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+21 +5
Why can we not take Universal Basic Income seriously?
On work, AI and the most important social idea yet to get any real traction.
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+23 +8
‘De-dollarisation’ gains traction among emerging economies ahead of BRICS summit
Expansion rate of the Brazil, Russia, India, China and South Africa economic bloc seen determining speed at which it stops using US dollar systems.
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Analysis+29 +8
A B.C. study gave 50 homeless people $7,500 each. Here's what they spent it on.
A new B.C.-based study undercuts the persistent stereotype that homeless people can't be trusted with cash, according to the lead researcher who says it also highlights a different way to respond to the crisis.
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+29 +5
China's capitalist reforms are said to have moved 800 million out of extreme poverty – new data suggests the opposite
The World Bank used a tool known as purchasing power parity to make its calculations. An improved methodology suggests China’s pro-market reforms increased rather than shrank extreme poverty.
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+38 +6
Humans Still Cheaper Than AI in Vast Majority of Jobs, MIT Finds
Artificial intelligence can’t replace the majority of jobs right now in cost-effective ways, the Massachusetts Institute of Technology found in a study that sought to address fears about AI replacing humans in a swath of industries.
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+19 +2
The Diamond Hoax
American males enter adulthood through a peculiar rite of passage - they spend most of their savings on a shiny piece of rock. They could invest the money in assets that will compound over time and someday provide a nest egg. Instead, they trade that money for a diamond ring, which isn’t much of an asset at all.
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+15 +2
U.S. States Renamed For Countries With Similar GDPs
The creator of this map has had the interesting idea to break down that gigantic US GDP into the GDPs of individual states, and compare those to other countries’ GDP.
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+20 +2
H&M is making a $99 wedding dress. Here’s what that says about economics.
The floor-length, vaguely Grecian-looking white gown that H&M debuted today isn’t the discount retailer’s first foray into the wedding business — but it’s certainly H&M’s first wedding dress at a decidedly H&M price point.
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+30 +2
Britain's five richest families worth more than poorest 20%
The scale of Britain's growing inequality is revealed today by a report from a leading charity showing that the country's five richest families now own more wealth than the poorest 20% of the population.
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+19 +2
Why this $84,000 drug costs just $900 abroad
Gilead Sciences, under fire for pricing a new hepatitis C drug at $1,000 a pill, has discount agreements with a number of health insurers, a company executive said in an interview. The medication, Sovaldi, has a list price of $84,000 for a 12-week course of therapy and is seen as a breakthrough in the treatment of the serious liver disease.
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+16 +2
Misery has more to teach us than happiness does
For years, economists have laboured on the riddle of happiness. If they studied misery instead, they might get somewhere
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+22 +1
How Alaska and Wyoming Make People From Elsewhere Pay Their Taxes
Alaska charges a “severance” tax on oil extraction that ends up being paid by consumers of petroleum products in other states. The tax pulls in so much revenue that Alaska actually writes checks to families in the state every year. Wyoming, another resource-rich state, works the same angle—and in 2011, for the first time in several decades, it had a lower per-capita tax burden than Alaska.
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+5 +1
Nigeria is Africa's biggest economy
Nigeria has "rebased" its gross domestic product (GDP) data, which has pushed it above South Africa as the continent's biggest economy. Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.
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+16 +1
How shady tax preparers are trying to cheat you this year
Fraud among fly-by-night, seasonal tax preparers who open up shop in vacant storefronts and trailers costs taxpayers billions of dollars each year. It has prompted the IRS to seek to regulate tax preparers by requiring education courses and examinations
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+8 +2
Why I Would Like to Live in a Privately Run City
Paul Romer, on the shortlist for a Nobel prize in economics for his work on endogenous growth theory, has turned his attention to institutions and institutional change. He is now best known outside economic academia for his advocacy of charter cities.
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+8 +1
Want to spot the next bubble? Look at where Harvard grads work.
The more Harvard grads that head for Wall Street, the worse a sign it is for markets.
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+24 +1
The peril of hipster economics
When urban decay becomes a set piece to be remodelled or romanticised.
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+19 +1
Is Europe falling apart?
Elections last weekend sent tremors through Europe as fringe groups dominated the polls. Here's what it means
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+21 +1
Argentina says next bond payment 'impossible', default looms
BUENOS AIRES/NEW YORK (Reuters) - Argentina threatened to default on its debt on Wednesday when the government called it impossible to pay bond service due on June 30, citing a U.S. court decision earlier
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+18 +1
The Central Paradox of the 21st Century
“Stop whining young people, you’ve never had it so good”. That’s the debate topic sponsored by The Spectator last week at the British Museum. On the one hand, the statement is insane and insulting. 60% of the unemployed are under 35, recent university graduates on average owe £45,000 for their education and more than a quarter live with their parents because they can’t afford the rent. Entry-level jobs are evaporating, and even internships require impressive resumes....
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