Slowbalisation – a phenomena which involves a slowing down of the pace of global integration. In recent decades globalisation has become so dominant, that we often assume the process is never-ending. Between 1970 and 2008, world exports as a share of GDP rose from 13% to 31%, and it seemed that globalisation was an unstoppable …
This shows that in the past couple of decades, average global tariffs have continued to fall to less than 3% Falling EU tariffs to just under 2% The rise in US tarrifs in 2019, a reflection of the Trump trade war.
Back in 2015, I wrote a post about the shortage of lorry drivers in the UK. Six years on and the crisis has got worse. The Road Haulage Association states that a fully functioning UK economy requires over 600,000 drivers, but we are currently 100,000 short. The shortage of drivers is not unique to the …
Historical US Unemployment since 1900 Sources 1890-1920 data are from Christina Romer (1986). “Spurious Volatility in Historical Unemployment Data”, The Journal of Political Economy, 94(1): 1920-1930 Robert M. Coen (1973). “Labor Force and Unemployment in the 1920’s and 1930” 1930- 1948 Bureau of Labor Statistics, Employment Thanks to User Peace Generally, the US economy was …
An overvalued exchange rate implies that a countries currency is too high for the state of the economy. An overvalued exchange rate means that the countries exports will be relatively expensive and imports cheaper. An overvalued exchange rate tends to depress domestic demand and encourage spending on imports. An overvalued exchange rate can also be …
If you want to follow news and blogs of Economics help.org on Facebook, there is a new page here. Economicshelp.org I lost access to the previous Economicshelp.org page. When I set up page back in 2012, I didn’t want a personal account. (Facebook has many drawbacks). So I just created a business page, but now …
Covid raises many problems for society and offers quite a few examples of market failure. These include: Externalities. A young person catching Covid may face few personal costs, but there is an external cost because they may transmit to more vulnerable people. Information asymmetries. There is a lot of misinformation about Covid and vaccines. This …
This is a list of the gross national debt of 178 countries, showing the variation in debt levels from Venezuela at 304% of GDP to Macau at 0% of GDP. National debt refers to the amount of total government debt a country has. This is also referred to as ‘public sector debt’. It is compiled …