Do you feel like that the current curriculum of your Economics program is too narrowed, has more mathematics than needed, relying on odd and unrealistic assumptions and does not provide you with more insights about the world outside your classroom then you are not alone. In a manifesto signed by 100 university economics associations from 30 countries, the students criticize the current mainstream economics theories which do not represent nor is able to predict the economic reality. In the Netherlands, Rethinking Economics NL is a network which calls for pluralism in economic teaching at universities. Especially at the moment where we face big challenges that are new to us such as climate change, increasing population rate, huge migration flows and globalization, mainstream economics taught at universities is not preparing the next generation economists to solve these issues.
The world was in shock when an unexpected leak of 11.5 million files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca took place. The records were soon shared with the International Consortium of Investigative Journalists (ICIJ) which started its own big investigation. The documents revealed the countless ways in which the richest of the world exploit mysterious offshore tax systems offered by the so called tax-heavens.
Donald J. Trump, the front-runner for the Republican nominees, increased his chances to become the future President of United States after winning in 12 states. Nowadays, it seems that the presidential politics is about the characteristics more than it is about the proposed policies. Trump is arrogant, shameless, unapologetic, rude and the focal point of attention in any room he walks into. Trump, as any other right wing candidate, makes big promises to the angry white middle-class who were disappointed by the previous administration under George W. Bush and Barack Obama. These personal tracks make him appealing to some voters who are in need of an extravagant leader. Trump’s economic solutions to make America great again can be summarized by the term: “Trumponomics”. Immigration reform, tax cuts and trade reform are the three-pillars on which Trumponomics rests.
January 16 was a good day for Iran since it became again part of the world financial markets. The European Union lifted all its finance, trade and travel restrictions in exchange for Iran curbing its nuclear program. Although this day was celebrated by many parties, criticism was still present. This article will try to analyze the economic impact of this recent deal on Iran, Middle East and Europe.
On the fifth of December, Sinterklaas (The Dutch Santa) was celebrated by many of us. This time of seasonal family get-together is characterized by eating lots of spice nuts, chocolate letters, writing cheesy poems and creating mind-blowing surprises. However, in the end, as in any other fest, it is also about gift-giving. However, according to the economist Joel Waldfogel we should stop this madness since it creates 85 billion economic waste in the United States only.
The European commission blamed the Dutch tax officials for giving illegal tax benefit deals to Starbucks. These tax benefits can be seen as a state aid to Starbucks and it is forbidden by law to subsidize corporations. Starbucks Corp should pay the Dutch government 25 million euros in back taxes. The Netherlands is not going to receive a fine, however the European Antitrust commissioner Margrethe Vestager said that the country should feel ashamed.
The Bank of England’s chief economist, Andy Haldane, has recently proposed a radical measure with the intent to avoid another recession in the United Kingdom. Mr. Haldane aims to ban the use of cash altogether and fully switch to digital money. However, is it possible to demolish a system that has been used for ages? For many, this policy proposal might be seen as taking a step too far, while others see it as a way to further improve our financial system.