared to Asian Americans. After controlling for grades, test scores, family ...


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Basically, too many actors to count, though certain individuals and firms may certainly have made more egregious mistakes and frauds. Mortgages were perceived as low-risk because property was a hot commodity and lenders could always recoup by foreclosure. Fancy financial wizardry re-packaged low-quality loans as CDOs. From the Economist Goldman Sachs ...


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If you mean individual people, I don't know if there is such a public list. Innumerable people were involved - from ordinary people to employees of realtors, financial institutions, ratings agencies and governments. Articles, studies, books and films tend to focus on the principal causes of it (Wikipedia lists 14, Motley Fool 25) and the organisations and ...


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Entire books have been written on this subject, both about the specific 2008 crash and about financial panics in general, and one SE answer isn't going to cover the full set of categories of miscreants, or convey enough understanding of their misdeeds. We can highlight a few, though. Firstly you have the creation (or, well, enormous expansion) of the ...


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The question as posed is probably none. Small highly trade dependent nations, such as oil rich Brunei, or Kuwait will be trading oil, and oil will provide a large amount of GDP. However WTO doesn't have much to do with the energy trade, there are other agreements that cover oil trade. Dijbouti has few resources and much of their business is in invisibles (...


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First, when we talk about Republicans and Democrats, we have to be aware that the nature of the Republican and Democratic parties has shifted over time. The modern versions of the parties began taking on their character somewhere in the Johnson/Nixon era, and only fully crystalized into their current forms near the beginning of the Reagan era. There is ...


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There is limited data and a lot of confounding factors. However, a simple measure of GDP has the economy growing faster under Democrat than under Republican presidents. The following image from jec.senate.gov (a partisan source) shows this: Now any particular Presidency can point to reasons for the growth or lack of growth which had little to do with the ...


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To respond directly to the headline question: no. As Marx states directly in the first quote, a use-value is completely independent of the amount of labor that goes into creating it. The second quote is very confusing unless you understand that value and use-value are two totally distinct concepts for Marx. All useful objects are use-values, but only ...


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if it does, can they protect Iran's economy from economic sanctions? No. Because the world economic activities are USA-based. Petrodollar system The world's oil business is controlled by the USD. Domination of USD USD is the dominant reserve currency in the world. As long as the USD is the dominant transaction or reserve currency in the world, no one ...


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Is it meaningful to talk about a median GDP/capita, or GDP/household for a country, and does anyone assemble such statistics? Simply put: no, it isn't meaningful. GDP is a property of the whole economy, it's not equivalent to individual wealth or income. GDP/capita is not the mean of some household property, it's a way to scale the GDP to compare countries ...


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Calculating the gross domestic product on a personal level would be impractical and of little benefit. GDP is defined as: A monetary measure of the market value of all the final goods and services produced in a specific time period GDP doesn't measure wealth, it measures productivity. So what is the GDP of a single person? It would be the monetary value of ...


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Anna Diofasi and Nancy Birdsall from the Center for Global Development have collated a dataset ranking countries based on their median daily income or consumption using the World Bank's PovcalNet database, based on 2011 PPPs. This dataset was then used by Hauke Hillebrandt from the Giving What We Can charity to produce this comparison of Median GDP/capita vs ...


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Adopting the Euro as a currency is not a simple switch to a different money unit: Sovereignty It means accepting the rules which govern the Eurozone. These rules are necessary for the unique currency to work across many different countries, but they take quite a lot of freedom away from the national governments: a Eurozone government (or parliament) cannot ...


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As someone who has gone through the change at the start of the Euro, back in 2001, I feel it is more a political issue than a practical one. That being said, many of the businesses did raise their prices against the rules, but after a year or so, the prices were back where they should have been in the first place. I think Poland should look at countries ...


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The United States just spent several trillion dollars bailing out the economy in response to a pandemic. There was literally zero talk about increasing taxes or balancing the budget. That's because the situation forced the awkward admission that America can print its way out of most budget deficits, and certainly out of one in which every other country is ...


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There are a number of issues that come with adopting the Euro. At the time of this answer the exchange rate is 1 złoty = .22 Euro. The first most obvious issue is people tend not to grasp currency changes very well. Someone with 1,000 złoty in the bank will wake up one day and have about 220 euros which looks a lot like losing 75% of your money, despite it ...


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Effects of adopting the Euro: Pro: Poland has significant trade links with Eurozone countries. Adopting the Euro removes an obstacle to trade, since traders no longer have to hedge against currency risks (or accept the risks). The same applies to Euro-denominated debts. Pro: In trades with countries outside the Eurozone, the size of the Eurozone economies ...


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Investopedia has an article about why some countries prefer not to use the Euro. Countries with their own national currencies may have several advantages in managing economic problems: "They have their own independent central banks which are able to act as the lender of last resort for the country’s debt." "When inflation rises in an economy,...


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This video, and the analysis from Emmanuel Saez and Gabriel Zucman which it is based on, is the subject of great debate. The best presentation of the arguments against their interpretation of the data, in my opinion, is given in this article by Matthew Yglesias. The whole thing is worth a read, but I'll just pick out one section in particular to reproduce ...


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Does the US account for inter-generational equity/imbalances when producing fiscal policy? Bottom-line. No. A central figure in promoting inter-generational accounting is Laurence J. Kotlikoff. The website, The Intergenerational Financial Obligations Reform Act, is a letter by Kotlikoff urging passage of the INFORM Act, which "requires the ...


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I think some of the confusion here stems from what is meant by the term "racism". Consider the following reasonable and not even mutually-exclusive definitions of racism: Racism is an intention to cause harm or a judgement of inferiority solely on the basis of ethnicity. Racism is an implicit bias for or against particular ethnic groups based on ...


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Some of the strongest evidence we have about currently existing racial bias with economic consequences comes from resume studies and other kinds of carefully controlled field experiments. It has been shown again and again over decades that if you send employers the exact same resumes with either stereotypically white or stereotypically black names on them to ...


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This question seems to stem from some amount of confusion, that discrimination operates on two mutually exclusive axes, one describing race and one describing class. In reality, the two are closely related. A quick example from wiki The Pew Research Center's analysis of 2009 government data says the median wealth of white households is 20 times that of ...


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