Ending life-sapping excessive hours was a pioneering demand for the labour movement. For the sake of our health and the economy we need to revisit it
Republicans in Congress say cutting corporate taxes would improve the balance sheet for U.S. businesses, giving them more money to spend on jobs and investment. But how does anyone know that's what will happen?
Unless you’re one of a fortunate handful of people, it may surprise you to learn that the world’s economy has not only recovered from the global financial meltdown of 2008, but has grown 27% since then, to $280 trillion, according to a new report from Credit Suisse Research Institute.
This has been a good year for the global economy, and 2018 will follow that trend, analysts at Goldman Sachs said. Economic growth around the world has picked up steam this year. Germany — Europe's largest economy — grew an unexpectedly strong 0.8 percent in the third quarter.
DURHAM, N.C. — The gathering in a private dining room at a Mexican restaurant had the fervent energy of a megachurch service, or maybe an above-average “Oprah” episode — a mix of revival-style confession and extravagant empathy. There were souls to be won.
Zego, the London-based startup that appears to have spotted a gaping insurance hole in the so-called gig economy, has raised £6 million in Series A funding.
Veteran journalist and Recode founder Kara Swisher once quipped that San Francisco was becoming an assisted-living community for millennials. She wasn’t exaggerating. The on-demand economy could easily be rebranded as the “mother-on-demand” economy.
Granted, philosophy may not sound like the most exciting subject to learn about in this day and age--how could the thoughts and opinions of ancient Greek philosophers of 300 BC, and dazzling minds such as Cicero, Seneca, and Marcus Aurelius, possibly engage us in 2017?
Technology is commanding our attention in infinite, insurmountable loops. A country trip off-grid helped me escape.There are a thousand beautiful ways to start the day that don’t begin with looking at your phone. And yet so few of us choose to do so.
Donald Trump’s election win, many speculated, must be due to geographic inequality and the increasing concentration of economic activity in a handful of big coastal cities. It was tough to escape the woeful tales of small-town and Rust Belt voters in the final months of 2016.
Over the course of the 20th century, the mature economies of the world evolved from being industrial economies to knowledge economies. Now we are at another watershed moment, transitioning to human economies—and the shift has profound implications for management.
In 2011, Ohio voters repealed Senate Bill 5, an attack on collective-bargaining rights.
POPULISM’S wave has yet to crest. That is the sobering lesson of recent elections in Germany and Austria, where the success of anti-immigrant, anti-globalisation parties showed that a message of hostility to elites and outsiders resonates as strongly as ever among those fed up with the status quo.
Richard H. Thaler, who won the 2017 Nobel Memorial Prize in Economic Science, is no stranger to our pages. Here are some of his notable columns. They exemplify his career-long efforts at humanizing economics, showing how the behavior of real people affects economic activity.
On Friday, Treasury Secretary Steve Mnuchin said he’s “not worried at all” about artificial intelligence replacing human workers because it's “50-100 more years” off. In reality, data shows this is already happening — with an estimated 38 percent of existing U.S.
This week, The Ringer explores how the “on demand” model has changed the way we consume TV, film, food, products, and, well, almost everything. Consumers have both adjusted to the streaming era and dictated how businesses operate in its wake.
At 9 p.m. Eastern time on July 10, Amazon initiated its annual show of force: Prime Day, a 30-hour exercise in the fullest possible expression of what Amazon can do. The sale, timed to the company’s ‘‘birthday,’’ is marketed with an urgency bordering on panic.
There is an economic mystery I’ve been struggling to understand for quite some time, and I’m not the only one who’s confused: Among financial experts, it is often referred to as a conundrum, a paradox, a puzzle. The mystery is as follows: Collectively, American businesses currently have $1.
The populist revolt of our day reflects the deep rift that has opened between the worldview of the global intellectual and professional elites, and that of ordinary citizens. These two groups now live in parallel social worlds and orient themselves using different cognitive maps.
If the goal of the economy is to provide decent-paying work for everyone, that economy clearly isn’t doing a good job at the moment. Real wages for most Americans haven’t increased in 40 years. Real unemployment–which includes the “under-employed”–is above 10%.
More than 151 million Americans count themselves employed, a number that has risen sharply in the last few years. The question is this: What are they doing all day? Because whatever it is, it barely seems to be registering in economic output. The number of hours Americans worked rose 1.
Why are we so rich? An American earns, on average, $130 a day, which puts the U.S. in the highest rank of the league table. China sits at $20 a day (in real, purchasing-power adjusted income) and India at $10, even after their emergence in recent decades from a crippling socialism of $1 a day.
TWO big trends in the world appear to contradict each other. On the one hand, computer networks are said to be disrupting centralized power of all kinds and giving it to the individual. Customers can bring corporations to their knees by tweeting complaints.
The praise this week for Andy Grove, who died on Monday at age 79, has been wrapped up in praise for Silicon Valley, where he was a towering figure in the semiconductor revolution and the longtime leader of Intel, the world’s biggest supplier of microprocessors. Lost in the lore is Mr.
Economics professor Arun Kumar is one of the most widely quoted authors on black money. He has authored The Black Economy in India (Penguin, 1999) and Indian Economy since Independence: Persisting Colonial Disruption (Vision Books, 2013).
Radicals have a habit of speaking in the conditional. Underlying all their talk about the changes they’d like to see in the world is the uneasy knowledge that our social system places rigid limits on how much change can be accomplished now. “After the revolution . . .
This is In Real Terms, a weekly column analyzing the latest economic news. Comments? Criticisms? Ideas for future columns? Email me, or drop a note in the comments.
How China’s business environment will evolve on its way toward advanced-economy status. For ten years or more, China has been a uniquely powerful engine of the global economy, regularly posting high single-figure or even double-digit annual increases in GDP.
We are creating an intelligence that is external to humans and housed in the virtual economy. This is bringing us into a new economic era—a distributive one—where different rules apply. A year ago in Oslo Airport I checked in to an SAS flight.
For decades, the global economy has been defined by dissonance. There has been the Japanese recession. The financial crises in the United States and Europe. And drama in emerging markets throughout.
The global economy is slowing down. A couple of the big emerging-market economies that drove much of the growth during the past 15 years have hit a wall, and the question of the moment is whether the biggest of them, China, is in real trouble too. Commodity prices are tanking.
There’s nothing new about fears of technological unemployment. The idea goes back to the Luddites in 18th-century England and John Maynard Keynes in the 1930s. Union bosses have long railed against factory automation, and governments have even resisted technology to maintain higher job levels.
AMERICA’S airlines used to be famous for two things: terrible service and worse finances. Today flyers still endure hidden fees, late flights, bruised knees, clapped-out fittings and sub-par food. The profit bit of the picture, though, has changed a lot.
Abolishing debt-based currency isn’t a new idea, but it could hold the secret to ending our economies’ environmentally damaging addiction to growth When it comes to global warming, we know that the real problem is not just fossil fuels – it is the logic of endless growth that is built
This year, the term "sharing economy" was introduced into the Oxford English Dictionary, proof—not that we need it—that the sharing economy as an idea is here to stay.
Well I’m in the working world again. I’ve found myself a well-paying gig in the engineering industry, and life finally feels like it’s returning to normal after my nine months of traveling.
In the wake of the 2008 financial crisis, conventional wisdom among economists, business leaders, and policy makers was fairly straightforward: Once the banks were bailed out, the stimulus spent, and businesses had a few years to recover, the U.S. economy would return to its usual healthy growth.
Political adviser and author Jeremy Rifkin believes that the creation of a super internet heralds new economic system that could solve society’s sustainability challenges At the very moment of its ultimate triumph, capitalism will experience the most exquisite of deaths.
Even as Bitcoin, riven by internal divisions, has struggled, a rival virtual currency — known as Ethereum — has soared in value, climbing 1,000 percent over the last three months.
Marriage counselors tell us that couples frequently tie the knot without discussing the core matters that can cement or sunder their marriage: finances, children, religion. Well, let me add one under-discussed biggie to the list: restaurant dining.
Robert Gordon has written a magnificent book on the economic history of the United States over the last one and a half centuries. His study focuses on what he calls the “special century” from 1870 to 1970—in which living standards increased more rapidly than at any time before or after.
EVEN before the disaster, Scranton had been having a poor century. In 1902 the Lackawanna Steel Company left north-east Pennsylvania in search of better access to transport and a less assertive labour force.
Who doesn’t want to be more efficient? Pay someone else to do your grocery shopping — and clean your house, walk your dog, take that package to the post office. Blend your food so you don’t have to spend time chewing it.
The world’s largest technology investor is preparing to ramp up his bet on the Trump economy.
LONDON – Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do.
Much of the beauty of capitalism is in its ability to be crafted to suit different cultures, times, and contexts.
It is barely 20 years since Sergey Brin and Larry Page registered the domain name google.com, and only 10 years since Steve Jobs walked onto a stage in San Francisco and introduced the iPhone. Yet in this short period, digital technologies have upended our world.
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This is In Real Terms, a column analyzing the week in economic news. Comments? Criticisms? Ideas for future columns? Email me or drop a note in the comments. A plea to presidential candidates: Stop talking about bringing manufacturing jobs back from China.
What’s made you feel optimistic lately? A bunch of things. It’s honestly hard to not be an optimist in this job, because we get 2,000 founders a year who come in here, sit in that chair right there, and they just tell us everything.
It seems like the United States economy is enjoying more innovation than ever before. At the same time, statistics show the economy suffering from its slowest growth in decades.
How many other things are you doing right now while you’re reading this piece? Are you also checking your email, glancing at your Twitter feed, and updating your Facebook page? What five years ago David Foster Wallace labelled ‘Total Noise’ — ‘the seething static of every particular t
Last week, I logged onto Facebook to see a story about a man who got drunk, cut off his friend’s penis, and then fed it to a dog. This was followed by a story of a 100-year-old woman who had never seen the ocean before. Then eight ways I can totally know I’m a 90’s kid.
The Chinese stock market is plummeting so fast that authorities there keep shutting it down. North Korea set off a bomb in a nuclear test. Two of the Middle East’s great powers, Saudi Arabia and Iran, are eyeing each other menacingly.
According to a report from the Energy Information Administration (EIA), the world is getting better, on average, at using energy to power its economic activity.
A FINANCIAL crash in Russia; falling oil prices and a strong dollar; a new gold rush in Silicon Valley and a resurgent American economy; weakness in Germany and Japan; tumbling currencies in emerging markets from Brazil to Indonesia; an embattled Democrat in the White House.
Rich people are happier than poorer people on average, and richer countries are happier than poorer countries. And yet growing national wealth is not always accompanied by growing national happiness.
“The man whose whole life is spent in performing a few simple operations, of which the effects, too, are perhaps always the same . . . generally becomes as stupid and ignorant as it is possible for a human creature to become.
Not long ago, I moved apartments, and beneath the weight of work and lethargy a number of small, nagging tasks remained undone. Some art work had to be hung from wall moldings, using wire. In the bedroom, a round mirror needed mounting beside the door.
Crowdsourcing This Article: Over the past year, more than 150 students and alumni of our HBS course “Building and Sustaining a Successful Enterprise” have worked together on the questions this article addresses, both in person and over an online collaboration platform.
At the end of last month, the International Monetary Fund downgraded its forecast for economic growth in the United States. Where the I.M.F. previously predicted the economy would grow at a rate of 2.3 percent in 2017 and 2.5 percent in 2018, it now expects 2.1 percent growth in both years.
The future of work is a key topic at this year's World Economic Forum Annual Meeting. For more information, watch the Promise or Peril: Decoding the Future of Work session here. Could a robot do your job? Millions of people who didn’t see automation coming will soon find out the painful way.
According to a recent study by Oxfam International, in 2010 the top 388 richest people owned as much wealth as the poorest half of the world’s population– a whopping 3.6 billion people. By 2014, this number was down to 85 people.
An ambitious effort by a Republican governor to drastically cut his state's taxes is crumbling—and that's a bad omen for Donald Trump and Republicans in Congress who are hoping to slash tax rates at the national level.
In his book Saving Capitalism: For the Many, Not the Few, former U.S. Secretary of Labor Robert Reich provides an outstanding guide to many of the factors that prevent the possibility of a truly free market. He writes:
The Basic Income Guarantee (BIG) is back in the news. The Finns are considering implementing it, as are the Swiss, replacing all means tested benefits with a simple grant to every citizen, giving everyone enough money to survive.
Talk to anyone in Silicon Valley these days, and it’s hard to go more than two minutes without hearing about “disruption.” Uber is disrupting the taxi business. Airbnb is disrupting the hotel business. Apple’s iTunes disrupted the music industry, but now risks being disrupted by Spotify.
Every time I have visited London over the past several years, I invariably hear the same story from my taxi driver. As we drive past Hyde Park on the way to or from the airport, he will say, “You see that building?” nodding towards a modern glass tower next to the Mandarin Oriental hotel.
Surprise, surprise. Workers in Britain, many of whom have seen a decline in their standard of living while the very rich in their country have become much richer, have turned their backs on the European Union and a globalized economy that is failing them and their children.
Mathematician/economist Eric R Weinstein is managing director of Thiel Capital, but that doesn't mean that he thinks capitalism has a future.
The Chart of the Week is a weekly Visual Capitalist feature on Fridays. Long before the invention of modern day maps or gunpowder, the planet’s major powers were already duking it out for economic and geopolitical supremacy.
WHICH is the world’s most innovative country? Answering this question is the aim of the annual Global Innovation Index and a related report, which were published this morning by Cornell University, INSEAD, a business school, and the World Intellectual Property Organisation.
Europe has seen nothing like this for 70 years – the visible expression of a world where order is collapsing. The millions of refugees fleeing from ceaseless Middle Eastern war and barbarism are voting with their feet, despairing of their futures.
That capitalism unobstructed by public regulations, cartels, monopolies, oligopolies, effective trade unions, cultural inhibitions or kinship obligations is the ultimate engine of economic growth is an old-hat truth now disputed only by a few cryogenically-preserved Gosplan enthusiasts and a fair n
The Kaiser Wilhelm Canal in Kiel is crumbling. Last year, the authorities had to close the 60-mile shortcut from the Baltic to the North Sea for two weeks, something that had never happened through two world wars. The locks had failed.
The idea that the economic “pie” can grow indefinitely is alluring. It means everybody can have a share without limiting anybody’s greed. Rampant inequality thus becomes socially acceptable because we hope the growth of the economy will eventually make everybody better off.