American - Economist | February 9, 1943 -
Climate change poses an existential threat to the planet that is no less dire than that posed by North Korea's nuclear ambitions.
Joseph Stiglitz
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In an economy, when the government spends more and invests in the economy, that money circulates, and recirculates again and again. So not only does it create jobs once: the investment creates jobs multiple times.
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There's a long list of investments that governments could and should be making. There is strengthening infrastructure, such as transport and communications; there is investment in education; there is investment in families, particularly putting measures in place that free women from having to make the choice between raising a family and work.
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Donald Trump's astonishing victory in the U.S. presidential election has made one thing abundantly clear: too many Americans - particularly white male Americans - feel left behind.
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Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
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Ensuring preschool education for all and investing more in public schools is essential if the U.S. is to avoid becoming a neo-feudal country where advantages and disadvantages are passed on from one generation to the next.
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If Trump actually wants to help those who have been left behind, he must go beyond the ideological battles of the past.
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Growth is not an objective in itself; we should be concerned with standards of living.
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Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
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America will suffer under Trump.
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Europe can't rely on a Trump-led U.S. for its defence. But, at the same time, it should recognise that the cold war is over - however unwilling to acknowledge it America's industrial-military complex may be.
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If Trump wants to withdraw the U.S. from the Paris climate agreement, the rest of the world should impose a carbon-adjustment tax on U.S. exports that do not comply with global standards.
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