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1612. Regarding Richard M. Salsman's Review of Objective Economics
- Publication Date:
- 12-2012
- Content Type:
- Journal Article
- Journal:
- The Objective Standard
- Institution:
- The Objective Standard
- Abstract:
- I was disappointed by Richard Salsman's review of Northrup Buechner's Objective Economics [TOS, Spring 2012]. It was not so much a review as it was a putdown of Dr. Buechner and his knowledge of economics, its history, and accepted laws. (By the way, there is no law of supply and demand as such in economics.) The list of things Dr. Buechner is criticized for doing, or not doing, seemed to go on endlessly.
- Topic:
- Economics
1613. Recent Publications
- Author:
- Claudia Astarita, Dario Sabbioni, Maria Chiara Slucca, and Lorenzo Vai
- Publication Date:
- 12-2012
- Content Type:
- Journal Article
- Journal:
- The International Spectator
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Discussing China's approach to global warming is not an easy task. Beijing's attitude to this sensitive issue has often appeared confusing. Alessandro Gobbicchi's book, which tries to retrace what the People's Republic has been thinking, doing and achieving in this context over the last three decades, is therefore a welcome tool.
- Topic:
- Economics
- Political Geography:
- China
1614. Political Economy and Conflict Dimensions of Afghanistan's Mineral Resources: A Preliminary Exploration
- Author:
- William Byrd
- Publication Date:
- 12-2012
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- Afghanistan has sizable underground mineral resources, which have potential positive economic impacts but also possible downsides—the so-called “resource curse” often involving negative macroeconomic, developmental, fiscal, governance, political and conflict effects. The success of the broader political transition in coming years as well as regional geopolitical factors will have a major influence on prospects for Afghanistan's underground resources. For “mega-resources” such as the Aynak copper and Hajigak iron deposits, the Afghan government has conducted credible tendering to ensure that contracts with foreign companies are on favorable terms for Afghanistan. Good-practice approaches for mega-resources should continue and be further strengthened, but there will probably be further delays in exploitation, and realization of potential will take much time. Exploitation of other largish and medium-sized resources may involve joint ventures with politically-connected Afghan firms and deals with local strongmen, or sometimes criminal networks with linkages to corrupt officials and insurgents. Spreading patronage can reduce short-run conflict risks, but there are risks of corruption, and conflicts could arise over time. For these resources, priorities include transparent contracting and clarity about ownership of companies; setting basic financial parameters for different resources (e.g. royalty rates) to reduce the risk of overly favorable arrangements for extracting entities; and addressing criminal elements and associated corruption. For smaller, concentrated, high-value resources (notably gemstones), informal exploitation using crude techniques is typically combined with illicit export trade, and local strongmen are involved, which can mean periods of stability but also conflicts when bargains are reopened or new actors get involved. The way forward for these resources includes gradually improving and regularizing the framework; setting low royalty rates to encourage formalization of existing activities rather than leasing resources to outsiders; technical assistance to promote more effective extraction; and encouraging processing and value addition within Afghanistan. Finally, further analytical work is required to better understand the political economy and conflict ramifications of mining in Afghanistan.
- Topic:
- Conflict Resolution, Development, Economics, Political Economy, and Natural Resources
- Political Geography:
- Afghanistan
1615. Enabling Agricultural Extension for Peacebuilding
- Author:
- Andrew Robertson
- Publication Date:
- 12-2012
- Content Type:
- Working Paper
- Institution:
- United States Institute of Peace
- Abstract:
- For many of the one and half billion people living in fragile states, violent conflict is the principal impediment to development, disrupting food production and destroying agricultural investments. Extension systems have improved agricultural productivity, profitability, and sustainability by providing technical and commercial information that changes farmer practice and could help farming communities struggling to deal with the consequences of war. Extension systems are, however, under substantial pressure, and most national budgets for extension are in long-term decline. Given such pressures, managers of extension systems will likely insist they are hard pressed to develop the competencies needed to support sustainable growth in agriculture, let alone accept additional responsibilities for peacebuilding. Decentralized, participatory market-driven extension systems have been successful in augmenting farmer capabilities with additional competencies, such as financial and market knowledge. Offering access to expertise (rather than expertise itself), agents in decentralized systems can respond quickly and effectively to varied farmer needs. Agents could use these same approaches to connect farmers to the experts and resources they need to manage conflict in their communities. Information technology can provide the capacity to match agricultural and conflict management expertise to farmer need. It can improve the reach and productivity of extension agents as it reduces the risk of inappropriate use of system resources. Training and technical support are necessary to improve transparency and accountability.
- Topic:
- Agriculture, Development, Economics, Markets, Post Colonialism, and Fragile/Failed State
1616. Monetary Policy and Banking Supervision: Coordination instead of separation
- Author:
- Daniel Gros and Thorsten Beck
- Publication Date:
- 12-2012
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- The June 2012 European Council decided that the legal basis for the 'Single Supervisory Mechanism' should be Article 127(6) of the Treaty, and that the SSM should 'involve' the ECB. This implies only that supervision should be concentrated within the ECB. In the policy discussion it is, however, generally taken for granted that there should be 'Chinese walls' between the supervisory and monetary policy arms of the ECB. The current legislative proposal is explicit on this account.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Governance
- Political Geography:
- China and Europe
1617. Currency Manipulation, the US Economy, and the Global Economic Order
- Author:
- C. Fred Bergsten and Joseph E. Gagnon
- Publication Date:
- 12-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- More than 20 countries have increased their aggregate foreign exchange reserves and other official foreign assets by an annual average of nearly $1 trillion in recent years. This buildup of official assets—mainly through intervention in the foreign exchange markets—keeps the currencies of the interveners substantially undervalued, thus boosting their international competitiveness and trade surpluses. The corresponding trade deficits are spread around the world, but the largest share of the loss centers on the United States, whose trade deficit has increased by $200 billion to $500 billion per year as a result. The United States has lost 1 million to 5 million jobs due to this foreign currency manipulation.
- Topic:
- Economics, Globalization, International Cooperation, International Trade and Finance, and World Trade Organization
- Political Geography:
- United States
1618. Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union
- Author:
- Nicolas Véron
- Publication Date:
- 12-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- On June 29, 2012, the heads of state and government of the 17 euro area countries issued a landmark statement that started with the sentences “We affirm that it is imperative to break the vicious circle between banks and sovereigns. The Commission will present Proposals on the basis of Article 127(6) for a single supervisory mechanism shortly. We ask the Council to consider these Proposals as a matter of urgency by the end of 2012. When an effective single supervisory mechanism is established, involving the ECB [European Central Bank] for banks in the euro area the ESM [European Stability Mechanism] could, following a regular decision, have the possibility to recapitalize banks directly” (Euro Area Summit Statement 2012). This statement was received by the investor community and the European public as marking the initial step towards a European banking union, i.e., a shift of the key instruments of banking policy from the national to the European level to enable the formation and maintenance of an integrated European banking system.
- Topic:
- Economics, Globalization, International Trade and Finance, and Monetary Policy
- Political Geography:
- Europe
1619. Southern Europe Ignores Lessons from Latvia at Its Peril
- Author:
- Anders Åslund
- Publication Date:
- 06-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the current financial crisis plaguing Europe, Latvia stands out for resolving its financial problems quickly and resolutely. After contracting 24 percent in 2008 and 2009, it grew at the rate of 5.5 percent in 2011. The speed and determination. with which the government carried out austerity measures in 2009 and restored confidence after suffering the worst output decline is a crucial lesson for the ailing South European countries—Greece, Italy, Portugal, and Spain. Many policy observers and economists have dismissed Latvia's crisis resolution as irrelevant to the situation in Southern Europe. The Latvian orange, they say, cannot be compared with the South European apples. I argue otherwise.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe, Greece, and Latvia
1620. The Trans-Pacific Partnership and Asia-Pacific Integration: Policy Implications
- Author:
- Peter A. Petri
- Publication Date:
- 06-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Trans-Pacific Partnership (TPP), currently at an advanced stage of negotiation, began as a small agreement but now has big implications. The TPP would strengthen ties between Asia and the Americas, create a new template for the conduct of international trade and investment, and potentially lead to a comprehensive free trade area (FTA) in the Asia-Pacific. It could generate large benefits—greater than those expected from the World Trade Organization's (WTO) global Doha Development Agenda. This Policy Brief reports on our ongoing quantitative assessment (with FanZhai) of the TPP and other Asia-Pacific integration efforts.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- America, Europe, Israel, Asia, and Australia/Pacific