We have all heard of the adage, "time is money", but this is often understood in terms of the market economy, where all goods and services are assigned a monetary value. The time economy, on the other hand, is made up of all the goods and services of social value that measures of the market economy do not currently include, such as caregiving for children, the disabled or the elderly, volunteering and other philanthropic activities.
Defining and measuring the time economy would allow us to better value all these socially useful but unpaid activities.
One way to unlock the value in […]
View Original: Time banks can forge social change
Sometimes I lull myself into thinking that I know at least a little bit about a bunch of things. Then something new, at least to me, comes along and totally destroys that notion. But now I think I’ve heard just about everything. During the commencement address at Harvard, the founder and CEO of Facebook, Mark Zuckerberg, said he supports an idea called universal basic income. Wait until you read what he has in mind!
Here’s what Patrick Gillespie of CNN’s online “Money” report has to say about it, “We should explore ideas like universal basic income to make sure that […]
View Original: UBI is not the answer
INTERNATIONAL COMPARISONS OF
reedom from the constraints of aristocratic society lured many of our ancestors tocross the ocean to the New World. European visitors such as Alexis de Tocqueville marveled at the economic dynamism and social mobility of American society in the first half of the nineteenth century.1 More recently, immigrants continue to cross our boundaries in search of the promise of the American Dream. Given this history, many Americans believe that the opportunities for moving up the economic ladder are greater in the United States than they arein other countries. But is this widely held assumption of greater […]
View Original: BY JULIA B. ISAACS, The Brookings Institution
SINGAPORE: Over the past year, the issue of income inequality has boiled over in many parts of the world, leading to some extent to the outpouring of populist sentiments in the United States, United Kingdom and elsewhere in Europe.
This is a subject the Singapore Government has long been working to address. Over the past decade, it has introduced a series of measures that have improved our Gini coefficient, the most commonly used statistic to measure the income distribution among a country’s residents. Just as importantly, Singapore has made strides in other measures of inequality, paving the way for its […]
View Original: Commentary: Active government oversight has reduced Singapore’s income inequality
In this 2015 photo, a crowd in Redwood City looks at the prototype for a fighting robot. Robotics is an example of a booming field that isn’t well-served by California’s education status quo. (AP) The three candidates with multimillion-dollar war chests in the 2018 California governor’s race — all Democrats — are wooing voters by focusing on the less fortunate. Lt. Gov. Gavin Newsom says, “For too many, the economic recovery has become a spectator sport .” Former Los Angeles Mayor Antonio Villaraigosa says Californians should focus more on those who take the bus than drive Teslas . State […]
View Original: Crucial issue for 2018 governor’s race? Middle-class jobs
Presented by Patrick T. Harker, President and Chief Executive Officer
Federal Reserve Bank of Philadelphia
Pennsylvania Economic Association Annual Conference Reading, PAGood afternoon and welcome; it’s a pleasure to be here.Today, I’d like to give an overview of the economic outlook, including my views on monetary policy, then talk a bit about a subject that’s crucial to economic success on a local, regional, and national level but that often gets treated as a separate subject: economic growth and mobility.Before I do that, let me perform the sacred Fed ritual of delivering the standard disclaimer: The views I express […]
View Original: The Intrinsic Value of Inclusive Growth
Editor’s Note : This essay is an edited excerpt from Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It.
In January 2015, Barack Obama suffered an acute political embarrassment. A proposal from the budget he’d sent to Congress was dead on arrival—but it was the president himself who killed it.
The idea was sensible, simple, and progressive. Remove the tax benefits from 529 college saving plans, which disproportionately help affluent families, and use the money to help fund a broader, fairer system of […]
View Original: The Dream Hoarders: How America’s Top 20 Percent Perpetuates Inequality
(Photo: Justin Sullivan/Getty Images) After months of speculation, the Trump administration released last week its full budget proposal for 2018. As expected, the budget calls for increases in spending on defense and border security (including funding for a wall along the southern border of the country). It also manages to balance within 10 years (at least it does, according to some extremely sunny GDP growth projections and highly questionable math ) without making any cuts to Medicare and what the administration describes as the "core" function of Social Security—retirement benefits. It’s a feat that Mick Mulvaney, director of the […]
View Original: Trump’s Budget Represents His Administration’s Plan for Solving America’s Economic Ills
King Solomon, taken from a Russian patchwork. (Photo credit: Rogacheva Elena. This photo has been cropped and modified. CC BY-SA 3.0.) Economic growth is so vibrant in Europe that it is time to begin redistributing all the excess wealth, according to EU officials in Brussels. The European Commission issued its country-specific resolutions on Monday, and it believes the recovery from the Great Recession has been robust enough for EU members to turn their vision toward combating “economic inequality.”
“This year, addressing inequality is firmly at the heart of our assessment,” said Marianne Thyssen, the EC’s Commissioner for Employment, Social Affairs, […]
View Original: The EU’s plan to fight ‘inequality’ is undermined by its own data – and King Solomon
This is the second installment in an editorial series called The Changing Face of Minnesota. This year, the ECM Publishers Editorial Board is examining demographic changes and disparities in Minnesota that center around race, wealth, age, region and employment. Years before “the 1 percent” was coined as an invective against deeply uneven U.S. wealth distribution, a Minnesota congressman was tilting his sword at the problem.
The late Martin Sabo, a Minneapolis Democrat, repeatedly introduced a bill called the Income Equity Act to limit corporate tax deductions on executive salaries. His ambition, always thwarted, was to use the tax code […]
View Original: Editorial: Minnesota above average, but economic inequality persists