[0] https://www.istat.it/it/files//2020/05/Migrazioni_EN.pdf
It's funny how often that involves interfering with the "common man"'s own personal autonomy.
Chances are it's something else.
odd to hear reliable Chicago-School-of-Economics "facts" spoken with such confidence, while ignoring the change of local roads to superhiways, and 100 local retail stores closing at the same time. The very nature of the consumer transaction is changing. Economic analysis at the Nation level says that daily spending by consumers is the large majority of economic growth, especially when subtracting pure-government spending programs in the analysis.
Where are consumer transactions taking place? Involving what number of ordinary jobs? Consider that in the last five years, basically all retail clothing in New York City has closed. Are Milano or Rome different?
There are seismic, continental changes in economy that are not addressed by simple supply-side one liners.
That is impressively bad for a developed western economy.
I suspect the country would be in severe trouble if it wasn’t for their membership in the EU single market.
Which is likely negated by the membership of the Euro single currency.
> The German economy was relatively prosperous by 2012, and European monetary policy was far too tight for weaker economies. Portugal, Italy, Ireland, Greece, and Spain all faced high debt, high interest rates, and high unemployment. This time, monetary policy was too tight rather than too loose. The only constant was that the euro continued to work in favor of Germany.
https://www.investopedia.com/ask/answers/09/euro-introductio...
They would be far better served by a single market, without the Euro.
Every country has their own setup and typically it reflects a set of tradeoffs. Outsiders see the downsides but then seem not to see the upsides, or treat those upsides as intrinsic (via the essentialist fallacy) rather than the consequence of tradeoffs. In this case, Italians tend to value social connectedness and fierce regional affiliation, which as a cultural force has great benefits even while it drives corruption.
I’m not downplaying Italy’s crappy economic performance. It sucks, especially for the young and for the credentialed elite. But Italy is (intentionally or not) perhaps running a different race than aiming for the top of the GDP ranking list.
Wealth inequality is not reflected in GDP Quality is not reflected in GDP Consumer protection is negative influence on GDP as is, in the short and mid term that is measured, almost any other intervention like Environmental protection.
GDP is shit.
This is an article that explores one way to achieve this given political reality, that the "North" would be sending money to the "South" if implemented, yet both North and South benefit from the Euro system continuing:
https://www.cambridge.org/core/journals/european-review/arti...
> An EU Fiscal Union is being discussed as a way to avoid future euro-crises and guarantee the stability of the euro. So far, however, it has proved politically impossible, as EU countries are unwilling to give up their sovereignty on fiscal policy. This article develops a bargaining model that sheds light on how fiscal pooling could become politically acceptable. The model differentiates between the ‘South’ (net beneficiaries) and the ‘North’ (net payers). We find that fiscal pooling should be done via a combination of the fiscal instruments with the highest fiscal multipliers. Instead of a single Fiscal Union, we therefore propose a combination of fiscal pooling instruments which, together, add up to the sufficient level of fiscal integration.
> Firm says Canada per-capita GDP fell a whopping 4.4% in 3Q. On WSJ wires:
The creation and response to the sovereign debt crisis shows that this won't happen.
It will require a political union as well. German taxpayers aren't going to pay for Greek pensioners.
It also has functionally infinite land, weak neighbours, incredible energy resources, isolation from any other world power, a (relatively) egalitarian culture, and the single biggest patch of good, arable land on the planet.
No shit workers get paid lots in such a productive piece of territory.
And I mean Canada has all those same things and wages are much lower.
Canada has lots of land, although it's generally much colder, less fertile, and just worse. They have oil, only it's thousands of miles away from the economic centres. They have arable land, also thousands of miles away from population centres (also far inland). And they border a hyperpower who could destroy them in a glance.