Baldwin on Globalization: “A Lot of the Narrative Is Based on the US as If It Were the Whole World”

Richard Baldwin, professor of international trade at the Graduate Institute of Geneva and editor-in-chief of VoxEU.org, talks to ProMarket about the convergence between the G7 and emerging countries, the United States’ failure to build a social contract to mediate the changes of globalization, and his confidence that—rumors of trade war notwithstanding—the international trade regime is actually quite resilient.  

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To Help Workers Adjust to Technological Change, First Pinpoint Where It Is Happening

Changes in technology clearly affect people in different sectors and occupations differently, but providing adequate policy support to workers trying to adjust to these changes requires a better understanding of the level at which productivity growth is happening in the economy. Here, the researchers find that, in the United States, the vast majority of that growth has happened at the occupational and sector-occupational level.  

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How Denmark Got to Denmark: The Role of Landed Elites in Development

For most people the idea of landed elites conjures up images of aristocrats sipping tea while enjoying the proceeds of the labors of the peasants on their land. New research on Denmark suggests, however, a quite different story—one in which these elites in fact played a crucial role for development, and ultimately enabled the empowerment of the peasant class through agricultural cooperation.  

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The Rate of Return on Everything

A new paper purports to have finally unlocked the mystery of the rate of return on capital. Here the authors report on their research on an enormous data set on asset returns for 16 advanced economies from 1870 to 2015 and provide surprising insight into the relationship between long-run growth and capital—a connection that has occupied thinkers from Mill to Marx to Piketty and many others to this day.  

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America’s “Lost Einsteins” Are Dealing a Blow to Innovation

A new paper finds that America is full of “lost Einsteins” among women, minorities, and low-income groups: high performers who never become inventors because they’re not exposed to innovation as children. Fully capitalizing on such children’s innovation potential could quadruple the rate of innovation in America.  

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