George Packer is an accomplished writer covering national and international politics. This is his first book, published in 1988. It’s about his experiences as a Peace Corps volunteer in Togo from 1982-1984. It’s a nation of seven million very poor people. When Packer was there, the country was transitioning from a republic with temporary military… [Read More]
Blog
Category: Emerging Markets
Burkina Faso: Dreams of Dust
Burkina Faso, formerly known a Upper Volta, is poor and land-locked. It has gold, though, and if you live in a poorer country, that creates attractive employment opportunities. Dreams of Dust is a French-Canadian movie about someone from Niger who comes to Burkina Faso in search of work. Mocktar, our hero, arrives about 20 years… [Read More]
Ghana: Ghana Must Go
Ghana is a democracy, mostly stable, with a GDP of $3500 per capita. You could do a lot worse than living in Ghana, and too many people are. I found this book on Amazon and was intrigued by the title. I’ve seen references to “Ghana Must Go” bags elsewhere. These are woven plastic plaid bags:… [Read More]
Nominal prices, real prices, and the minimum wage
Recently, a friend asked me for an explanation of inflation. Her children were asking about the minimum wage, and they wanted to know why prices had to go up, and she was stumped. Here’s an explanation; you can decide if it is simple enough. First, economists talk about “real” prices and “real” wages, which would… [Read More]
Bitcoin, Zimbabwe, and full faith and credit
I was thinking about Zimbabwe because of the news about Mel Reynolds, and I have been doing work on bitcoin for various clients. And here’s what I don’t get about bitcoin: what backs it? I understand that nothing backs US currency other than the full faith and credit of the US government, but if the… [Read More]
