The Economics of Enough_ How to Run the Economy as if the Future Matters - Diane Coyle [145]
12 Speaking at the Global Economic Symposium, Ploen Castle, Schleswig-Holstein, 10 September 2009.
13 In Q2 they were $80 billion, in Q3 $15 billion, Q4 -$2.7 billion, and Q109 $9.5 billion. See http://fpc.state.gov/documents/organization/99496.pdf and http://www.fas.org/sgp/crs/row/RL34314.pdf.
14 Spilimbergo et al. (2009).
15 Lipsky (2010), Speech by First Deputy Managing Director, International Monetary Fund, at the China Development Forum.
16 Kobayashi (2009).
17 This will occur as long as the inflation is either partly unexpected, so savers and investors haven’t been able to safeguard against it, or there is incomplete indexation of wages, interest rates, etc. to inflation.
18 Napier (2009).
19 Jorgenson and Stiroh (2000).
20 Olson (1996).
21 UN (2006).
22 Reinhardt and Rogoff (2010).
23 http://www.imf.org/external/np/speeches/2010/032110.htm.
24 See data at http://laborsta.ilo.org.
NOTES TO CHAPTER FOUR
1 Hobbes (1651), Rousseau (1754).
2 See for example Camerer et al. (2003) for a scholarly survey, or Ariely (2008) for a popular introduction.
3 See Smith (1982) and papers in Bardsley et al. (2009), for example.
4 Levitt and List (2009). See also Levitt and Dubner’s Superfreakonomics (2009). Besides, as Steven Pinker has written: “When psychologists say ‘most people’ they usually mean ‘most of the two dozen sophomores who filled out a questionnaire for beer money.’ ” Pinker (2008).
5 List (2008).
6 Haidt (2006).
7 Trivers (1971).
8 Dawkins (1976).
9 Pinker (2008).
10 De Waal (2008), 18.
11 Ibid., 162.
12 Sigmund et al. (2002).
13 Hume (1739).
14 Sala-i-Martin (2002a, b).
15 Heshmati (2006).
16 Milanovic (2005).
17 Bourguignon and Coyle (2003).
18 Milanovic (2005).
19 These updated figures convert local currencies to dollars (so they can be compared) at purchasing power parity exchange rates, which differ significantly from earlier estimates, and the effect is to reduce the figures in “PPP dollars” for incomes in countries such as India and China. So whereas earlier figures suggested global income distribution had changed little in the late twentieth century, they now point to increasing inequality. This doesn’t mean the massive gains in income and reductions in poverty in these Asian economies are illusory. It does affect the comparisons of “between country” inequality.
20 Anand and Segal (2008).
21 ILO (2008).
22 A further complication in presenting the evidence is that income distribution can differ a lot when considered before and after the effect of taxes and benefits. Countries differ quite a lot in the extent to which government actions are redistributive and change the after-tax and benefit income distribution. It is also important to be consistent about comparing individual or household incomes—using household incomes avoids having to consider men’s and women’s earnings separately, because these differ everywhere, but in that case the household income figures should be divided by the number of people in the household as household sizes can differ from country to country.
23 See for example NEP (National Equality Panel) (2010) for UK figures, Piketty (2010) for France, Wolff (2007) for U.S. estimates.
24 Piketty and Saez (2006).
25 Alesina, Glaeser, and Sacerdote (2001); and Alesina and Glaeser (2006).
26 Krugman (2007).
27 Krugman (2002).
28 Testimony before U.S. Senate Committee on Banking, Housing and Urban Affairs, 16 July 2002. http://www.federalreserve.gov/BoardDocs/HH/2002/july/testimony.htm; accessed 22 October 2009.
29 ILO (2008).
30 Piketty and Saez (2006).
31 Bhagwati and Blinder (2009), Blinder (2009), Blinder (2006), Becker et al. (2009).
32 Kostas (2008).
33 Blackburn and Bloom (1989), Acemoglu (2002), Saint-Paul (2008).
34 Rosen (1981).
35 Frank and Cook (1995).
36 Coyle (1996), 115–17.
37 See Saint-Paul (2008),