Archive for July 6th, 2021

Central bank independence and inflation: Weak causality at best

July 6, 2021

Philipp F. M. Baumann, Enzo Rossi and Michael Schomaker in this voxeu research:

The Perils of Paradigm Economics

July 6, 2021

Prof Andres Velasco of LSE in this Proj Synd article:

“The era of big government is over,” then-US President Bill Clinton proclaimed in 1996. But President Joe Biden’s multi-trillion-dollar  are suggesting precisely the opposite. Behind the politicians stand the policy gurus, eager to put their names on – as the fashionable phrase goes – a new “policy paradigm.”
Paradigm-peddlers have not yet settled on a single label for the post-pandemic era, but frothy ideas abound. Countries should “build back better,” but only after a “great reset.” Economic growth used to be a pretty good thing on its own; these days, it is unmentionable in polite company unless it is “inclusive, equitable, and sustainable.” (I can see why, but must all three adjectives always be strung together?)
True, the pandemic revealed plenty of social and economic weaknesses that governments should have been busy fixing a long time ago. Weak state capacities, grossly insufficient health infrastructure, threadbare social safety nets, and malfunctioning labor markets – the list is long, and it applies to most developing economies and a surprising number of rich countries, too. There is nothing like a crisis to rouse slumbering policymakers and shove aside veto players who impede change.
So, change is in the air, and in many cases it will require a more muscular (though not always larger) state. But does this – and, more importantly, should it – add up to a new paradigm?

How India eradicated Polio?

July 6, 2021

Ayushi Kalyani in this Madras Courier article:

India’s battle against polio lasted over 66 years. The first research center to battle against polio was established in Mumbai in 1949. The vaccine was introduced in 1979. However, India faced unique challenges in eradicating polio.

In the mid-1980s, India reported two to four hundred thousand cases annually. Until the early 1990s, India was hyper-endemic for polio; an estimated 500 to 1000 children were paralysed every day from the disease. But India managed to eradicate polio completely. The last case was recorded in 2011.

How did India manage to eradicate polio? What lessons, if any, can we learn and apply in our fight against COVID-19?

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