Women account for half of the global labor supply and about 70 percent of global consumption demand. Greater gender equality in educational and employment opportunities fosters faster, more inclusive growth, not only because women are half of the world’s population but also because they are more likely than men to invest in the human capital of their families.
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Mr. Summers, who spoke on a panel about quantitative easing at the annual meeting of the World Economic Forum on Thursday morning, said that many of the elements that made stimulus measures in the United States a success, including the fact that they were not widely expected and that interest rates were higher, do not exist in Europe today.
NDTV's Prashant Nair spoke to one of the biggest names in international finance, David M. Rubenstein, the co-founder and Co-CEO of the Carlyle Group, which is one of the world's largest private equity firms. He said that though deflation is a risk for Europe, growth represents the biggest threat to the global economy.
Levine has now watched dozens of episodes of the show in the service of academic research. And, along with University of Maryland economist Melissa Kearney, he has advanced what is arguably the least conventional explanation of the teen birth rate decline: that the show and its sequel, Teen Mom, account for a full third of the recent drop.
But "middle class" has no formal economic definition, meaning many people define it themselves. “And that often means working, not relying on government," says Melissa Kearney, director of the Hamilton Project at the Brookings Institution. "But it’s really a nebulous concept.” Politicians love to talk about middle-class Americans, Kearney says, but it’s hard to tailor government programs to them, precisely because there’s no middle-class definition. As a result, Obama’s plan bleeds over to not-so-middle class Americans, she says.
Former Clinton Treasury Secretary Larry Summers told CNBC on Wednesday that breaking up the euro zone would be a "serious mistake" but the single currency has not lived up to the hype.
"I applaud President Obama for championing advanced energy and underscoring the need to take action on climate change during his State of the Union address. Climate change is the greatest challenge of our generation, and the cost of inaction couldn’t be higher for our economy, our environment and our kids’ future..."
In recent decades, economic growth has powerfully benefited Wall Street while leaving much of Main Street behind. The plan that President Obama unveiled today would take large, important steps to help redress part of the imbalance and make prosperity more broadly shared. The president's new tax proposals will surely elicit howls of protest from various special interests and on ideological grounds; adversaries will make predictable claims that the proposals would harm the economy and jobs.
The Hamilton Project, an arm of the Brookings Institution, crunched the numbers last year on what a college degree is worth. Not surprisingly, a degree in chemical engineering is more of a moneymaker than a drama degree. Also not surprisingly, any degree is better than no degree. The Hamilton Project’s conclusion: “Median earnings of bachelor’s degree graduates are higher than median earnings of high school graduates for all 80 majors studied.”
If power plants had to internalize all these social costs, then sources like wind, solar, or even nuclear power would be far more competitive — as this 2012 paper by economists Michael Greenstone and Adam Looney explained. (One way to do that might be through a carbon tax on fossil fuels.)
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A periodic newsletter of events, policy briefs, and working papers from The Hamilton Project.