The World Bank is raising its crude oil price forecast for 2016 to $43 a barrel from $41 dollars after a 37 percent jump in energy prices in the second quarter due principally to disruptions to supply, particularly from wildfires in northwestern Canada and sabotage of oil infrastructure in Nigeria.
Fear of openly confronting politics can come in the way of achieving economic development goals. To help address this problem, the Development Research Group of the World Bank prepared a report synthesizing the vanguard of economics research on the functioning of political markets to understand the implications. It yields insights for strengthening existing transparency and citizen engagement policies with potentially powerful consequences for economic development everywhere, in poor and rich countries alike.
It has been almost ten years since Richard Thaler and Cass Sunstein wrote Nudge, but the revolution in behavioral policymaking is still unfolding.
Around the world, behavioral economists and policymakers strive to show that a richer model of human behavior can improve both individual and social welfare in virtually all domains of society.
As agrarian economies modernize, a need emerges for coordination in production. In most countries, production is organized around a seven-day cycle in which five days are designated as workdays and two days are designated as a weekend. Indeed, in the United States, the vast majority of employed persons work during workdays and not during weekends.
Intellectual property (IP) protection is a heavily debated issue particularly in the developing world, as many formerly poor countries have experienced rapid economic growth and now represent potentially profitable markets for innovating firms. Partly because of this growing importance, members of the World Trade Organization were required to adopt the Trade Related Intellectual Property Standards (TRIPS) intended to establish uniform IP standards including a product patent system in all fields of technology. Many developing countries such as India, China, and Brazil have recently begun creating these systems (and these policies are currently being considered in many African countries). As a result, little is known about the effects of these policies in the developing world.
When I was a high school student in Belgium, our history textbook included a reproduction of a painting entitled “The Drunkard” by Eugène Laermans. The painting was included in the section describing the history of the labor movement in the country and its achievements in passing legislation aimed at improving the situation of the working class. In particular, the painting was meant to illustrate why the Belgian law introducing child benefits – monthly transfers to all families raising children until age 18 (or until age 25 as long as they are still students) - stipulates that these benefits are paid to the mother. The law still holds today, even if it allows for exceptions when the mother is not present in the household.