In the Financial Times, Martin Wolf noted a few days ago that imbalances in international trade are back on the political agenda. Although Wolf reaches entirely reasonable conclusions regarding mercantilism, he nevertheless states that it is nonsense to claim that the US trade deficits can be eliminated solely through trade or exchange rate policy. He believes that this would “also require macroeconomic adjustments, in particular a reduction in the US public budget deficit, which the IMF forecasts at 7.5 per cent of GDP for 2026”.
Austerity
Bill Mitchell – Latest IMF data helps us see how political choices impact on health and economic outcomes
Corona: Elimination is better for health outcomes. It is better for economic outcomes. It is costly but less so than the alternative that most nations have deployed. Read here
Economics
Eurostat – Euro area annual inflation down to 1.9%
The Germans were right! We are on the threshold of hyperinflation. Just look at these official figures! Read here
Economics
Reuters: Uber drivers are employees, not contractors, says Dutch court
Union says ruling will give workers more pay, rights Uber says to appeal against Dutch court decision Latest setback for companies in gig economy Read here
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