Economics: The Remarkable Story of How the Economy Works

Economics: The Remarkable Story of How the Economy Works
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click here For example, a thousand years ago, the Arab caliphates ruled over regions of great economic dynamism, and cities like Damascus and Baghdad were global hubs of culture, research, and innovation. That golden era ended when religious fundamentalism took root and began to spread.

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Since then, a nostalgic pride in the past has substituted for bold new pursuits in the present. And it was no coincidence that during this time, cities like Lahore were multicultural centers of art and literature. But then came military rule, restrictions on individual freedom, and Islamic fundamentalist groups erecting walls against openness. By , India surpassed Pakistan in terms of per capita income, and it has since gained a substantial lead.

But this is not about any particular religion. Today, Hindu fundamentalist groups that discriminate against minorities and women, and that are working to thwart scientific research and higher education, are threatening its gains. As these examples demonstrate, Bangladesh needs to be vigilant about the risks posed by fundamentalism. In that case, Bangladesh will be on a path that would have been unimaginable just two decades ago: toward becoming an Asian success story.

World Economic Forum reports may be republished in accordance with our Terms of Use. Kaushik Basu , Chief Economist.

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This article is published in collaboration with Project Syndicate. The views expressed in this article are those of the author alone and not the World Economic Forum. I accept. Kaushik Basu Chief Economist. Join our WhatsApp group.

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Sign up here. High-skilled workers are in more demand because they are able to make maximum use of new technologies. The most rapid growth in employment in recent years has been among professionals and technicians who possess the digital skills to exploit technological change. Meanwhile, there has also been strong growth in the number of low-skilled, low-paid workers — just look at all the coffee and sandwich shops that populate the typical high street compared with 10 years ago.

The mystery is why rapid growth in demand for high-skilled workers has seen their real wages rise over the past 20 years, while similar rapid growth in demand for low-skilled workers has been associated with real wage stagnation. The answer is that there are more people chasing every low-skilled job than every high-skilled one.

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Mid-skilled workers who lose their jobs initially try to find a comparable job that makes full use of their talents. Some succeed but, because of the shrinking number of mid-skilled jobs, many do not. They do not have the qualifications to move up the skills ladder, so eventually they are forced to move down it and compete for low-skilled jobs.

Employers faced with many applicants for every low-skilled vacancy are therefore under no pressure to increase wages. At the same time, increasing numbers of people who cannot find the type of work they want are opting for self-employment, even though it means earning less than they formerly did. Although these trends have been in place for around 30 years, they have been amplified in the past seven years while unemployment has been above its pre-recession level.

It ought, therefore, to be good news for real wages that over the past two years unemployment has been falling steadily.

Having peaked at 8. There is a good chance that this will bring an end to the longest period of wage slump the UK has experienced in the past years. It was a great achievement," Sak told Xinhua in an exclusive interview ahead of his attendance at the Understanding China Conference scheduled for Dec in Beijing. The influential expert from TEPAV, an Ankara-based think tank, indicated that China has been doing well regarding its approach to new technologies, a sector in which collaborations with other countries such as Turkey could be built to give weight to sustainable development.

Sak said that developing new technologies can help countries achieve "a win-win situation" not only in sustainable development, but also in a global economic growth. Noting increasing trade between Turkey and China in recent years, Sak suggested that both countries could engage in "new experiments," referring to Chinese-Turkish joint investments in the Middle East and Africa, a huge market in which both Ankara and Beijing are interested. More than 40 international participants from political, academic and business areas in countries and regions involved in the Belt and Road Initiative have confirmed their attendance at the upcoming conference in Beijing.

This will be the third Understanding China Conference. The two previous ones were held in and respectively.

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