UPDATE (Feb. 12): Carol Goar reports this statement on page A17 of today’s Toronto Star. To add your signature to it, please e-mail your name, title and institution to Mario Seccareccia at mseccare@uottawa.ca Statement by 70 Canadian Economists Against Austerity We, the undersigned, strongly urge the federal government to stop implementing fiscal austerity measures just to achieve its political goal […]
Read moreThe following commentary on yesterday’s job numbers is quoted in today’s National Post (page FP4): The Olympic motto may be “Faster, Higher, Stronger,†but Canada’s employment growth is slower, lower and weaker going into the winter games. Of the 29,000 Canadians who supposedly gained employment in January, 28,000 reported being self-employed. Only 1,000 found jobs paid by an employer. While […]
Read moreMy union Unifor is currently undertaking an important “Rights at Work” campaign, which involves a national tour of meetings with our officers and local leaders and stewards, followed by a membership canvass and community outreach effort, all aimed at beating back the current attack on fundamental labour rights coming from conservatives at all levels in Canada.Â
Read moreThis afternoon I gave a presentation to Professor Ted Jackson’s graduate seminar course on higher education, taught in Carleton University’s School of Public Policy and Administration. Â The link to my slide deck, titled “The Political Economy of Post-Secondary Education in Canada,” can be found here. Points I raised in the presentation include the following: -Tuition fees have been rising in […]
Read moreNumbers season is over but good inequality data is still missing. January sees us regularly bombarded with a whole range of economic statistics about the previous year. GDP growth: likely 1.7%, low but looking brighter for next year. Unemployment: 7.2%, low but lots of workers leaving the job market altogether as the employment rate stagnates. Inflation: 1.2%, low but deflation […]
Read moreThis is quite interesting. If you read the short section from the recent IMF Staff Report on Canada under point 16, it is quite clear that the IMF Staff think that, with growth significantly under potential, the federal Budget should be brought back to balance more slowly than is now the plan. It strikes me as unusual that they flag […]
Read moreThe hype on LNG has grown to staggering proportions. I have not had much time to debunk all of the government’s grotesque exaggerations and outright falsehoods. But Christy Clark’s claim that BC is “doing the world a favour” by exporting LNG to Asia made me write this oped, which got picked up in today’s Vancouver Sun: Is LNG B.C.’s big favour? It’s […]
Read moreToday’s fourth-quarter report indicates that PotashCorp paid “provincial mining and other taxes†of $194 million on potash sales of $3 billion in 2013. In other words, Saskatchewan’s resource surcharge and potash production tax amounted to just 6.5% of the value of potash sold. Adding the basic Crown royalty (which PotashCorp includes in “cost of goods soldâ€) and subtracting New Brunswick […]
Read moreJim Stanford recently pointed out that many of the conservative economists who had defended the overvalued loonie have quickly shifted to applauding its depreciation. The Government of Saskatchewan may be making a similar conversion on the road to Damascus. When federal NDP leader Tom Mulcair expressed concern about Dutch disease, premier Brad Wall denied that the high exchange rate was […]
Read moreThe past 18 months have seen real wages increase in Canada. (Yes, I double-checked.) Indeed, real wages have gone through two distinct phases of growth since the financial crisis hit the global economy in 2007. This may be surprising as we have been accustomed to hearing about the stagnation of real wages and the “decoupling†of wages from productivity gains […]
Read moreAnother column by Gwyn Morgan in the Globe and Mail and another case of a 0.1 percenter telling the rest of us to “Do as I say, not as I do.” This time, it’s Gwyn recycling trash from the CFIB and Fraser Institute to claim defined benefit pensions for public sector workers are too generous and are simply unaffordable, and […]
Read moreThe details of the Progressive Economics Forum’s 2014 Student Essay Contest are now online. The submission deadline is May 5. Please put up this poster to promote the contest.
Read moreThe debate over increasing the minimium wage, so clearly necessary to lift working incomes above the poverty line (not to mention boost consumer spending power), is heating up in many provinces. Predictably, free-market theorists are pushng back (as they have since the concept of minimum wages was first invented over a century ago). Here is a useful summary of recent […]
Read moreThe long-overdue depreciation of Canada’s currency is gathering steam. The dollar lost 8 cents against its U.S. counterpart, in fits and starts, over 2013. It’s lost another 2 cents since the start of 2014, and negative sentiment about the currency is accumulating among financial analysts and traders. Indeed, once the expectation that the loonie will fall becomes entrenched among enough […]
Read moreTim Hudak is sounding — and looking — even more like Scott Walker these days. The Ontario Conservative leader’s pledge to create one million new jobs sounds like a direct rip-off of Wisconsin governor Scott Walker’s promise to create 250,000 new jobs in his four year term.  Only the state, er province and numbers are different. And how is the […]
Read moreThe PEF’s biannual John Kenneth Galbraith Prize in Economics will be awarded this summer for the fourth time. This is a call for nominations from PEF members in good standing. If you would like to nominate someone please email me at galbraith@progressive-economics.ca with a couple paragraphs to support your nomination (300 words max). Nominations will close February 2. The Galbraith Prize is only awarded […]
Read moreThe December jobs report was a spectacular finish (not in a good way) to a rather discouraging year for the Canadian labour market. When the dust had settled, it turned out that employment growth averaged 8,500 per month in 2013, compared with 25,900 in 2012. This anaemic job growth was not enough to keep up with the growth in the labour force, as on average, 10,500 new jobseekers entered the […]
Read moreCanadian economic commentators often worship small business as the supposed source of economic dynamism and growth. This cult of small business has greatly influenced public policy, with federal and provincial governments giving huge tax preferences to small corporations. But new Statistics Canada research finds: “The gap between the levels of labour productivity in Canada and the United States is due […]
Read moreThere was a spate of media stories recently on a US report finding that increased employment of seniors has no negative impacts at all on young people also seeking work. In fact, the study by leading US economist Alicia Munnell, looking mainly at the experience of US states, did say that the so-called “lump of labour†fallacy may be true […]
Read moreUnder the headline “Canada Isn’t Rotten to the Coreâ€, the new editor of the Ivey Business Journal, Thomas Watson, attacked my book “Thieves of Bay Street†in his inaugural editorial. Although the book hit bookstores almost two years ago, and has faded from view, I found this assault so distorted to what “Thieves†explores I felt it warranted a response. […]
Read moreWe now present the final instalment in our autumn-long series of special commentaries marking the 50th anniversary of the publication of “A Staple Theory of Economic Development,” the classic article by Mel Watkins published in the Canadian Journal of Economics and Political Science in 1963. We have invited Mel himself to provide a rejoinder to the series, reflecting on the […]
Read moreHere for ease of access is a consolidated listing (in order of posting) of the contributions to the special series of commentaries we have posted this autmn marking the 50th anniversary of the publication of Mel Watkins’ classic 1963 article, “A Staple Theory of Economic Development” (Canadian Journal of Economics and Political Science, 29/2, pp. 49–73). Stand by for the […]
Read moreWinter is now officially upon us, and so it is time to conclude our autumn-long series of special commentaries marking the 50th anniversary of Mel Watkins’ classic article, “A Staple Theory of Economic Development.” To wrap up the series, I would like to throw my own views into the brew. I argue here that Watkins’ identification of the importance of […]
Read moreOne remarkable and gratifying aspect of our special series of commentaries marking the 50th Anniversary of Mel Watkins’ classic 1963 article on staple theory, is the interest and input it has generated from researchers and scholars who have applied Mel’s work in various capacities, in Canada and internationally. One such contributor is Gerry Helleiner, a globally-recognized development economist and professor […]
Read moreThe most recent Jobs Vacancy statistics are out, and the trend for 2013 so far has been a reduction in the number of job vacancies reported by businesses compared to 2012. The number of job vacancies reported by businesses fell by 41,000 between September 2012 and September 2013, so that even though there were fewer unemployed workers in September 2013, there […]
Read moreThis piece was first published in the Globe & Mail. In a move that caught everyone off-guard, Canada Post announced a five point “action plan†last week that included phasing-out home delivery of the mail over the next five years, making Canada the only G7 nation to do so. Why? To “protect taxpayers.†Of all the reasons that merit discussion as to whether letter […]
Read moreWe are nearing the end of our series of special commentaries celebrating the 50th anniversay of the 1963 publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth.” Here is a fascinating historical retrospective on the influence of Innis and Watkins on Canadian political-economy by Duncan Cameron, President of rabble.ca, former President of the Canadian Centre for Policy […]
Read moreOne of the most frequently repeated claims in coverage of yesterday’s Canada Post announcement is that the Crown corporation is on track to lose a billion dollars annually by the decade’s end. This apprehended threat to taxpayers supposedly justifies the complete elimination of door-to-door mail delivery. The Conference Board made this billion-dollar projection earlier this year in a report commissioned […]
Read moreI have the following letter to the editor in today’s Prince Albert Daily Herald: Canada-Europe Deal Not About Trade In their letter of Dec. 3, Darryl Hickie and other Sask. Party MLAs back away from his previous claim that the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) would be a boon to the Prince […]
Read moreYesterday’s release from Statistics Canada on the income share of the wealthy generated some interesting coverage and commentary. It reported that the top 1%’s share of total income in Canada remained steady in 2011 in Canada, at 10.6 percent — but still significantly higher than in the 1980s. Most observers did not mention, however, that this oft-cited income share statistic does NOT […]
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