The Liberal government of Justin Trudeau is making significant investments in the Canadian public broadcasting, the arts and creative industries. A lesson for other countries on “how to tap into the creative capital of a society.”
The post Art for innovation’s sake? Lessons from our Canadian cousin appeared first on The Canadian Progressive.
. . . → Read More: The Canadian Progressive: Art for innovation’s sake? Lessons from our Canadian cousin
This is the time of year when articles list their favourite things about last year, and their “things to watch” for the next year. Naturally, my “things to watch” list will always include the labour market. Where have we seen the strongest job growth or worst job losses, and what are the trends that might […] . . . → Read More: The Progressive Economics Forum: Jobs and Growth after the Great Recession
Statistics Canada is reporting a 0.3% increase in monthly GDP for July, on top of a (downward revised) 0.4% increase in June. This will no doubt spark Conservative politicians, and many economists, to declare that the shallow recession which Canada experienced in the first half of 2015 is already over.
As recently as last week, . . . → Read More: The Progressive Economics Forum: Too Early to Call Recession Over
If conservatives believe in low taxes in order to keep government small, so be it, but when they insist that low taxes are necessary for a healthy economy, they are talking rot, parroting a mantra that has been utterly disproved.
The low tax theory can in fact be refuted with one word: Sweden. I could . . . → Read More: Bill Longstaff: Enough of this low tax nonsense
There were surely more people (myself included) watching Statistics Canada’s GDP release at 8:30 am Tuesday, than any other release in recent history! This reflected the political significance of the possibility that an official recession would be confirmed by the numbers, right smack in the middle of an election campaign — all the more so . . . → Read More: The Progressive Economics Forum: GDP Recession a Symptom of Deeper Failures
Evidence continues to mount regarding Canada’s lousy economic trajectory, and there is now a pretty broad consensus among Canadian economists that the economy was likely in recession in the first half of the year. That’s not a sure thing, of course: we won’t know until September 1 if second quarter GDP grew or shrank.
Here’s . . . → Read More: The Progressive Economics Forum: The Deficit Battle and the Economic War
Canada’s first-quarter GDP report was not just “atrocious,” as predicted by Stephen Poloz. It was downright negative: total real GDP shrank at an annualized rate of 0.6% (fastest pace of decline since the 2008-09 recession). Nominal GDP fell faster (annualized rate of 3%), as deflation took hold across the broader production economy (led, of course, . . . → Read More: The Progressive Economics Forum: Judging the Odds for an “Election Recession”
We are pleased to present this guest commentary from Kim Pollock, a former union researcher based in B.C. and Saskatchewan. Now retired, Kim is investigating various aspects of Canada’s economic performance. A longer version of this paper will be presented by him at the upcoming Society for Socialist Studies meetings in Ottawa, and can be . . . → Read More: The Progressive Economics Forum: Guest Blog from Kim Pollock: Stagnation Without End
The Bank of Canada released it’s quarterly Monetary Report today, and held rates firm at 3/4 per cent.
The Bank cut growth expectations for 2015, but expects Canada’s GDP to rebound in 2016. Much of this rebound will depend on a growing U.S. and global economy, and on the ability of Canadian exporters to capture . . . → Read More: The Progressive Economics Forum: Bank of Canada Holds Rate Steady
Canada’s economic and fiscal debates in recent months have been dominated by the possible impacts of the sudden fall in oil prices since last autumn on growth, employment, and fiscal balances. Finance Minister Joe Oliver delayed the budget, the Bank of Canada shocked markets with a rate cut, and Alberta Premier Jim Prentice is now . . . → Read More: The Progressive Economics Forum: Thinking Through the Fall-Out of Lower Oil Prices
This guest blog post has been written by Louis-Philippe Rochon.
You can follow him on Twitter @Lprochon
Harper’s recent incarnation as an anti-terrorist crusader has caught many Canadians by surprise. Harper is spending considerable political energy beating the drums of war against terrorists, and introducing a far-reaching, and much condemned, bill aimed at restricting . . . → Read More: The Progressive Economics Forum: ROCHON: Harper in closet over the economy as Canada heads toward another recession
Italy’s National Institute of Statistics recently announced that next year it will start including activities such as prostitution and illegal drug sales in the country’s Gross Domestic Product.
And why not. After all, these activities create jobs and incomes and are therefore an integral part of a national economy. Estimating them will present a challenge, . . . → Read More: Bill Longstaff: Hookers to be part of Italy’s GDP
It is interesting to note that the most recent IMF staff report on Canadian economic issues echoes some key concerns of progressive economists. I have reported these for the Broadbent Institute.
As noted in this summary, the IMF report that corporate Canada’s cash hoard is the biggest in the G7 and has been mainly amassed . . . → Read More: The Progressive Economics Forum: The IMF and Progressive Economics in Canada
The 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 union economists testifying in its pre-budget hearings onto the same panel on November 21. I began my testimony as follows:
In addition to my work as an economist for . . . → Read More: The Progressive Economics Forum: PEF Session at the House of Commons Finance Committee
Ironically, 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, . . . → Read More: The Progressive Economics Forum: Black Friday GDP: Consumption Slows, But Inventories Jump
Yesterday, 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 . . . → Read More: The Progressive Economics Forum: Fossil-Fueled GDP Growth
As part of its push to expand to accommodate jet flights, the Billy Bishop Toronto City Airport has been advertising that it contributes $1.9 billion to Toronto’s economy. This claim is based on a study that the airport commissioned from InterVISTAS, an airline industry consultancy.
The study estimates the airport’s economic impact as of March . . . → Read More: The Progressive Economics Forum: Grounding the Toronto Island Airport’s $1.9-Billion Claim
(The following is slightly adapted from a short piece on page 3 in the new issue of Economy at Work, the quarterly publication I produce for CUPE, which also covers a lot of other relevant issues.)
It’s been a little over four years since Canada’s economy bottomed out in mid 2009. While we didn’t . . . → Read More: The Progressive Economics Forum: What happened to the recovery?
The second-quarter GDP numbers confirm that Canada’s continuing “recovery,” such as it is, is still balancing very precariously on a knife-edge between expansion and contraction. The various sources of growth vary widely in their current momentum. The overall net balance is barely positive. And coming austerity in the public sector could very much push the . . . → Read More: The Progressive Economics Forum: A Fine Balance: GDP Growth by Sector and the Impact of Austerity
Following positive GDP numbers in April and May, Statistics Canada reported today that a sharp drop in June dragged Canada’s economic growth to a mediocre pace of 0.4% for the second quarter.
June’s declines in manufacturing and resource extraction did further damage to industries that had declined in April and May. Construction also declined in . . . → Read More: The Progressive Economics Forum: GDP: Consumers to the Rescue
Statistics Canada reported today that GDP grew by 0.6% in the first quarter. The volume of energy and mining exports expanded by more than 5%, offsetting lower exports of many manufactured goods as well as a weak domestic economy.
Consumer spending growth slowed to 0.2% in the first quarter of 2013, its lowest rate of . . . → Read More: The Progressive Economics Forum: GDP: Resource Exports Cover for Domestic Weakness
Canada’s economy is set to grow less than the government thought, but it’s not our Prime Minister’s fault.
True under Stephen Harper the World Bank has downgraded Canada from being the 4th most Business Friendly country in 2006 to 17th in 2013, but, as most Conservatives know, businesses have nothing to do with the Canadian . . . → Read More: The Scott Ross: How A Bad Economy Is Not Harper’s Fault
First World money and Third World roads. If we’re so rich in Alberta, why do we seem so poor? A motorist negotiates one of Edmonton’s famed potholes. Actual Edmonton drivers may not have snappy uniforms like this fellow. Below: Author, professor and former Alberta Liberal politician Kevin Taft, the cover of Follow the . . . → Read More: Alberta Diary: Looking back in perplexity: where did all of Alberta’s money go again?
by Conference Board of Canada | Jan. 31, 2013: OTTAWA – Health care is a large and essentially recession-proof part of Canada’s economy, creating more than 10 per cent of the country’s total gross domestic product (GDP) annually and supporting more than two million jobs, according to a Conference Board of Canada analysis for its . . . → Read More: The Canadian Progressive: Health care is good medicine for Canada’s economy