Robert Ayres, INSEAD
with Michael Olenick and Lu Hao
Tax cuts, wages and salaries: Will lower taxes help workers? And the economy?
For several weeks, the guest experts on CNBC and Bloomberg News have been talking about the coming tax cut legislation (for corporations) that the Republicans finally seem to have in their grasp. The Bill, as it is currently proposed, will eliminate the insurance mandate for health care and may leave quite a lot of upper middle class salaried people, worse off, especially in high tax states.
The sure winners will be the shareholders of multinational corporations and “pass through” enterprises, especially real estate partnerships. The “supply-side” cheerleaders for the plan, both in Congress and the White House (Mnuchin, Cohen, Mulvaney, et al) argue that economic growth be much faster, that it will pay for the cuts, and that wages and salaries will rise, thanks to a burst of new investment.
By contrast, virtually all top economists say that the cuts won’t pay for themselves, that the deficit and the national debt will increase, and that growth will not accelerate.
Everything you always wanted to know about global warming. But were afraid to ask.
Most carbon emissions are absorbed by the ocean, but it’s running out of capacity, which could make global temperatures rise even faster.
The bottom line is that there is no alternative non-anthropogenic theory to explain rising temperatures, melting glaciers, sea level rise and ocean acidification. If we don’t act, the existing mechanisms of the climate will only reinforce the damage already done.
Scientists are closer than ever to definitively proving that climate change exists and putting the deniers to rest. Despite the recent climate agreement in Paris (COP21), where 195 countries adopted the first legally binding treaty to curb climate change, the debate about whether climate change exists or whether it’s the fault of human beings still rages on.
The first article in a three-part series, originally based on an interview, followed by a publication in “INSEAD Knowledge”. I undertook it, at first, to compensate for the influence of certain climate deniers on the faculty and among the readers.
See “On EROI, as a measure of what’s left in the barrel” at http://wp.me/p55vqx-95
Happy to see a website devoted to the (mostly) good ideas of Robert Ayres. As the originator of the term if not the concept of EROI I would like to clarify a few things from my own perspective. The energy invested is usually and appropriately considered the energy diverted from society to get energy to society. Thus natural gas used to pressurize an oil/gas field or energy used in society to make a drill bit or oil rig or fertilizer for corn-based ethanol would be considered part of the investment. Geological energy to make radioactive uranium or oil would not.
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