Economic theory is due for a shakeup. After the forty-year dominance of the neoliberal paradigm, it is time for academics and policymakers to once again ask the question: what does success really look like? The economics of wellbeing might provide an answer.
As China’s Asian Infrastructure Investment Bank becomes a recognized instrument of global economic governance, European Union member states should use their voting power to influence the Bank’s agenda and practices. However, Europe must be aware of certain limitations.
Daniel DeRock exposes the shaky foundations of macroeconomic statistical methods – from GDP figures to debt measurement – and argues for a fundamental rethinking of how scholars and policymakers engage with quantitative indicators.
Debt fueled consumption lay at the heart of the global financial crisis of 2008. Now ten years later, rising household debt in developed economies remains a significant issue. In this article Babatunde Valentine Onabajo proposes a novel solution: making individual credit scores public.
International trade is under strain and backward-looking trade negotiation strategies play a role in building up this pressure. Drawing on the World Input-Output Database, Andrea Andrenelli adopts a global Leontief approach and develops three indices to make trade policymaking fit for the era of global value chains.
China and the IMF have had a rocky relationship ever since the Fund’s founding in 1945. Despite the IMF’s recent efforts to better reflect China’s growing economic power within its organizational structure, the future of the two entities remains uncertain. This can be explained by conflicting interests on fiscal policy, the ambiguous behavior of the Chinese economic regime, and the failure of the IMF to fully adapt to the shifting weights of the world economy.