• Tuesday, July 29, 2014

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Economics

The economics of being happy

THE discipline of 'happynomics,' otherwise known as 'the economics of subjective well-being,' is a field where respected economists are joining in. Whether this discipline will be able to help every person to remain happy is unclear; however, economists have managed to get some insights into what can help us being content. Tim Harford, widely known as 'The Undercover Economist,' recently provided four tips as to how to be happy. Number one: never be distracted by the obvious. For example, when buying...

ECHOES BY

Economics is Dead. Long Live Economics!

Economics is Dead. Long Live Economics!

In June 2000, economics students of Panthéon-Sorbonn in Paris revolted. Their 'Post Autistic' petition: economics texts focus on mainstream economics (the neoclassical school) only. Other schools are sidelined. History of ideas in economics had become extinct. In June 2001, PhD students of economics at Cambridge added one new dimension: leading professional journals have...

ECONOMICS + POLITICS

Why are rich countries democratic?

WHEN Adam Smith was 22, he famously proclaimed that, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.” Today, almost 260 years later, we know that nothing could be further from the truth. The disappearance of Malaysia Airlines Flight 370 shows how wrong Smith was, for it highlights the...

Letter From Europe

How the Fed has come to influence the world economy

ACCORDING to some economic historians, the Fed was modelled on the English system. The Bank of England was founded in 1694 to deal with “currency, government finance, and banking for the leading financial undertakings of the country, including the other banks.” The Bank Charter Act of 1844 gave powers to the Bank of England to manage and control note issues. All new banks were forbidden to issue notes. This was a very important measure because its objective was to...

Discretionary tax policy hindering collection

THE Tax-GDP ratio is very low with about 10% in Bangladesh, but keeps improving at a slow pace. Both tax and non-tax revenues as a percent of GDP have been increasing over the years. But the status is the worst among the SAARC countries. Both the Tax-GDP ratios and revenue-GDP ratios are the lowest in Bangladesh among the seven SAARC countries too.  The average SAARC Tax-GDP ratio is about 15%. The Corporate Taxpayers are the highest income tax payers....

Investment and the lesser-known ratio

WITH the political strife out of the way, the investment climate can finally provide the much needed sustenance for businesses to bloom. As the country has surpassed half of the fiscal year, speculations regarding the economic growth rate are rife in an array of institutions; most of the forecasts puts the growth rate to hover somewhere close to 6%, which of course is much lower than the target of 7.2%. An argument had been made in the past, and has...

Business & Finance

Stagnation by design

SOON after the global financial crisis erupted in 2008, I warned that unless the right policies were adopted, Japanese-style malaise -- slow growth and near-stagnant incomes for years to come -- could set in. While leaders on both sides of the Atlantic claimed that they had learned the lessons of Japan, they promptly proceeded to repeat some of the same mistakes. Now, even a key former United States official, the economist Larry Summers, is warning of secular stagnation. The basic...

The New Global Economy

When easy money ends

When easy money ends

THE departure of US Federal Reserve Board Chairman Ben Bernanke has fueled speculation about when and how the Fed and other central banks will wind down their mammoth purchases of long-term assets, also known as quantitative easing (QE). Observers seize upon every new piece of economic data to forecast QE's continuation or an...

Bank reform for competition and economic growth

Bank reform for competition and economic growth

BANGLADESH has seen unprecedented growth of banks in private and public sectors to serve certain interested and purposeful politicians and bureaucratic persons. Based on capital surplus of 38 private banks reported in The Daily Star on November 24, 2013, these Banks can be categorized into following categories: Bangladesh Bank may conduct a proper investigation into the profitability, liquidity, capital surplus and other tests about the survival of the above banks in the competitive world of free market economy. The same test may be applied to all government banks. According to our above categorization eight banks in the First Category are commercially fit to run and operate banking business. Bangladesh bank may ask...

CROSS TALK

The people are merely a business proposition

THE British development charity Oxfam converted conspicuous facts into chilling figures at the World Economic Forum in Davos. The richest 85 people across the globe share a combined wealth of $ 1.65 trillion, which is equivalent to the collective asset of the poorest 3.5 billion of the world's population. If we calculate the wealth of the 1% richest people in the world, it amounts to $ 110 trillion, which is 65 times the earthly possessions of the poorest half...

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