From time to time, I share perspectives, whether mine or those of other people, that I think may be of interest to close observers of the topics covered by this site.
The views expressed and recommendations of readings on this site are mine alone and do not represent the perspectives of any of the institutions with which I have been associated, past or present.
Progressing Beyond GDP: Towards a Multidimensional Livings Standards Index and Integrated Headline Measure of Gross National Sustainable Development
How best to supplant or “dethrone” GDP alone as the paramount measure of national economic performance and international development standing? A new paper by a group of UN-affiliated economists, of which I am lead author, makes a concrete suggestion regarding this ultimate, high-ambition purpose of “Beyond GDP” reform. It comes as intergovernmental negotiations are due to begin later in the year on this complex topic following the issuance of a report by a High-Level Expert Group.
The macroeconomic payoff from investment in universal economic and social human rights
Evidence is accumulating that the GDP and even tax revenue multipliers of increased public investment in the material sufficiency, agency and dignity of people underpinned by human rights are often strongly positive over 5 to 10 years. The budgeting and borrowing practices of governments and international financial institutions need to catch up and treat investment in social infrastructure, such as social protection systems, more like that in physical infrastructure, i.e., scored dynamically and partially amortized over a medium to long term budgetary window.
Climate action must also be a jobs and development strategy for it to fly politically
This inconvenient truth is belatedly sinking in around the world after years of the economic and social dimensions of climate change being underemphasized by governments and the UNFCCC process. Signs of this include a major international report published recently of which I was co-lead author, “Jobs and Skills for the New Economy: An Action Agenda for a People-Centered Climate Transition.”
Rebalancing the world economy: Right idea, wrong approach
There is a more effective and less risky way. Europe’s leadership could be crucial. Can cooler heads prevail?
Next, an international tax war?
A second major front is about to open in the global economic conflict the Trump Administration is provoking, this time regarding taxation.
Might there be a method to the Trump trade policy madness?
A charitable interpretation of the Administration’s shocking trade announcements has been making the rounds speculating that they are mere tactics in a larger strategy of global macroeconomic rebalancing and international trade and monetary system reform.
Trump’s Meat Ax Trade Initiative Addresses a Serious Issue but . . .
Taken at face value, the announced approach is unconstitutional and administratively unworkable — in addition to running the risk of huge collateral damage at home and abroad. Congress needs to be brought into the equation for both procedural and substantive reasons.
Financial Times recognizes my book as one of the best of 2024 on Economics
Martin Wolf, the dean of international economics commentators, kindly bestowed this distinction upon my book, Human-Centred Economics: The Living Standards of Nations, which proposes a fundamental reformulation of prevailing macroeconomic theory and policy.
US economy underperforming peers on middle class living standards
Compared to other high-income countries, the US lags on many dimensions of household living standards.
International financial architecture reform worthy of the hackneyed ‘Bretton Woods’ analogy
Remarks proposing deep reforms necessary to adapt the IMF and multilateral development banks to 21st century circumstances and imperatives. Delivered at Tsinghua University Peoples Bank of China School of Finance conference marking the 80th anniversary of the famous 1944 conference in New Hampshire.