The Greek response to new bailout talks and more fiscal austerity ranged from a Scrooge Christmas card to a larger underground economy.
Our everyday economics includes inelasticity, supply, regulation, entitlements, subsidies, healthcare, innovation, price floor, monetary policy, euro zone.
Cash withdrawals from Greek banks show depositors’ worries about a euro zone departure and monetary policy problems.
For insight on how Greece and Germany handle the prisoner’s dilemma as they negotiate Greek debt, we can compare their differences and eurozone loyalty.
A big part of the shadow economy, the tax evasion in Greece that prevails among the self-employed substantially ups the deficit and distorts fiscal policy.
Looking at a European average economic growth rate, unemployment rate and GDP to debt ratio is misleading because of countries’ disparate economies.
With more austerity resistance to government spending cutbacks, Greece could again be heading for a sovereign debt default and a bailout.
Seemingly just a statistic, how we calculate the GDP and how it is used can be controversial and affect the lives of millions of people.
Asked to define a recession, you can give the mechanical answer. It is 2 or more adjacent quarters of a real GDP decline. So, if Q1 GDP grows by 3%, Q2 by 2% and then Q3 by 1%, is that…
Like New York’s Knickerbocker Bank in 1907 or Jimmy Stewart’s 1930s bank in It’s a Wonderful Life, the ingredients of a classic run include distraught depositors and rumors of a bank’s imminent demise. Now we can add a third bank run…