Further to Erin’s post, the Labour Force Survey numbers released by Statistics Canada on December 6 give the lie to the Harper government’s frequently heard claim that our economy is doing well. Over the past year, between November, 2012 and November, 2013, ALL of the net new jobs created in Canada were in the lowest paid and most insecure occupational […]
Read moreThe Parliamentary Budget Office has come out with a report, suggesting that the Conservatives will likely balance the budget ahead of schedule. But, and it’s a big but, if there were no EI surplus, there would be no balanced budget in 2016. And the annual surplus in the EI Operating Account is no small potatoes – it’s forecast to be […]
Read moreEarlier this week, PotashCorp laid off 440 workers in Saskatchewan. Here are the closing paragraphs from today’s front-page story reporting a letter from Premier Brad Wall asking the company to consider reducing its dividend payments to shareholders in order to maintain jobs in Saskatchewan: Regina economist and former NDP leadership candidate Erin Weir said if Wall truly wanted to transfer […]
Read moreStatistics Canada reported that employment grew by 22,000 in November. But 20,000 of those new jobs were part-time. The proportion of all Canadian jobs that are part-time rose to an even 19%. Broken down another way, 19,000 of the employment increase were people reporting themselves as self-employed. Canadian employers actually hired fewer than 3,000 additional employees last month. Part-time work […]
Read moreI have written a couple of pieces for Economy Lab in the Globe and Mail recently on the issue of secular stagnation. (Links below) The term was coined by the pioneering American Keynesian Alvin Hansen who argued that the US economy of the late 1930s faced a long period of stagnation due to a chronic, structural gap between aggregate supply […]
Read moreArun here…breaking radio silence to share with you a thought-provoking piece by Larry Kazdan, a graduate of York University in sociology and history, and currently a Council Member with the World Federalist Movement-Canada, an organization that monitors developments at the United Nations and advocates for more effective global governance. Our friend and fellow blogger Keith Newman recently wrote some words […]
Read moreThe Progressive Economics Forum (PEF) normally hosts sessions at the Canadian Economics Association’s annual conference. But the House of Commons finance committee threw most of the PEF members testifying in its pre-budget consultations onto the same panel on November 21 and then moved it to a room without TV. MP Randy Hoback participated in the first hour of the committee meeting, […]
Read moreOn Thursday’s Lang & O’Leary Exchange (at 24:45 in this CBC video), I noted that while the Government of Canada just signed a deal with Kazakhstan allowing Cameco to invest more in that country’s uranium industry, the Government of Saskatchewan recently slashed its uranium royalties to encourage Cameco to invest in the province rather than in Kazakhstan. It’s a win-win […]
Read moreIronically, Statistics Canada’s third-quarter GDP report on Black Friday showed the growth rate of consumption being cut in half. Final consumption expenditure grew by 0.4% in the third quarter compared to 0.8% in the second quarter. Household spending growth fell to 0.6% from 0.9%. Government consumption growth plummeted to 0.1% from 0.4%. In other words, public-sector austerity is taking a […]
Read moreWatching Rob Ford in the recent weeks reminds me of what John Ralston Saul once wrote of Benito Mussolini and his contemporary reincarnation in Silvio Berlusconi: “He was the nascent modern Heroic leader. Mussolini combined the interests of corporatism with public relations and sport, while replacing public debate and citizen participation with false populism and the illusion of direct democracy.†[…]
Read moreOn November 25th, I made the following submission to the House of Commons Standing Committee on Finance regarding Bill C-4, Economic Action Plan 2013 Act No. 2, on behalf of the Canadian Centre for Policy Alternatives.   1.    Introduction and Context Thank you for the invitation to appear before the Committee, as Members of Parliament review the second budget implementation […]
Read moreThe latest entry in our continuing series of commentaries marking the 50th anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth,” we present the following contribution by Mel’s long-time collaborator, Marjorie Griffin Cohen. Marjorie considers the gender dimensions of staple analysis. Staples Theory: Its Gendered Nature Marjorie Griffin Cohen Feminism was the unlikely route […]
Read moreBuried in the federal government’s recent Update of Economic and Fiscal Projections are figures showing the Harper government is set to squeeze federal government’s role to the smallest it has been in seventy years.   (Bill Curry at the Globe also just wrote about this, but without figures further back than 1958). Total federal government spending as a share of the economy is projected […]
Read moreCanada’s macroeconomy continues to be lethargic at best, and there is growing recognition that the continuing sluggishness of business capital spending since the 2008-09 crisis is a big part of the reason why. Governments are in austerity mode; consumers are maxxed out and cautious about new spending; our exports are restrained by an overvalued dollar and uncertain demand in our key markets. […]
Read moreI have been hard on our new Employment and Social Development Minister, Jason Kenney, for buying into a widespread myth about labour shortages and skill mismatches in Canada. So, to give credit where credit is due, it appears Minister Kenney has been listening to the growing chorus of voices disputing the existence of a labour shortage in Canada. Surprisingly (or not), […]
Read moreHere is an entry from the Global South in our continuing series of commentaries marking the 50th anniversary of Mel Watkins’ classic article, “A Staple Theory of Economic Growth.” Dr. Alberto Daniel Gago teaches political economy at the National Universities of San Juan and Cuyo-Argentina. He is a long-time collaborator of Mel’s, and has written extensively about the challenges of development […]
Read moreWe continue our special series of commentaries marking the 50th anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth,” with the following contribution from Daniel Poon. Daniel is one of Canada’s leading experts on the theory and practice of industrial policy, and the successfull industrialization experience of East Asia. He is an economic affairs officer with […]
Read moreThe words “little change†appear eight times in today’s Statistics Canada press release on the Labour Force Survey. The figures for October are indeed remarkably similar to September. This lack of change might be viewed as welcome stability in better economic times, but it has to be regarded as stagnation given the actual state of Canada’s job market. Unemployment remained […]
Read moreAlmost a year ago, Paul Krugman wrote a blog post entitled “Inaction is the Greatest Risk.†He was addressing American monetary policy, but the same theme applies to Saskatchewan politics. Much as Krugman warned readers upfront that his post was “wonkish,†I’ll admit that the following is “hackish.†For several months, Saskatchewan Premier Brad Wall has been trying to reposition […]
Read moreThe basic storyline of today’s C. D. Howe Institute “E-Briefâ€, “Canada Lagging Peers in 2013 Business Investment Growth,†is that corporate tax cuts helped boost investment per worker in Canada above the OECD average. Yet corporate Canada is slipping in 2013 and apparently needs more tax cuts. However, the C. D. Howe Institute’s own graph (Figure 1 on page 3) […]
Read moreHere is a very intriguing and creative entry in our continuing series of commentaries marking the 50th Anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth.” We are delighted to have the participation of Alistair and Sheila Dow, two leading heterodox economists from the U.K. They argue here, in a summary of an argument […]
Read moreHere is the latest installment in our continuing series of commentaries celebrating the 50th anniversary of the publication of Mel Watkins’ classic article, “A Staple Theory of Economic Growth.” This commentary is from Mel’s long-time collaborator Thomas Gunton, Director of the Resource and Environmental planning Program at Simon Fraser University. Gunton’s submission, supplemented by an extensive bibliography, applies staples analysis […]
Read moreBack in 1998, I wrote a lengthy investigative feature for The Financial Post about Canada’s signals intelligence agency, the Communications Security Establishment (CSE), and its post-Cold War role. You can read it here: http://circ.jmellon.com/docs/pdf/trolling_for_secrets_economic_espionage.pdf The CSE and its sister signals intelligence agency in the US, the National Security Agency (NSA), engage in espionage using solely electronic means. To this end, […]
Read moreYesterday, Statistics Canada reported that the Canadian economy had a month of fossil-fueled growth in August. Overall GDP was up by 0.3%, only half as much as in July but still a respectable monthly growth rate. By far the strongest growth of any industry was a 1.9% increase in “Mining, quarrying, and oil and gas extraction†– its fastest growth […]
Read moreThe idea of a global carbon budget is not new, but has been growing in prominence. Carbon Tracker picked up on it in its seminal Unburnable Carbon report, and Bill McKibben amplified that message in his landmark Rolling Stone article, Global Warming’s Terrifying Math, which launched the fossil fuel divestment movement. Then more recently, the Intergovernmental Panel on Climate Change […]
Read moreThe recent report of the Intergovernmental Panel on Climate Change (IPCC) should be a wake-up call for Canada. With a development model based on ever more fossil fuel extraction, Canada’s economy and financial markets are on a collision course with the urgent need for global climate action. The IPCC, for the first time, stated an upper limit on total greenhouse […]
Read moreAs part of our continuing series of commentaries marking the 50th Anniversary of the publication of Mel Watkins’ classic article “A Staple Theory of Economic Development,” we present the following submission by Daniel Drache, Professor Emeritus of Political Science at York University, and prolific writer on the nature of Canadian political-economic development. Here Daniel considers whether the so-called “Northern model” […]
Read moreThis week I am attending a conference entitled “Welfare Reform in Canada: Provincial Social Assistance in Comparative Perspective,” organized by Professor Daniel Béland. The focus of the conference is “social assistance,” which typically encompasses both last-resort social assistance (i.e. ‘welfare’) and disability benefits. In Ontario, the former is known as Ontario Works and the latter as the Ontario Disability Support […]
Read moreLast week’s federal throne speech stated, “The Government will soon complete negotiations on a comprehensive economic and trade agreement with the European Union [CETA]. This agreement has the potential to create 80,000 new Canadian jobs.†There has since been a subtle but important shift in the government’s wording around that figure, as I point out in the following letter on page […]
Read moreA TD Economics Special Report released on October 22nd debunked the popular economic myth spread by Minister Kenney that there are too many jobs without people. The report looks at changes in employment, unemployment, job vacancy rates, and wages. Job vacancy rates are higher for trades occupations in Western Canada, but overall job vacancy rates are low. There is no […]
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