Iceland’s economy is tied closely with exports, which means GDP corresponds to how well their export market is doing. This can be a problem if the krona’s value increases against those of foreign currencies. If, for example, Icelandic fish used to cost 10 USD and now because of krona appreciation costs 20 USD, fewer fish will be exported from Iceland to the US.
By JP Carroll Dead Socialist Venezuelan dictator Hugo Chavez was praised throughout his life by many figures in academia, journalism and Hollywood despite his brutal regime. This praise included Salon writer David Sirota’s piece after the leader’s death, titled “Hugo Chavez’s economic miracle.” In British publication The New Statesman, a headline as Chavez was nearing death in…
FDA Prevents Immediate Release of a $50 EpiPen Alternative by Aya Katz Epinephrine is a substance that helps with the treatment of severe allergic reactions. For those who suffer from unpredictable but life threatening allergies, the ability to inject this substance immediately without any delay could be the difference between life and death. Ever since…
By Connor D. Wolf Forward Seattle announced Wednesday that they failed to collect enough signatures to subject the city’s $15 minimum wage to a November vote. The group, which represents local businesses in Seattle, stated in a press release that they “didn’t qualify its referendum, falling 1,237 signatures short of the 16,510 required to compel…
John Maynard Keynes is, together with Milton Friedman, the most influential economist of the 20th century. His most acclaimed work, The General Theory of Employment, Interest and Money, contributed to the paradigm shift that took place in the economics profession in the mid-1930s. He’s also the most quoted economist among non-economists, who more often than not misrepresent…
By Connor D. Wolf In the fevered debate over international trade, the Trans-Pacific Partnership and trade promotion authority have been used almost interchangeably. But in the end, they are not at all the same thing. The Trans-Pacific Partnership (And You): Simply put, the Trans-Pacific Partnership (TPP) is a major international trade deal between 12 countries that began negotiations…
If wages for those at the bottom are high, you may naturally expect low poverty rates. No matter how you define it, higher wages would most logically relieve poverty levels. This is also the argument made by the Economic Policy Institute (EPI). An increase in the minimum wage may very well reduce poverty in the…