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Daily Archives: December 5, 2013

McKinsey – Maximizing the potential of resource-driven economies

Reverse the curse: Maximizing the potential of resource-driven economies, by Richard Dobbs, Jeremy Oppenheim, Adam Kendall, Fraser Thompson, Martin Bratt, and Fransje van der Marel. December 2013

“Rising resource prices and expanded production have raised the number of countries where the resource sector represents a major share of the economy, from 58 in 1995 to 81 in 2011. That number will rise: to meet soaring demand for resources and replace rapidly depleting supply, the world should invest a total of up to $17 trillion in oil and gas and in minerals by 2030, double the historical rate. In 20 years, almost half of the world’s countries could depend on their resource endowments for growth. Economies with natural-resource endowments have a huge opportunity to transform their prospects. But history suggests that they could all too easily squander the windfall. To date, resource-driven countries have tended to underperform those without significant resources: almost 80 percent of the former have a per-capita income below the global average. Since 1995, more than half of these countries have failed to match the average growth rate of all countries. Only one-third have maintained growth beyond the resource boom. Recent McKinsey research lays out a new model that could help countries capture the coming resource windfall. To be included in our roster of resource-driven countries in oil and gas and in minerals, countries had to meet at least one of three criteria: (1) resource exports accounted for 20 percent or more of total exports in 2011; (2) resources on average accounted for more than 20 percent of government revenue from 2006 to 2010; and (3) resource rents were more than 10 percent of GDP in 2010 or the most recent year for which data are available. Also included are countries likely to meet these criteria in the near future.”

Trickle-Down Economics and Broken Promises

How Inequality Is Holding Back Our Economy By Ben Olinsky and Asher Mayerson | December 4, 2013 “For more than 30 years, conservative politicians have tried to sell Americans on the notion that giving tax cuts to the wealthy will spur economic growth and job creation, generating broad-based economic prosperity. Their marketing of this “trickle-down economics” has been successful: After decades ofContinue Reading

Gallup – Nearly Half of Younger Southern Europeans Underemployed

Steve Crabtree and Anita Pugliese: “The scarcity of good jobs has been one of the most troubling aspects of the economic crisis facing southern Europe, particularly for younger people with little job experience. In 2013, nearly half of 15- to 29-year-olds in six southern European countries are underemployed — meaning they are either unemployed orContinue Reading

Assessing the Adequacy of CCPs’ Default Resources

Cumming, Fergus and Noss, Joseph, Assessing the Adequacy of CCPs’ Default Resources (November 15, 2013). Bank of England Financial Stability Paper No. 26. Available at SSRN “Central counterparties (CCPs) maintain financial resources that can absorb losses in the event of their members defaulting. These include initial margin collected from members and default funds designed toContinue Reading

Introducing the FRBNY Survey of Consumer Expectations: Labor Market Expectations

Olivier Armantier, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar: “In the previous two blog postings in this series, we described the goals, structure, and content of the new FRBNY Survey of Consumer Expectations (SCE) and presented some findings regarding inflation expectations. In this third posting, we focus on the labor market component ofContinue Reading

Measuring the Impact of the Great Recession on New Jersey Schools

“Despite the significance of the Great Recession’s impact on the economy, little research exists on how schools were affected.  A new report from the Federal Reserve Bank of New York attempts to fill this information gap by investigating the effect of the downturn and federal stimulus on New Jersey schools. In Precarious Slopes? The Great Recession,Continue Reading

FSIS Releases Comprehensive Strategy to Reduce Salmonella

“The U.S. Department of Agriculture’s (USDA) Food Safety and Inspection Service (FSIS) today released its Salmonella Action Plan that outlines the steps it will take to address the most pressing problem it faces–Salmonella in meat and poultry products. An estimated 1.3 million illnesses can be attributed to Salmonella every year. “Far too many Americans are sickened by Salmonella every year. The aggressive andContinue Reading

OECD Regions at a Glance 2013

“This fifth edition of OECD Regions at a Glance shows how regions and cities contribute to national growth and the well-being of societies.It updates its regular set of region-by-region indicators, examining a wide range of policies and trends and identifying those regions that are outperforming or lagging behind in their country. The report covers allContinue Reading

CRS – Taiwan: Major U.S. Arms Sales Since 1990

Taiwan: Major U.S. Arms Sales Since 1990. Shirley A. Kan, Specialist in Asian Security Affairs, November 27, 2013 This report, updated as warranted, discusses U.S. security assistance to Taiwan, or Republic of China (ROC), including policy issues for Congress and legislation. Congress has oversight of the Taiwan Relations Act (TRA), P.L. 96-8, which has governed arms sales to TaiwanContinue Reading

Guidelines for Business Information Responses

“This fifth revision of the Guidelines for Business Information Responses is designed to assist information services staff in meeting user needs to resolve business information inquiries, as developed by members of the American Library Association. Serving as an enhancement to other Reference and User Services Association publications, including Definitions of Reference, Guidelines for Information Services, and Guidelines for Implementing and MaintainingContinue Reading