Daily Archives: September 29, 2016

State of innovation: Busting the private-sector myth | New Scientist

MAGES of tech entrepreneurs such as Mark Zuckerberg and Steve Jobs are continually thrown at us by politicians, economists and the media. The message is that innovation is best left in the hands of these individuals and the wider private sector, and that the state – bureaucratic and sluggish – should keep out. A telling 2012 article in The Economist claimed that, to be innovative, governments must “stick to the basics” such as spending on infrastructure, education and skills, leaving the rest to the revolutionary garage tinkerers.

Yet it is ideology, not evidence, that fuels this image. A quick look at the pioneering technologies of the past century points to the state, not the private sector, as the most decisive player in the game.

Whether an innovation will be a success is uncertain and it can take longer than traditional banks or venture capitalists are willing to wait. In countries such as the US, China, Singapore and Denmark the state has provided the kind of patient and long-term finance new technologies need to get off the ground. Investments of this kind have often been driven by big missions, from putting a human on the moon, to solving climate change. This has required not only funding basic research – the typical “public good” that most economists admit needs state help – but applied research and seed funding too.

via State of innovation: Busting the private-sector myth | New Scientist

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March | 2012 | Michael Roberts Blog

But is this right? For a start, export growth for Spain, Germany and Greece since the start of the euro in 1999 up to the beginning of the global crisis has been more or less the same, with Spain doing even better than Germany. And yet Greek unit labour costs rose over 70% in this period, Spain’s were up 13%, while Germany’s fell. How is that possible? The answer is revealed if you go back further in time than 1999 and measure unit labour costs from say the early 1980s, it shows that for the 25 years up to 2005-6, the level of unit labour costs in southern Europe was lower than in Germany. The graphic shows unit labour costs relative to Germany from 1980.

via March | 2012 | Michael Roberts Blog

10 things you need to know about the Greek economy

Real estate related activities account for one-fifth of economy. The relative importance of the real estate sector in Greece is almost twice the average for other EU countries. Renting and operating of real estate is the largest subsector within the real estate activities. This sector showed the strongest resilience during the crisis, reflecting Greece’s importance as a major tourist destination. With almost 20 million foreign arrivals per year, the tourism industry, with its strong comparative advantage, represents the most reliable driver of growth for the Greek economy.

5. The public sector is relatively large. Public administration, education and social services account for more than 20 per cent of economic activity, whereas the figure in other EU EBRD countries of operations is 15 per cent on average. The difference can be explained by looking at public administration (including defence), which accounts for 10 per cent of economic activity compared to just over 6 per cent on average in other EU EBRD COOs. This figure is ripe for reduction as the new bailout programme requires significant cuts in military spending.

via 10 things you need to know about the Greek economy

Από τη σύνταξη του παππού ζουν τα μισά νοικοκυριά στην Ελλάδα | TVXS – TV Χωρίς Σύνορα

πό τη σύνταξη του παππού ζουν τα μισά νοικοκυριά στην Ελλάδα της οικονομικής κρίσης, την ίδια στιγμή το βιοτικό επίπεδο των συνταξιούχων στην Ελλάδα είναι ιδιαίτερα χαμηλό με το 44,8% αυτών να ζουν κάτω από το όριο της φτώχειας.

Σύμφωνα με το Ενιαίο Δίκτυο Συνταξιούχων, το 52% των λαϊκών νοικοκυριών στη χώρα μας, λόγω της υψηλής ανεργίας και της φτώχειας, ζει από τις συντάξεις των ηλικιωμένων μελών τους.

via Από τη σύνταξη του παππού ζουν τα μισά νοικοκυριά στην Ελλάδα | TVXS – TV Χωρίς Σύνορα