This paper links the major divergences between the three largest euro-area countries in terms of unit labour costs and current accounts, to the broader debate on labour income shares. The authors show that Germany, like the United States and Japan, has experienced a significant decline in the share of national income that goes to labour. At the same time, labour shares in France and Italy have increased since the beginning of monetary union, breaking a trend that had persisted for several decades. The capital intensity of production has increased much more significantly in France and Italy, while in Germany the capital-to-GDP ratio has stagnated and the net public capital stock has fallen. Our data suggests that capital and labour have been complements.
Thursday, May 11, 2017
The global decline in the labour income share: is capital the answer to Germany’s current account surplus? | Bruegel
The global decline in the labour income share: is capital the answer to Germany’s current account surplus? | Bruegel
Wednesday, May 10, 2017
Tuesday, May 9, 2017
Monday, May 8, 2017
Saturday, May 6, 2017
Wednesday, May 3, 2017
Takis Pappas | The Specter Haunting Europe: Distinguishing Liberal Democracy’s Challengers | Journal of Democracy
The Specter Haunting Europe: Distinguishing Liberal Democracy’s Challengers | Journal of Democracy
This article takes issue with the common practice of uncritically lumping together as “populist” the various and distinct challengers to democracy in contemporary Europe. It disaggregates and then classifies such challengers into three analytically distinct categories: antidemocrats, nativists, and populists. In so doing, the article reveals the geographical distribution of these categories across Europe, and highlights the value of treating each category based on its unique set of symptoms. It further shows that the gravest threat to contemporary liberalism comes from populist rather than from antidemocratic or nativist parties.
Tuesday, May 2, 2017
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