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Capitalism and the biggest global issue (2)

Capitalism and the biggest global issue (2) A better way to gauge the economy Going beyond our understanding of what motivates people and organisations within the market, there is growing attention to the metrics that guide the outcomes of that action. One of those metrics is the discount rate. Economist Nicholas Stein stirred a healthy controversy when he used...... more

Capitalism and the biggest global issue (1)

Capitalism and the biggest global issue (1)    There are two extremes in the debate over the role of capitalism role in our present climate change problem. On the one hand, some people see climate change as the outcome of a consumerist market system run rampant. In the end, the result will be a call to replace capitalism with...... more

Prosperity doesn’t trickle down, it comes from the middle-out (Part 5)

Prosperity doesn’t trickle down, it comes from the middle-out (Part 5) These are not outrageous demands. Most Americans already enjoy many of these benefits – our challenge is to retain them in the face of the changing nature of employment. And the benefits for the economy would come in the form of more than the intangible (but crucial) metric of worker happiness....... more

Prosperity doesn’t trickle down, it comes from the middle-out (Part 4): Ensuring the worker’s welfare

Prosperity doesn’t trickle down, it comes from the middle-out (Part 4): Ensuring the worker’s welfare To be clear, proration is not a radical idea. Social Security and Medicare have always been prorated: Zoe’s employer pays half of her 15.3 percent combined Social Security and Medicare tax, regardless of how many hours she works. But all mandatory benefits that normally accrue to full-time employees on a daily...... more

Prosperity doesn’t trickle down, it comes from the middle-out (Part 3): 21st century social contract

Prosperity doesn’t trickle down, it comes from the middle-out (Part 3): 21st century social contract Of course, business does require a degree of certainty to operate. For example, you’re not likely to see American corporations invest in Somalia right now, because they can’t be sure the Somali government will enforce the rule of law. Without the protection of laws, assets could be seized, workers could be imperiled, and...... more

Abia screens applicants for youth creation and employment programme

Abia screens applicants for youth creation and employment programme The Abia State Social Investment Programme today commenced Physical Verification Exercise for Pre-selected applicants for the N-Teach, N-Health, N-Tax and N-Agro components of the Federal Government/State Government Youth Creation and Employment Programme. A statement issued on Sunday in Umuahia by Abia State Social Investment Programme State Focal Person, Chinenye Nwaogu indicated that the...... more

Prosperity doesn’t trickle down, it comes from the middle-out (2)

That’s not all. During tourist season, Zoe will pick up a little spending money by renting out her apartment on Airbnb, living in her parents’ house for days or weeks at a time. And when her schedule at the hotel allows it, she’ll pick up a temporary job or two, usually...... more

Nigerian professionals unfold plans to create one million jobs

Nigerian professionals unfold plans to create one million jobs A new group of Nigerian professionals, the G-57, has said it will facilitate the creation of one million jobs, which will grow the country’s GDP to $4 trillion within eight years. G-57’s Governing Board Chairman, Mr. Tom Isegohi, made this known to journalists at a press conference held in Lagos yesterday....... more

Delta, World Bank collaborate on markets for young entrepreneurs

Delta, World Bank collaborate on markets for young entrepreneurs The Delta State Government says it is collaborating with the World Bank and other development partners to hold a fair for beneficiaries of its youth empowerment programmes. The Chief Job Creation Officer of the state, Prof. Eric Eboh, stated this at a news conference in Asaba on Tuesday, organisers of the...... more

Prosperity doesn’t trickle down, it comes from the middle-out (1)

Prosperity doesn’t trickle down, it comes from the middle-out (1) Properly understood, the middle-class is the source of all growth and prosperity in a modern technological economy. But the American middle class is facing an existential crisis. For more than three decades, declining wages, fraying benefits, and rising costs of education, housing, and other essentials have stressed and squeezed middle-class Americans....... more

Abia Free Trade Zone to create 1m jobs

Abia Free Trade Zone to create 1m jobs Abia State Governor, Okezie Ikpeazu, has said that the Abia targets about one million jobs for the teeming unemployed youths in the state from the proposed free trade zone near Aba. The governor stated this at an interactive forum with stakeholders from Ukwa East and West and Ugwunagbo local government areas...... more

NDE to train 76,300 unemployed youths in vocational skills

NDE to train 76,300 unemployed youths in vocational skills The National Directorate of Employment (NDE) will soon train 76,300 unemployed youths under the Basic National Open Apprenticeship Scheme (B-NOAS) in vocational skills acquisition. The training scheme will take place simultaneously in all the 36 states, including Federal Capital Territory (FCT). Its duration ranges between two weeks and three months with...... more

Towards a new, local but, globally interconnected, digital, collaborative, urban economic model of shared prosperity.

Towards a new, local but, globally interconnected, digital, collaborative, urban economic model of shared prosperity. The Occupy Movement, perhaps, first raised global awareness of the growing dissatisfaction with market-based capitalist economy. Banks too big to fail, government bailouts, and rising income inequality drew the ire of millions around the globe. Since then, the calls for a rethink of our economic paradigm have grown louder. One potential...... more

Most ‘wealth’ isn’t the result of hard work

Most ‘wealth’ isn’t the result of hard work It’s time to call the housing crisis what it really is: the largest transfer of wealth in living memory – A US scenario of a rentiering economy.  One of the basic claims of capitalism is that people are rewarded in line with their efforts and productivity. Another is that the economy is not a...... more

The economics of team success

The economics of team success If money does not buy performance, one practical measure is to promote salary fairness among team members. It’s a no brainer to think that talents lead to high performance. That’s why we go after them with money. But does it work for a team? Not necessarily, at least for the English...... more

Why consumption tax may not make any sense at all

Why consumption tax may not make any sense at all The devil in the (accounting) details and the economic effects you often hear calls out there – mostly from right economists, but also from some on the left – for a consumption tax in the United States of America.  As presented, it’s a super-simple idea: tally your income, subtract your saving, and what’s...... more

Bribery, corruption and evolution of pro-social institutions (1)

Bribery, corruption and evolution of pro-social institutions (1) How the science of cooperation and cultural evolution will give us new tools in combating corruption. There is nothing natural about democracy. There is nothing natural about living in communities with complete strangers. There is nothing natural about large-scale anonymous cooperation. Yet, daily we buy coffee from the likes of Starbucks...... more

The most important skill for a successful entrepreneur

The most important skill for a successful entrepreneur One out of every 10 babies in the world is born premature. One million die each year: many due to lack of warmth. And, someone wanted to change all that, saying: “No baby should die from being cold.” This core value was the centre of her team’s project and design for...... more

Killing Inequality (3)

Killing Inequality (3) Yet another obstacle to reform lies in efforts to discourage the bottom 50 per cent from mobilising. Across the world, elites have promoted ideologies that focus the poor’s attention on non-economic flash-points, such as culture, ethnicity and religion. They also spread conspiracy theories that attribute chronic inequalities to evil-doers, real or imagined. Today’s populist...... more

Killing inequality (2)

Killing inequality (2) Some countries have found ways to reduce inequality without a catastrophe. Giant corporations also play massive roles in advanced democracies. In these countries, the military and the police are constrained by various institutions, and politicians must maintain popular support to stay in power. But it is one thing for citizens to...... more

Fidelity Bank, Empretec empower 300 youths in bid to create the next Dangote

Fidelity Bank, Empretec empower 300 youths in bid to create the next Dangote Fidelity Bank Plc, top Nigerian lender in strategic partnership with Empretec Nigerian Foundation on Monday commenced a graduate entrepreneurship training programme for 300 youths in Abuja, the Federal Capital Territory (FCT). This initiative which is part of the bank’s entrepreneurship support intervention for state governments and Micro Small Medium Enterprises (MSMEs)...... more

Killing inequality (1)

Killing inequality (1) Redistribution’s Violent History: World War II devastated the economic infrastructures of Germany and Japan. It flattened their factories, reduced their rail yards to rubble, and eviscerated their harbours. But in the decades that followed, something puzzling happened: the economies of Germany and Japan grew faster than those of the United States, the United Kingdom, and...... more

The easiest way to return to the Golden Age

The easiest way to return to the Golden Age The easiest way to return to the Golden Age tranquility and equality is to empower fiscal policy. During the post-war Golden Age, from 1950 to 1973, US median real wages more than doubled. Today, they are lower than they were when Jimmy Carter was president. If you want an explanation why Americans...... more

Bayelsa in massive job creation

Bayelsa in massive job creation The Bayelsa Government said on Thursday in Yenagoa that it created over 7,000 direct and indirect jobs through the release of N1.88 billion loan to Small and Medium-scale to entrepreneurs and cooperatives. Gov. Seriake Dickson stated this at the 2017 African SME EXPO with the theme `Promoting SMEs for sustainable development...... more

Team success and the limitations of talent

Team success and the limitations of talent If money doesn’t buy performance, one practical measure is to promote salary fairness among team members. It’s a no brainer to think that talents lead to high performance. That’s why we go after them with money. But does it work for a team? Not necessarily, at least for the English Premier League...... more

How Low-paying Jobs, Weak Safety-nets Reduce Innovation, Productivity

How Low-paying Jobs, Weak Safety-nets Reduce Innovation, Productivity Given the structure of our social safety nets, automation tends to increase poverty and inequality rather than unemployment. People are worried about robots taking over jobs. Driverless cars are around the corner. Restaurants and shops increasingly carry the option to order by touch-screen. Google’s clever algorithms provide instant translations that are...... more

Jobs: Kaduna State Government announces recruitment exercise

Jobs: Kaduna State Government announces recruitment exercise The official twitter handle of Kaduna state government in a tweet has said that they are currently recruiting. The tweet which was retweeted by the Governor of the state, Nasir El-Rufai, contains a memo to that effect and it reads “The Kaduna State Internal Revenue Service (KADIRS) is recruiting!” (Daily Trust)...... more

Why groups fail (2)

Why groups fail (2) The solution to that puzzle is a process of selection among groups in a multi-group population. Once again, the logic is relentlessly relative, which means that a group can sabotage a multi-group organisation as easily as an individual can sabotage a group. MLS theory doesn’t make everything nice, but it does...... more

Why groups fail (1)

Why groups fail (1) To solve the problem of abuse by power-hungry leaders, the first step must be the adoption of a world-view that makes it obvious. Some experiments are like a good play, compressing profound truths into compact form. That is how I felt when I read a 2010 article in the Journal of Personality...... more

The need for simplicity and transparency

The need for simplicity and transparency The newest Wall Street bestseller by Michael Lewis – Flash Boys – chronicles the unlikely emergence of fairness in the corrupt world of high-frequency trading (HFT). It’s a gripping and enlightening read for anyone who doesn’t already know the story; but it becomes especially enlightening when viewed through the lens of evolutionary game...... more

 

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