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Italy is in crisis again, following an election that gave populist parties of the right and left about half the votes cast while the centre-left Democratic Party (PD) plunged to 19% of the vote. However, after two decades of near-stagnation, average incomes in 2016 were higher than Ireland's as reflected in Eurostat data on consumption of public and private goods/ services, adjusted for price differences and the OECD's latest data on net adjusted disposable income.  

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The US economy has reverted to the economic and political structure of a developing nation according to a book by Peter Temin, emeritus professor of economics at MIT (Massachusetts Institute of Technology), published in 2017. Temin who turned 80 in December, has used a 1950s era economic model developed by W. Arthur Lewis (1915-1991), the West Indian economist who won the Nobel Memorial Prize in Economic Sciences in 1979. Lewis proposed a dual economy in developing countries, with one part containing upwardly-mobile, skilled workers and the other part inhabited by subsistence workers.

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European Union finance ministers are set to approve a blacklist of non-EU tax havens on Tuesday, officially termed "non-cooperative tax jurisdictions" but it will exclude 3 of its member countries including Ireland who is among the top 5 global rich countries that in effect sustain the smaller tax havens. It will also exclude Luxembourg, and Malta where a journalist who investigated international tax fraud, was murdered last October.  

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A week after the Paradise Papers were published following a leak from Appleby, a Bermuda law firm and facilitator of corporate avoidance, Pascal Donohoe, Irish finance minister, will lobby Republicans in the US Congress, to scale back or eliminate an excise tax proposal in their tax cut and reform bill, which is designed to reduce profiting-shifting by giant multinational firms.

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Prof Séamus Grimes of NUI Galway is one of the leading Irish academic experts on China's economy and he has focused his recent research on the evolution of the indigenous high tech sectors in both Ireland and in what is again the world's biggest economy (adjusted for price differences using what are called Purchasing Power Standards), since it lost its place to Great Britain in 1820. Last week at the university, Prof Grimes made a presentation on China's massive 'One Belt, One Road'/ Silk Road intercontinental project, that was first announced by President Xi Jinping in 2013.

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On Monday Lawrence Summers, Harvard economist, former Treasury secretary and director of the National Economic Council in the first term of President Obama, in effect called President Trump's top 3 economic advisers lying fraudsters in his monthly column in The Washington Post and The Financial Times. He said their tax-cutting proposal was "a melange of ideas put forth without precision or arithmetic" and it was easy to demonstrate that the claims, including the assertion that domestic investment will be spurred by corporate tax cuts, were "some combination of ignorant, disingenuous and dishonest."  Meanwhile, William Lazonick, professor of economics, University of Massachusetts Lowell, has published a paper on the disconnect between the real American economy and what he calls "the legalized looting of the US business corporation."

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Jean-Luc Mélenchon, a leader of the far left who made common cause with the Communists in this year's French presidential election, was the wealthiest candidate of the leading candidates while Emmanuel Macron with a new political party defied conventional wisdom and became the youngest leader of France since the 30-year old Napoléon Bonaparte seized power in a coup d'état in 1799.

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In 2016 European Union economic growth exceeded that of the United States and this year the recovery continues while UK and US growth remain weak. In a dramatic signal of rising public confidence , a majority of Europeans say they are optimistic about the future of the EU and more than two-thirds identify themselves as EU citizens, according to a Eurobarometer survey of more than 33,000 people across the union and in candidate countries.

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In 1992 'Industrial Training in Ireland,' an official report authored by Dr Frank Roche and the late Paul Tansey, concluded that Ireland was a poor trainer — both the State and the business sectors — and there was an urgent need to radically upgrade the skill base of the workforce. In the quarter century since then not much has changed and a July 2017 paper from the Department of Public Expenditure (PER) shows that the cost of public outlays on training and further education was €1.7bn in 2016.

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Exchange rate changes have put the cost of living in Dublin at the same level as London's while data last month from Eurostat show Irish prices for a broad cross-section of consumer goods and services were the second highest in the European Union (EU), coming in at 125% of the average of the 28 member countries in 2016. With the exception of consumer electronics, Ireland was above the EU average for all the price categories surveyed.

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Brexit: The UK is the most globalized big economy in the world and despite the disastrous general election results for the Conservative Party, it's unlikely that exit negotiations with the European Union will result in unimpeded access to the world's biggest trading market — John Redwood, a Eurosceptic Tory MP, said last Friday that both Labour and the Conservatives had ruled out staying in the single market. "We were honest with the British people and there is no option to stay in the single market without accepting all of the European laws, the superiority of the European Court of Justice, the freedom of movement and the budget contributions," he said.

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Irish Economy View All

4
Dec
2017

European Union finance ministers are set to approve a blacklist of non-EU tax havens on Tuesday, officially termed "non-cooperative tax jurisdictions" but it will exclude 3 of its member countries including Ireland who is among the top 5 global rich countries that in effect sustain the smaller tax havens. It will also exclude Luxembourg, and Malta where a journalist who investigated international tax fraud, was murdered last October.  

Read more

27
Nov
2017
7
Nov
2017

A week after the Paradise Papers were published following a leak from Appleby, a Bermuda law firm and facilitator of corporate avoidance, Pascal Donohoe, Irish finance minister, will lobby Republicans in the US Congress, to scale back or eliminate an excise tax proposal in their tax cut and reform bill, which is designed to reduce profiting-shifting by giant multinational firms.

Read more

Europe View All

16
Mar
2018

Italy is in crisis again, following an election that gave populist parties of the right and left about half the votes cast while the centre-left Democratic Party (PD) plunged to 19% of the vote. However, after two decades of near-stagnation, average incomes in 2016 were higher than Ireland's as reflected in Eurostat data on consumption of public and private goods/ services, adjusted for price differences and the OECD's latest data on net adjusted disposable income.  

Read more

21
Sep
2017

Robots and other technological advances such as artificial intelligence (AI), and driverless vehicles, will enable countries in Europe with declining populations to sustain economic growth. Migrants may as well, but those populations do also age while large-scale migrations can result in political and social discord.

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17
Aug
2017

Jean-Luc Mélenchon, a leader of the far left who made common cause with the Communists in this year's French presidential election, was the wealthiest candidate of the leading candidates while Emmanuel Macron with a new political party defied conventional wisdom and became the youngest leader of France since the 30-year old Napoléon Bonaparte seized power in a coup d'état in 1799.

Read more

Global View All

22
Jan
2018

The Dutch Republic (1581-1795) also known as the Republic of the Seven United Netherlands, was founded after the rejection of the rule of Philip II of Spain. In the seventeenth century, it was the richest country in Europe and it had the attributes of a modern economy with a high ratio of urbanisation, educational institutions, and the location of the birth of both the modern multinational corporation and stock exchange.

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2
Jan
2018

The US economy has reverted to the economic and political structure of a developing nation according to a book by Peter Temin, emeritus professor of economics at MIT (Massachusetts Institute of Technology), published in 2017. Temin who turned 80 in December, has used a 1950s era economic model developed by W. Arthur Lewis (1915-1991), the West Indian economist who won the Nobel Memorial Prize in Economic Sciences in 1979. Lewis proposed a dual economy in developing countries, with one part containing upwardly-mobile, skilled workers and the other part inhabited by subsistence workers.

Read more

11
Dec
2017

Innovation View All

28
Sep
2017

The Netherlands with a population of 17m is Europe's top agri-food exporter while agri-food trade from the European Union (EU-28) to the rest of the world has been ahead of the United States in recent years. Ireland had a 10th ranking in the agri-food export league in the EU in 2016 and the United Kingdom was in 7th place, boosted by the whisky sector.

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24
Feb
2017

The words 'entrepreneurship' and 'entrepreneur' are used by policy makers and the media to describe business enterprise founders while the stars in particular in the high tech sector are seen as risk takers who have bet big on what may have once been seen as implausible ideas. Here our main focus is on employer firms in all sectors with at least one employee and data from the United States show that since 1977 the rate of new employer business formation (before accounting for firm deaths) has halved to about 8% — similar to firm birth rates  in Europe (2015) and Ireland (2016). The number of entrepreneurs is down from both the years 2000 and 2007 (the latter year was the last before the onset of the Great Recession).

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16
Dec
2016

High-growth firms (HGFs) are not typically high-tech firms, just as the word 'startup' may not refer to a new tech company despite the common misusage in the lexicons of politics, business and journalism. Policy makers also need to be aware that rapid growth of HGFs is typically not sustained.

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