economy

Few issues in American politics prompt more partisan passions and conflicting points of view than tax policy. One would think that there would be a definitive historical record of successes and failures that could inform future policy, but since other macro economic trends are operating at the same time, it can be difficult for economists to isolate the impact of tax cuts and hikes independent of these confounding factors.

Rare-earth minerals are essential to the production of high-tech items such as smart phones and laptops, and they are being increasingly utilized for a variety of purposes in the defense and clean energy sectors. These include elements such as lanthanum, used in camera lenses; praseodymium, for lasers and magnets; and promethium, used in atomic batteries.

As nations undergo economic development and open their markets, they will see necessary structural change within their labor sectors. One key assumption about globalization is that it will uniformly force economies to become more productive and efficient as competition exerts pressure. However, local conditions may significantly alter globalization’s impact, particularly as it relates to the nature and quality of employment.

During the 1930s, the upheaval of the Great Depression spurred a wave of protectionist trade policies and created a global atmosphere of isolationism that further exacerbated the contraction of economic activity. Many observers feared that the Great Recession of 2008-09 might similarly prompt nations hurt by the financial turmoil to erect barriers around their economies.

The United States has traditionally led the world in the manufacture of advanced technological products, but in recent decades global patterns have shifted. The country recorded a trade surplus in terms of such products as recently as 2001, but by 2010 that trade balance was a deficit of $81 billion. Overall, from 1998 to 2010 the U.S. lost some 6 million general manufacturing jobs and now has only 11.6 million such jobs, representing just 11% of the labor market.

The impact to human life of alcohol consumption is well documented — in the United States an estimated 79,000 lives are lost annually due to excessive drinking. As terrible as the loss of life is, the full price that society pays is even greater — health care costs rise, property is damaged, productivity is lost, and more.

The trend of suburbanization characterized a long chapter in American residential living, but in recent decades many urban areas have seen transformations as waves of new apartments and condos have been built. Beginning in the 1990s, new building permits began to increase in many core urban areas.