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Posts in the "Government Spending" category

Cost Rental Housing – A Model for Ireland?

Posted on May 11, 2018 by Paul Goldrick-Kelly

Housing presents one of the largest issues facing the state. From record levels of homelessness, to rapidly increasing house prices to rents that now exceed pre-crash levels - the housing market in the republic of Ireland shows signs of disfunctionality. While there is common agreement that this crisis is linked to housing supply, more fundamental issues need to be addressed.

This inBrief presents a possible policy intervention that could mitigate many of these issues. Cost rental housing provision refers to a situation where charged rents are directly related to actually incurred costs, including current an capital costs. The inBrief briefly outlines the way cost rental housing functions within social housing systems elsewhere in europe. While each model operates slightly differently, the broad cost rental model financing is common (see my co-authored working paper for more detailed analysis)                               

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Permanent link | Categories: Government SpendingInvestment

Productivity matters for everyone

Posted on January 18, 2018 by Paul Mac Flynn

In recent years one economic trend in particular has become increasingly important for policymakers across most western economies and that is productivity. It has become such a significant issue because while most other economic metrics eventually began to recover following the 2008 crash, productivity has remained stubbornly weak.

In simple terms productivity is a measure of how efficiently output is produced from inputs. However, productivity is a somewhat contested word, in that it can mean different things to different people depending on the context. In particular, there is quite a difference in how the word can be perceived when used in the micro sense as opposed to the macro.

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Permanent link | Categories: Government SpendingInvestmentWages

Public spending levels: How does Ireland Compare?

Posted on December 20, 2017 by Paul Goldrick-Kelly

The nature and level of public expenditure is an important and contentious subject of debate in political discussion everywhere and that is no less true of the Republic of Ireland.  While this debate cannot be entirely shorn of subjective values and political judgements, relative expenditure comparisons can ground debate in something resembling a common set of facts.

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Permanent link | Categories: Government SpendingInvestment

The Absence of Devolution - The Economic Costs

Posted on July 19, 2017 by Paul Mac Flynn

As the deadline of the 29th of June passed without the establishment of a new Executive, it looks as though Northern Ireland may be in for a long period with no devolved government. Quite how long this interregnum will last is in the realm of political speculation, but it does have important implications for our economy.

Much has been made of the fact that, as a consequence of the failure to form an Executive back in March, the civil service has been ‘running the country’. That the walls have not come tumbling down around us, has lead many to question the real benefits of devolution and whether we would really miss the Northern Ireland Executive if it never came back.

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Permanent link | Categories: Government SpendingNorthern Ireland

UK Spring Budget. The calm before the storm

Posted on March 08, 2017 by Paul Mac Flynn

In what will be the UK's last Spring Budget, earlier today Philip Hammond gave what could only be described as a lacklustre financial statement to the House of Commons. There were moves to increase funding for Social Care and a small reversal of the increases to Business rates in England. At UK level, there as an increase in National Insurance for the self-employed but also an increase in tax thresholds with the higher rate threshold moving up to £50,000. The increases in the thresholds will benefit higher income tax payers more than modest gains for lower earners. For Northern Ireland, specifically, there was an increase of £120m in block grant spending over the next three years with £90m for day to day spending and £30m for capital projects. To put that in context £90 is 0.9% of Northern Ireland's current day to day resource spending. The block grant is set to fall by £184m in real terms by next year alone and to fall by over 5% by 2020. Whilst any new funding is welcome, austerity will continue to be the economic narrative in Northern Ireland for many years to come.

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Permanent link | Categories: Government SpendingNorthern Ireland Taxation

Innovation Inputs, How does the Republic of Ireland Compare?

Posted on February 01, 2017 by Tom McDonnell

Lego bricks

The Republic of Ireland’s industrial and enterprise strategies will have to evolve in the future to adjust to changing political, economic and technological realities.

One constructive step that the Irish government can take to future proof its economy is to renew its focus on innovation policy with a view to building a world class innovation system. Technological change and innovation have long been of fundamental interest to economists because of the belief that sustainable long-run economic growth depends on the ability of the economy to produce and diffuse new innovations.

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Permanent link | Categories: Government SpendingInvestment

Productivity and Innovation are the only things that can drive Long-run Growth

Posted on January 26, 2017 by Tom McDonnell

Puzzle

The world is changing and Ireland’s industrial and enterprise strategies will have to evolve if we wish to thrive in this new reality. One constructive step that the Irish government can take is to renew its focus on innovation policy with a view to building a world class National System of Innovation. Technological change and innovation have long been of fundamental interest to economists because of the belief that sustainable long-run economic growth and development along with improvements in quality of life depend on the ability of the economy to produce and diffuse new innovations.

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Permanent link | Categories: Government SpendingInvestment

Autumn Statement 2016

Posted on November 23, 2016 by Paul Mac Flynn

The Autumn Statement delivered by the new chancellor of the Exchequer Philip Hammond is the first substantial financial statement made by the government since the BREXIT referendum result in June. Naturally the referendum and its consequences featured heavily in the announcements, but it is still clearly too early to make any definitive forecasts for the longer term.

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Permanent link | Categories: Government SpendingLiving wageNorthern Ireland Wages

External shocks - change the detail but no need to rewrite the productivity playbook

Posted on November 04, 2016 by Tom McDonnell

TTIP

The vulnerability of the Republic of Ireland economy to external shifts and shocks was brought home in 2016 in at least two ways. While the potential Brexit from the European Union (EU) has unclear political implications, it has almost certainly negative economic implications. At the same time, the opening shots of an international or at least EU clamp down on aggressive tax avoidance has exposed the fragility of Irish industrial policy to external policy shifts.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomics

Internal Devaluation and the Irish Crisis

Posted on September 23, 2016 by Tom McDonnell

Beckett Bridge - Photo Credit: Michael Foley Photograph Flickr creative commons page: https://www.flickr.com/photos/michaelfoleyphotography/
Photo Credit: Michael Foley Photograph Flickr creative commons page: https://www.flickr.com/photos/michaelfoleyphotography/

The European Trade Union Institute have published a policy inBrief by Tom McDonnell discussing the Irish economic crisis and its aftermath. You can find it here.

Permanent link | Categories: Government SpendingIncomeJobsLabour costsMacroeconomicsWages

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