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description= 15 posts published by Lars Syll during August 2014;
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re is evidence to show that gender and ethnicity have an influence in the hiring process although this is considered as discrimination by current legislation the process of depersonalising job applications is to make these applications anonymous in the case of the gothenburg trial certain information about the applicant such as name sex country of origin or other identifiable traits of ethnicity and gender is hidden during the first phase of the job application procedure the recruiting managers therefore do not see the full content of applications when deciding on whom to invite for interview once a candidate has been selected for interview this information can then be seen the trial involving job applications of this nature in the city of gothenburg is so far the most extensive in sweden for this reason the institute for labour market policy evaluation ifau has carried out an evaluation of the impact of anonymous job applications in gothenburg the data used in the ifau study derive from three districts in gothenburg information on the 3 529 job applicants and a total of 109 positions were collected from all three districts a difference in difference model was used to test the findings and to estimate the effects in the outcome variables whether a difference emerges regarding an invitation to interview and job offers in relation to gender and ethnicity in the case of anonymous job applications compared with traditional application procedures for job openings where anonymous job applications were applied the ifau study reveals that gender and the ethnic origin of the applicant do not affect the probability of being invited for interview as would be expected from previous research these factors do have an impact when compared with recruitment processes using traditional application procedures where all the information on the applicant such as name sex country of origin or other identifiable traits of ethnicity and gender is visible during the first phase of the hiring process as a result anonymous applications are estimated to increase the probability of being interviewed regardless of gender and ethnic origin showing an increase of about 8 for both non western migrant workers and women paul andersson ewco mainstream economists gung ho supporters of neoliberal globalization 26 aug 2014 at 22 06 posted in economics comments off on mainstream economists gung ho supporters of neoliberal globalization another obstruction comes from the mainstream economics profession that strongly influences public understanding of and discourse about globalization the economics profession has been a gung ho supporter of neoliberal globalization using the rhetoric of free trade it advocated the policies of the washington consensus that were implemented by the imf and world bank in the 1980s and 1990s and it remains one hundred percent intellectually committed to neoliberal globalization however because globalization inevitably creates global imbalances which are potentially politically challenging it is necessary to sanitize them by arguing they do no harm and do not undermine the benefits of neoliberal globalization the profession promotes hypotheses that sanitize the imbalances while ignoring those that paint the imbalances as the product of a toxic form of globalization moving a globalization reform agenda requires getting the narrative and understanding right that is the practical political economy significance of the arguments presented in this paper thomas palley all that glitters is not gold 26 aug 2014 at 17 44 posted in economics comments off on all that glitters is not gold eighty years ago keynes could congratulate great britain on finally having got rid of the biggest barbarous relic of his time the gold standard he lamented that advocates of the ancient standard do not observe how remote it now is from the spirit and the requirement of the age t he long age of commodity money has at last passed away before the age of representative money gold has ceased to be a coin a hoard a tangible claim to wealth it has become a much more abstract thing just a standard of value and it only keeps this nominal status by being handed round from time to time in quite small quantities amongst a group of central banks ending the use of fiat money guaranteed by promises for currencies once more backed by gold is not the way out of the present economic crisis far from being the sole prophylactic against the alleged problems of fiat money as the gold bugs maintain a return to gold would only make things far worse so yours truly just as keynes did most certainly reject any proposals for restoring the gold standard the gold bugs seem to forget that we actually have tried the gold standard before in the era more or less between 1870 and 1930 and with disastrous results implementing a new gold standard today would only lead to a generally falling price level sounds great if you think so read what keynes wrote already eighty years ago in essays in persuasion of course a fall in prices which is the the same thing as a rise in the value of claims on money means that real wealth is transferred from the debtor in favour of the creditor so that a larger proportion of the real assets is represented by the claims of the depositor and a smaller proportion belongs to the nominal owner of the asset who has borrowed in order to buy allowing this debt deflation process the analysis of which was later developed by irving fisher and hyman minsky would land us in a situation where output and wages would fall and unemployment and the real burden of debt would increase the only winners would probably be banks and financial institutes so why would anyone want to reinstate a gold standard the best surmise is probably that it s a question of ideology and politics libertarians and market fundamentalists that advocate a return to gold want to restrict the possibilities of governments to intervene in the economy and even harder than with independent central banks force countries to pursue restrictive economic policies that at all costs keep inflation down still not convinced of why a return to gold is a bad idea then at least remember what keynes wrote in the economic consequences of mr churchill 1925 we stand midway between two theories of economic society the one theory maintains that wages should be fixed by reference to what is fair and reasonable as between classes the other theory the theory of the economic juggernaut is that wages should be settled by economic pressure otherwise called hard facts and that our vast machine should crash along with regard only to its equilibrium as a whole and without attention to the chance consequences of the journey to individual groups the gold standard with its dependence on pure chance its faith in the automatic adjustments and its general regardlessness of social detail is an essential emblem and idol of those who sit in the top tier of the machine i think that they are immensely rash in their comfortable belief that nothing really serious ever happens nine times out of ten nothing really does happen merely a little distress to individuals or to groups but we run a risk of the tenth time and stupid into the bargain if we continue to apply the principles of an economics which was worked out on the hypothesis of laissez faire and free competition to a society which is rapidly abandoning these hypotheses so next time you want to come up with some new idea on how to solve our economic problems with a magic gold bullet remember new economic thinking starts with reading old books why not start with the best there are those written by john maynard keynes all cried out 26 aug 2014 at 08 15 posted in varia comments off on all cried out that voice still moves me everytime i hear it great expectations 25 aug 2014 at 17 32 posted in varia comments off on great expectations piketty ett rött skynke på dn s ledarsida 25 aug 2014 at 12 42 posted in economics 1 comment för några veckor sedan kunde vi läsa en söndagskrönika i sydsvenskan författad av förre ledarskribenten per t ohlsson om thomas piketty s capital in the twenty first century följande lilla stycke var belysande en svaghet med capital in the twenty first century är emellertid att pikettys alarmistiska slutsatser inte bygger på historiska data utan på teoretiska modeller lagar som han själv har konstruerat utifrån högst diskutabla antaganden om sparande och tillväxt dessutom bortser piketty från faktorer som bromsar den utbredning av ojämlikhet som han finner ödesbestämd till exempel utbildning och ny teknik flera tunga ekonomer har påpekat detta bland dem svensken per krusell tillsammans med kollegan tony smith från yale och idag kan vi på dn s ledarsida läsa att de slutsatser om ekonomins framtid som thomas piketty lägger fram i sin bok capital in the twenty first century vid en närmare granskning inte stämmer med verkligheten vad baserar sig denna slutsats på jo samma källa som per t ohlsson per krusell som läsare av denna blog kunnat konstatera under sommarens livliga forskardebatt kring pikettys bok se t ex här här och här är krusells illa underbyggda och i vissa avseenden direkt felaktiga modellantaganden långt ifrån med verkligheten överensstämmande krusell har som den amerikanske nationalekonomen brad delong övertygande visat en minst sagt dålig verklighetsförankring vad avser de numeriska värden han laborerar med i sina modellbaserade försök att vederlägga piketty as time passes it seems to me that a larger and larger fraction of piketty s critics are making arguments that really make no sense at all that i really do not understand how people can believe them or why anybody would think that anybody else would believe them today we have per krusell and tony smith assuming that the economy wide capital depreciation rate δ is not 0 03 or 0 05 but 0 1 and it does make a huge difference per krusell and tony smith piketty s second law of capitalism vs standard macro theory piketty s forecast does not rest primarily on an extrapolation of recent trends which is what one might have expected given that so much of the book is devoted to digging up and displaying reliable time series piketty s forecast rests primarily on economic theory we take issue two fundamental laws as piketty dubs them asserts that k y will in the long run equal s net g piketty argues s net g will rise rapidly in the future neither the textbook solow model nor a microfounded model of growth predicts anything like the drama implied by piketty s theory theory suggests that the wealth income ratio would increase only modestly as growth falls and if we go looking for why they believe that theory suggests that the wealth income ratio would increase only modestly as growth falls we find per krusell and tony smith is piketty s second law of capitalism fundamental in the textbook model the capital to income ratio is not s net g but rather s gross g δ where δ is the rate at which capital depreciates with the textbook formula growth approaching zero would increase the capital output ratio but only very marginally when growth falls all the way to zero the denominator would not go to zero but instead would go from say 0 12 with g around 0 02 and δ 0 1 as reasonable estimates to 0 1 but with an economy wide capital output ratio of 4 6 and a depreciation rate of 0 1 total depreciation the gap between ndp and gdp is not its actual 15 of gdp but rather 40 60 of gdp if the actual depreciation rate were what krussall and smith say it is fully half of our economy would be focused on replacing worn out capital it isn t that makes no sense at all for the entire economy one picks a depreciation rate of 0 02 or 0 03 or 0 05 rather than 0 10 i cannot understand how anybody who has ever looked at the nipa or thought about what our capital stock is made of would ever get the idea that the economy wide depreciation rate δ 0 1 and if you did think that for an instant you would then recognize that you have just committed yourself to the belief that ndp is only half of gdp and nobody thinks that except krusell and smith why do they think that where did their δ 0 1 estimate come from why didn t they immediately recognize that that deprecation estimate was in error and correct it why would anyone imagine that any growth model should ever be calibrated to such an extraordinarily high depreciation rate i really do not understand what is going on here at all brad delong när det kommer till kritan visar det sig att de tunga invändningarna mot piketty i själva verket väger mycket lätt thomas piketty har väckt viktiga frågor om hur vår ekonomi bäst tjänar mänskligheten och han ger till skillnad från dn s ledare som mot bättre vetande väljer att luta sig mot synpunkter framförda av en ekonom som sedan länge bemötts i forskarvärlden och visats vara dåligt underbyggda meningsfulla svar på dessa frågor och även om man inte är är övertygad om riktigheten av pikettys svar tål det att komma ihåg vad jesper roine skriver apropå sin nyligen på svenska utkomna sammanfattning av pikettys bok förhoppningen med att skriva denna sammanfattning har varit att den som inte hunnit läsa hela det engelska eller franska originalet snabbt ska kunna orientera sig kring resonemangen men framförallt att den ska locka fler att läsa pikettys bok och fundera på dessa frågor som larry summers mycket träffande uttryckte sig i en kommentar till pikettys bok böcker som ger det slutgiltiga svaret på en fråga är viktiga böcker som ställer nya frågor är viktigare för ekonomer krusell och andra kritiker av piketty verkar tro att frågan handlar om teori och att piketty på något sätt skulle ha felspecificerat standardtillväxtmodellen piketty talar i själva verket inte speciellt mycket om solows standardtillväxtmodell i boken men låt oss bara för skojs skull se vad en sådan neoklassisk tillväxtmodell säger anta att vi har en produktionsfunktion med homogenitetsgrad ett och obegränsad substituerbarhet exempelvis en standard cobb douglas produktionsfunktion med a som en given produktivitetsparameter och k som kvoten mellan kapital och arbete k l y akα med konstant investering λ av y och en konstant deprecieringskvot δ av kapital per arbete k där ackumulationskvoten för k δk λy δk är lika med δk λakα δk i steady state har vi λak α δk vilket ger λ δ k y och k λa δ 1 1 α sätter vi in detta värdet av k i produktions funktionen får vi en steady state output per arbete y ak α a1 1 α λ δ α 1 α under antagande av att vi har en exogen harrod neutral teknologiutveckling som ökar y med tillväxttakten g under antagande av nolltillväxt i arbete och y och k a fortiori omdefinierat som respektive y a och k a vilket ger produktionsfunktionen y kα får vi dk dt λy g δ k vilket i cobb douglas fallet dk dt λkα g δ k med steady state värdet k λ g δ 1 1 α och kapital outputkvoten k y k k α λ g δ om vi använder oss av den av piketty föredragna modellen där kapital och output ges i nettotermer efter deprecierin...
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