Fausto Hernandez Trillo, professor of economics at Centro de Investigación y Docencia Económicas (CIDE), addressed the causes of anemic economic growth in Mexico in a lecture Tuesday sponsored by the Kellogg Institute. The talk, entitled “The Sluggish Mexican Economy: A Tale of Two Countries?”, focused on the history of the Mexican economy over the last half century and the causes of its struggles today.From roughly 1950 to the 1970s, Mexico enjoyed a period of excellent growth with over 6 percent annual gross domestic product increases, Trillo said. After that, the 1980s became the “lost decade” and, according to Trillo, Mexico’s economy has never truly recovered or rekindled its dynamic growth since then.“The three most important factors I look at are low economic growth, persistent poverty levels and high income inequality,” Trillo said.He noted 20 percent or more of Mexico’s population is classified as extremely poor and that Mexico’s GINI index, a measure of income inequality, is around 0.5 in contrast to the USA’s 0.38. The closer the GINI index is to 1, the greater the inequality.Trillo then broke down the components of GDP into three different categories: capital accumulation, human capital accumulation and total factor productivity (TFP), a variable that measures whether productivity is increasing or decreasing.“TFP explains everything,” Trillo said as he pointed to a graph that shows TFP weakening as a percentage of GDP beginning in the 1970s and becoming worse over time.Citing projections from 1995 that Mexico should have created roughly 20 million jobs by 2014, Trillo estimated a current “job deficit” of 12.6 million jobs, which has been aggravated by potential workers leaving Mexico to immigrate to the United States. Trillo concluded that Mexico suffers tremendously from a largely informal economy characterized by tax evasion and off-the-books work.“The informal economy accounts for only 10 percent of GDP, but 70 percent of the economically active population works in it,” he said.Trillo contrasted the straggling informal economy with Mexico’s modern formal economy that employs advanced technology, relies strongly on exporting, possesses significant credit access and composes the bulk of GDP. He attributes this divide to bad policy.“Dual social policy contributes greatly to economic informality and the slow rate of growth,” Trillo said.Trillo said he believes current policy encourages workers to opt out of the formal economy due to mandatory contributions to life, disability and work risk insurance in jobs in the formal sector.“This generates resources misallocation, incentivizes informality and erodes the tax base,” Trillo said.Trillo suggested social security policies should be more universal and no longer depend on jobs in order to curb the exodus of workers from the formal economy. In order to pay for this, Trillo said the government should consider the value-added tax (VAT).“It is easier to collect, distorts labor and investment decisions less, is harder to legally avoid and is subject to less international competition than alternatives,” he said.Tags: economy, jobs, Mexico, tax
C Watts / Flickr / CC BY 2.0 WASHINGTON – The Washington Redskins are shedding that name effective immediately, a person with knowledge of the move said Monday.The person spoke to The Associated Press on condition of anonymity because the team hadn’t yet announced the change. That announcement is expected later Monday morning.A new name must still be selected for one of the oldest and most storied teams in the National Football League, and it was unclear how soon that will happen. But for now, arguably the most polarizing name in North American professional sports is gone at a time of reckoning over racial injustice, iconography and racism in the U.S.The move came less than two weeks after owner Dan Snyder, a boyhood fan of the team who once declared he would never get rid of the name, launched a “thorough review” amid pressure from sponsors. FedEx, Nike, Pepsi and Bank of America all lined up against the name, which was given to the franchise in 1933 when the team was still based in Boston. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)
View Comments We’re wigging out! Hedwig and the Angry Inch co-creator Stephen Trask and Rock of Ages’ book writer Chris D’Arienzo have joined forces to work on a new musical. The pair will adapt Martin Scorsese’s 1982 cult classic film The King of Comedy for the stage, with an eye to bringing it all the way to Broadway.The King of Comedy centered on a desperate comedian who stalks and kidnaps a talk show host in an effort to land the TV appearance that will make his dreams come true. Helmed by Scorsese and written by Paul D. Zimmerman, the black comedy starred Robert De Niro, Jerry Lewis, Tony Randall, Diahnne Abbott and Sandra Bernhard.“I saw King of Comedy in film class at Wesleyan and I still can’t get it out of my head,” said Trask in a statement. “To get asked…to make a musical with my friend Chris D’Arienzo, out of what might be the greatest movie ever, is one of the most exciting opportunities to come my way. And, we didn’t have to kidnap anybody to make it happen.” D’Arienzo added: “The film is an absolute classic and it is an honor to explore this timely and twisted view of ‘fame obsession’ with such talented and thoughtful collaborators.”Check out the trailer to the movie below.
Departments Back to the LandMeet grassroots organizers in Southern cities reconnecting residents to nature through food. What I Learned about WaterA trip to West Virginia’s world famous International Water Tasting reveals a need to protect safe access to an essential natural resource. PerspectiveA successful trail runner is humbled by a return to Mt. Mitchell. Blue Ridge ClassicsWe’re stuck at home but still dreaming about future adventures. We celebrate five favorites that we’re missing the most. Plus, readers share photos from the region’s top scenic spots. The GoodsGear favorites that are quickly becoming new classics. Quick HitsBest Adventure Colleges Trail MixThe time to help musicians by buying an album is now. Check out a handful of stellar new releases. How the Outdoor Industry AdaptedHit hard by the economic impacts of the coronavirus, outdoor guides and businesses have quickly made changes to stay afloat and assist in the production of personal protective equipment. On the Cover: “You never know where you will end up after a long day of slacklining and hiking, but spending the night on top of the Chimneys with your best friends, your dog, the mountains and stars, well that makes it all worthwhile.” Kyle and beloved dog Ziggy, who joined him on all his outdoor escapades, camping at the Chimneys in Linville Gorge. Photo by Justin Costner. (@justincostner) Three Bikepacking RoutesRide far into the backcountry on a Blue Ridge bikepacking trip. Read or download the May issue for FREE HERE! Cover photo by Joshua Ness, courtesy of Unsplash. Features
Levin nominated to chair the Bar’s Health Law Section Levin nominated to chair the Bar’s Health Law Section The Health Law Section’s Nominating Committee has nominated Laurie J. Levin of Orlando for the position of chair-elect 2006-2007.The committee also has nominated Jeanne Helton of Jacksonville for treasurer and Troy Kishbaugh of Orlando for secretary for the 2006-2007 term.For four executive council seats, with terms expiring June 30, 2009, the committee nominated Spencer D. Levine, Tallahassee; Cynthia Mikos, Tampa; Lewis W. Fishman, Miami; and Charmaine Chiu, Jacksonville.The Health Law Section will meet to elect its 2006-2007 officers and executive council members with terms expiring 2009 on Thursday, June 22, from 4:30 p.m – 6:30 p.m. during the Florida Bar’s Annual Convention at the Boca Raton Resort & Club. All members of the Health Law Section are encouraged to attend this meeting and the section reception which will immediately follow.The nominating committee members include Gregory Chaires, Orlando; Bruce D. Lamb, Tampa; Steve Grigas, Tallahassee; and Michael Bittman, Orlando.Section 7.4 of the Health Law Section Bylaws, allows for other nominations to be made by petition of at least 15 voting members of the section. The petition must be filed with the chair no later than 30 days prior to the date of the annual meeting. April 15, 2006 Regular News
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The first 2016 presidential debate at Hofstra University is a little more than three weeks away, which means the showdown between Hillary Clinton, Donald Trump, and, a potential third-party candidate, though unlikely, is just around the corner. Hofstra, which hosted presidential debates in 2008 and 2012, was a late selection for the inaugural presidential debate this year. The Commission on Presidential Debates was left to scramble in July when Wright State University backed out, citing rising costs and a “commitment to safety.” Named an alternate location more than a year ago, Hofstra answered the commission’s call and will now become the first-ever university to host three consecutive presidential debates in as many cycles. Perhaps the only downside for Hofstra is the 10,000-student university basically had a two-month window to plan an all-encompassing event. When the change of venues was announced, Hofstra said it anticipated a “slight uptick” from its 2012 debate budget, which was between $4 and $5 million. “Because of our experiences in 2008 and 2012, we well understand what is required of us, and we are confident in our ability to execute an excellent debate in conjunction with the CPD,” Hofstra said in a statement at the time.Now that we’ve reached September, the committee has released further details on the debate, including who’d serve as moderator and the event’s format. Here’s what we know about the 2016 Presidential Debate at Hofstra University:MODERATORNBC Nightly News host Lester Holt will moderate the Sept. 26 debate at Hofstra. Holt took over the prestigious anchor chair following Brian Williams’ very public fall from grace earlier this year, punctuated by a six-month suspension punishing the longtime newsman for embellished remarks dating back to his reporting in Iraq. Holt’s telecast has consistently topped competing news programs on ABC and CBS, and in June, was awarded the Edward R. Murrow award for best Newscast. FORMATThe commission said the debate would be divided into six 15-minute segments focusing on significant political issues. These so-called “major topics” are to be selected by the moderator and announced at least a week prior to the debate. It’s unclear what scale is used to determine which issues take prominence. Hofstra’s 2012 presidential debate was a more relaxed town hall debate that gave us Mitt Romney’s famous “binders full of women” comment and saw a more energized Barack Obama after an uninspiring appearance during the competitors’ first clash. WHO WILL BE DEBATING?Democrat Hillary Clinton will take on Republican Donald Trump during the debate but Libertarian candidate Gary Johnson is hoping a late surge in public support can propel him to the debate stage. But due to the commission’s 15-percent polling prerequisite, it’s unlikely Johnson, who is currently polling at around 10 percent, will meet the threshold. Green Party candidate Jill Stein, who was arrested at the 2012 Hofstra debate as she protested the commission’s polling requirements, is currently hovering around 4 percent. The one thing the two long-shot third-party candidates have going for them is public support. According to a Morning Consult survey, 52 percent of those polled said Johnson, the former New Mexico governor, should be included in the presidential debate, while 47-percent want Stein to join the stage. WHAT TIME IS THE DEBATE?All debates will take place from 9 p.m. to 10:30 p.m. ET. Advice: Grab some coffee, or something stronger. REMAINING DEBATESVice presidential debate:Tuesday, October 4, Longwood UniversitySecond presidential debate (town meeting):Sunday, October 9, Washington University in St. LouisThird presidential debate:Wednesday, October 19, University of Nevada, Las Vegas
People walk by the New York Stock Exchange.Spencer Platt | Getty Images “The ‘stay at home’ trade, which has led the market higher for most of this year, may be falling out of favor,” said Lindsey Bell, chief investment strategist at Ally Invest. “There’s still a good long-term case for tech, but it may not outpace the rest of the market like it has since March.”Pfizer’s big vaccine news came as the U.S. topped 10 million cases of Covid-19, a bleak milestone just 10 days after reaching the 9 million mark amid a record surge in daily infections. Many on Wall Street believe a viable vaccine would be crucial for the economy on its road to a full recovery.Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announced Monday their coronavirus vaccine was more than 90% effective in preventing Covid-19. The news sent travel stocks soaring as the’ recovery of these companies depends on a successful economic reopening. American Airlines, Delta and United all jumped more than 15%, while Carnival, Norwegian and Royal Caribbean surged more than 25% each.“The strong results from the Pfizer vaccine were better than most expected and means we could be opening back up sooner than expected,” said Ryan Detrick, chief market strategist at LPL Financial, “Coupled with an economy that continues to surprise to the upside and the stock market is now pricing in the prospects of a much better economy in ’21.”While cyclical stocks led the market advance on Monday, the tech-heavy Nasdaq Composite fell 1.5% as investors dumped some of the popular stay-at-home plays such as Zoom Video and Netflix. The Nasdaq finished Monday’s session near its session low.- Advertisement – Stock futures fell slightly in overnight trading on Monday following a record-setting rally sparked by promising news on a coronavirus vaccine.Futures on the Dow Jones Industrial Average dipped 100 points. S&P 500 futures fell 0.3% and Nasdaq 100 futures traded 0.2% lower.The overnight action came after a strong rally on Wall Street that saw the Dow and the S&P 500 hit new intraday record highs. The 30-stock average rallied more than 800 points, posting its biggest one-day gain since June 5. It surged more than 1,600 points at one point before the weakness in the tech sector put pressure on the broader market. The S&P 500 gained 1.2%.- Advertisement – – Advertisement – – Advertisement –
As part of the Rural Educational, Cultural and Ethnographic Tourist Attraction project, funded by the Operational Program Competitiveness and Cohesion 2014-2020, the reconstruction of the Ismaeli Gabrielis Palace in Korčula, the Homeland House of the Dubrovnik Littoral in Slano and the construction of the Museum of Gold and Silver in Smokvica will begin. Neretva County.Reconstruction of the Ismaeli Gabrielis Palace, a protected cultural asset, as well as the city museum, is in its infancy and the duration of the works is expected to be six months, while the value of the works is a total of HRK 4.913.800,19. Reconstruction of the Homeland House of the Dubrovnik Littoral, also a protected cultural property, will last until approximately the middle of 2019, and the contractor is the company Građevinar Quelin dd from Dubrovnik. The value of the works is HRK 6.393.966,88. The construction of the Smokvica Gold and Silver Museum as well as the complete renovation of the square is expected in the middle of this year. The contractor is the company Chrile doo from Split and the value of the project is 4.164.372,29 kuna.”Works on three locations have been contracted in the total amount of HRK 15.4 million, and are being carried out by the project partners: the town of Korčula, the municipality of Dubrovačko primorje and the municipality of Smokvica. Upon completion of the works, all three buildings will be equipped, and tourist promotion at tourist fairs in order to increase the number of visits to these remote areas of Dubrovnik-Neretva County. The total value of the project is HRK 33.872.704,57, and the Dubrovnik-Neretva County, as the project holder, ‘withdrew’ HRK 27.748.345,48 in grants., “Said Prefect Nikola Dobroslavić.Reconstruction and construction of the mentioned cultural assets will contribute to the creation of an integrated tourist product, which, along with other components covered by the project, will be branded under the name Paths of the Past / Historical Trails.
Personally, I use a device called a thermometer to measure temperature. It tends to take all the believing and non-believing out of the process.Mr. Lindinger went on to say, “Climate change proponents have made their cause a matter of faith” (again, an interesting choice of words), citing “a great physicist like Freeman Dyson” for the proposition that predictive climate change models from 1999 were seen as being wrong 10 years later. Mr. Lindinger’s implication is that current predictions may be wrong as well.I suppose. But those predictions are about how quickly the warming will occur, not about whether the warming is actually happening. Since Mr. Lindinger thinks Freeman Dyson is a “great” physicist, I will cite a 2007 article. “Heretical Thoughts about Science and Society,” where Dyson says that “[one] of the main causes of warming is the increase of carbon dioxide in the atmosphere resulting from our burning of fossil fuels such as oil and coal and natural gas.”Global warming and climate change are not things to be believed or not believed. They are facts. Even Freeman Dyson thinks so.Jerry JasinskiNiskayuna More from The Daily Gazette:EDITORIAL: Beware of voter intimidationNiskayuna girls’ cross country wins over BethlehemEDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motorists In an Oct. 9 letter criticizing an earlier letter to the editor, Bob Lindinger said he was “not a global warming believer or a global warming denier..” I found his choice of the word “believer” an interesting one, since it implies that global temperatures are something that can’t be measured, but must rather be taken on faith. Categories: Letters to the Editor, Opinion
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