A Quote by Kenneth Rogoff

Global markets have a much bigger effect on prices and wages in the U.S. and elsewhere than they did before. — © Kenneth Rogoff
Global markets have a much bigger effect on prices and wages in the U.S. and elsewhere than they did before.
You can't tell me you can make any system or country work with low wages and high prices, and high wages with high prices don't mean anything when the prices eat up the wages and don't leave anything over.
Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.
I trust that McDonald's can find a way to sell all-natural chicken without raising their prices; we did that at Shake Shack. It is more expensive, and we took a slight margin hit, but we did it. And if we can do it, I know that much bigger companies can.
Cause and effect, the riddle of all history, is a particular devil in financial history; and never more so than today, where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing.
Some people, they're seeking elsewhere, looking elsewhere. I love WWE, but this is the type of wrestling that I grew up on. And every week, it's bigger and bigger. And these shows are just getting more and more special.
We spend too much, we borrow too much, and we distort the markets. The bigger the distortions have lasted, the bigger the bust will be.
Higher productivity enables companies to increase sales without adding workers. Even if job markets tighten and wages rise, corporate profits can continue to climb as long as worker productivity is growing faster than overall wages.
The crusade to convince us that global warming can only be dealt with by wealth destruction and higher energy prices began with an effort to 'raise awareness,' which turned into some delicate nanny-state prodding before efforts to artificially inflate prices.
If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.
Concerning our possibilities on the international financial markets, the sanctions are severely harming Russia. But the biggest harm is currently caused by the decline of the prices for energy. We suffer dangerous revenue losses in our export of oil and gas, which we can partly compensate for elsewhere. But the whole thing also has a positive side: if you earn so many petrodollars - as we once did - that you can buy anything abroad, this slows down developments in your own country.
For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.
Global companies can raise capital much easier than local Indian companies can because they have access to many more markets than we do, and this ends up distorting competition.
Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.
The greatest danger to an adequate old-age security plan is rising prices. A rise of 2% a year in prices would cut the purchasing power of pensions about 45% in 30 years. The greatest danger of rising prices is from wages rising faster than output per man-hour.... Whether the nation succeeds in providing adequate security for retired workers depends in large measure upon the wage policies of trade unions.
Global inequality is such an abstract concept, simply because there is no global government. Telling people in rich countries who have had no increase in real incomes, stagnant median wages and so on, that on the other hand global inequality is going down because people who are much poorer than them are getting richer - it's something that maybe they would like in an abstract sense, because everyone is happy there are fewer poor Chinese, but you may not be as happy if these Chinese are taking your job.
Ministers have received their wages, and some have their minds too much on their wages. They labor for wages, and lose sight of the sacredness and importance of the work.
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