When Turkey’s ruling AKP regained a parliamentary majority in the country’s
general election on November 1, financial markets cheered. The same short-term
focus and herd behavior that often lead financial markets to neglect more
significant economic fundamentals can also distort markets’ judgment of
countries' political prospects.
The terrorist slaughter in Paris once again brings into sharp relief the
storm clouds gathering over the twenty-first century. Given the dangers we see
almost daily, it is worth pondering what we may be in for.
To economists, criminals are people with a low opportunity cost and few legitimate opportunities. Terrorism is different. Terrorists and their organisations seek to make a political statement; terrorists arise when there are severe political grievances with no alternatives for pursing those grievances.
Digital platforms are transforming how labor markets operate and
revolutionizing the nature of work. In many ways, this is a positive
development, but it is also undermining the traditional employer-employee
relationships that have been the primary channel through which worker benefits
and protections have been provided.