Menus, NIMBYs and a maximum wage: Reactions to An Bord Snip Nua
A few days on from the launch of An Bord Snip Nua, a few lines of reaction have emerged. This post explores three main reactions, including “this is just a menu”, “not in my back yard” and “can’t the rich pay?”, all of which seem to show a disappointing lack of understanding about the scale and nature of the problem facing Ireland Inc. Read more
The level of transactions in property and the emergence of regional property markets
The latest daft report shows that asking prices are now almost 25% below their 2007 peak but also shows regional differences, with prices in some areas falling twice as much as in others. This post explores the typical time a property spends on the market across the different parts of the country and the share of properties coming off the market in a particular month. Interesting regional trends emerge. Read more
An Bord Snip Nua – who is paying most?
The Bord Snip Nua report came out this afternoon, recommending €5.3bn in expenditure cuts. A closer look at the figures reveals that while Health is just about paying its way, Education’s contribution to the cuts falls well short of its relative size. Meanwhile, smaller departments such as Arts, Sports & Tourism and Community, Rural & Gaeltacht Affairs are seeing cuts of up to 40%. Read more
It’s so cold and it’s so broken, Board Snip Nua!
Is government expenditure in Europe an inferior good? The Slovakia-Ireland paradox
To an economist, “inferior goods” are those we switch away from as we become richer. Between 2000 and 2008, Europeans became 14% richer, while the typical European government increased its share in the economy from 44.7% to 45.4%. The two fastest growing economies, however, the Slovak Republic and Ireland, had exactly opposite experiences, with the Slovak government now the smallest in Europe. It turns out that these countries aside, poorer countries generally saw their governments grow, while wealthier European states saw their governments shrink. Read more
Links, including housing, productivity, happiness and innovation
Some reading for today, mostly people being impressed (or not) with other people’s work! Read more
Public sector versus private sector pay – update
New data from the CSO show in starkest terms the pay gap between public and private sectors. The evidence is now overwhelming that public sector workers enjoy a massive salary premium, which given the state of the country’s finances can no longer be afforded. Read more
A Rawlsian look at long-term development: another perspective on the Africa puzzle
Long-run data on inequality within and across countries from the 1820s allow a Rawlsian look at the world: how well off are the poorest in society? This post calculates GDP per capita of the poorest 10% of a society for a selection of world regions. This perspective makes Africa’s plight even more baffling, given that its poorest citizens were better off than those of any other developing region up to 1914. Its poorest citizens now are no better off than its poorest citizens then. Read more
Asking prices down 20% in a year: Daft.ie House Price Report
The latest daft.ie House Price report was released this morning. It shows that asking prices have fallen 5.7% in the last three months and by almost one quarter since their 2007 peak. New figures on time-on-market are showing a growing gap between urban and rural markets, with properties in Dublin in particular falling more and moving faster and in greater numbers. Read more