The rise of high-end finance work in India

Until recently, outsourcing by global financial firms to India conjured up an image of commoditised low end services outsourcing: call centres, peripheral systems programming, and testing and maintenance. However, in recent years, there is a new rise of more sophisticated work. This reflects supply and demand factors. Global financial firms are keen to cut . . . → Read More: The rise of high-end finance work in India

International financial centres: Peering into the future

I did the SIGFIRM Quarterly Lecture at the University of California in Santa Cruz recently:

Also see: Mumbai as an International Financial Centre, a project led by Percy Mistry.

You may like to subscribe to the NIPFP MF channel on . . . → Read More: International financial centres: Peering into the future

Fire This Clown

Paul Krugman demonstrates his irrelevance yet again:

What was Mr. Rubio’s complaint about science teaching? That it might undermine children’s faith in what their parents told them to believe. And right there you have the modern G.O.P.’s attitude, not just toward biology, but toward everything: If evidence seems to contradict faith, suppress the evidence.

. . . → Read More: Fire This Clown

Doug Casey Predicts Day of Economic Reckoning Is Near

It is a deal with the devil: Governments churn out more and more cash for the promise of continued prosperity. But the day of reckoning is near, according to Doug Casey, chairman of Casey Research and an expert on crisis investing. As the epic battle between inflation and deflation continues, Casey discusses his . . . → Read More: Doug Casey Predicts Day of Economic Reckoning Is Near

Higher Order Labor

As demonstrated in this example of mechanization:

I’m in Chicago at my Mom’s place for Christmas, and over dinner last night we were talking about Race Against the Machine and the steady pace of automation (because what else do I talk about these days?). She and her husband Gene told me that the Walgreens . . . → Read More: Higher Order Labor

Further fallout for us?

If you are not paying attention to the niche news about what is happening within the Nuclear Regulatory Commission (NRC), you probably should be.

There is a bit of mixing different geographies in this, but here is data I pull when I extract data by occupation across all regions in the US with measurable employment . . . → Read More: Further fallout for us?

Whatever Happened to On-The-Job Training?

Jerry Driscoll:

It is a widespread problem: the article reports survey results showing that 83 percent of manufacturers reported a moderate or severe shortage of skilled production workers. The shortages include such categories as machinists. Wages for skilled labor are rising, in some cases at double-digit rates.

Unskilled labor is complementary to skilled labor. . . . → Read More: Whatever Happened to On-The-Job Training?

Ricardo Hausmann on Economic Complexity

The member meeting at the Media Lab features speakers from within the lab, like César Hidalgo and Joi Ito, and outside speakers – in that latter case, the invited speakers reflect César’s wonderfully idiosyncratic take on networks. One of his major collaborators is Ricardo Hausmann, director of Harvard’s Center for International Development and former . . . → Read More: Ricardo Hausmann on Economic Complexity

Capitalism, Socialism, and Scalability

Jason Brennan considers an analogy:

Cohen’s book proceeds as follows. First, he has us imagine a camping trip among friends. Food and goods are shared freely. Everyone abides by (purportedly) socialist principles of community and equality. Everyone does his part. No one takes advantage of anyone else. No one free rides. Everyone contributes. Everyone . . . → Read More: Capitalism, Socialism, and Scalability

Was the Industrial Revolution caused by Bourgeois Dignity or Institutional Change?

Most of Deidre McCloskey’s important new book serves to establish that if we want to explain the industrial revolution we need to explain why so much innovation occurred in England from the late 18th century and through the 19th century. She suggests that we should dismiss attempts to explain the industrial revolution in terms . . . → Read More: Was the Industrial Revolution caused by Bourgeois Dignity or Institutional Change?