Amazing Chinese Economy Grows By 7% - What's Next? & More

China's economic growth beats forecast

World's second-largest economy grows by 7 percent in the second quarter amid dramatic fall on stock markets.

China has released figures of its economic growth for the second quarter showing the country's economy has grown at a steady seven percent, its weakest performance since the global crisis but slightly better than expected.

The figure released on Wednesday was slightly above forecasts and came as the ruling Communist Party is struggling to reverse a stock market plunge that threatens to disrupt its economic reform plans.

The world's second-largest economy has seen sharp downturn in its economic growth raising fears of job losses. Since November, Beijing has cut interest rates four times and pumped money into the economy through spending on construction.

"There are good reasons to think that the latest figures are mirroring a genuine stabilisation of conditions on the ground," said Julian Evans-Pritchard of Capital Economics in a report.

The Multi-Trillion Dollar Oil Market Swindle 

I have maintained that oil should have corrected to around $70 in the fall of 2014, tied to U.S. production increases which at the time represented the price at which drillers would continue to add to supply. That price tied to cost reductions has probably been reduced to $60ish currently. But today, with the consensus oversupply widely quoted in the media as some 2 million barrels per day worldwide, it’s clear that if the numbers are correct below, the perceived oversupply wouldn’t exist at all. Suffice it to say prices would be at least at the point where production would need to be added, perhaps around $60-$70 per barrel, if not higher.

Science says no impacts from Shenhua mine: Baird 

Asked what he had said, the minister told reporters: "There's no point in going to cabinet if you are going to express what you said in cabinet on national TV."

Shenhua Watermark is planning to construct an open-cut mine about 25km southeast of Gunnedah to extract 10 million tonnes of coal a year over 30 years.

Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro 

The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”

Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel

Five leading economists warn the German chancellor, “History will remember you for your actions this week.”

440 cuts and counting - the Abbot Legacy

This post will be regularly updated to keep track of the Abbott Government’s broken promises and everything his Government does to hurt Australians. Each item will have a link to a source.

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Why UK universities shouldn't be hostile to alternative economic models

We at the Post-Crash Economics Society believe room must be made in economics teaching for non-mainstream theories

Brilliant Students way ahead of professors

What follows may just seem to be a story about one course option at one university, but it has important ramifications, not only for an ongoing national debate about economics education, but for economic policy and politics itself. We, the Post-Crash Economics Society at the University of Manchester, believe that the contents of economics syllabuses and economics teaching methods should be rethought in the light of the financial crisis. We were recently informed that our economics department had rejected our proposal to teach a module, called Bubbles, Panics and Crashes: an Introduction to Alternative Theories of Crisis, next year.

Does anyone ever listen?

This year, our society had run this module as a popular evening course, led by one of the few non-mainstream economists in the department. This was the only module offering any in-depth explanations of a variety of perspectives, or employing different methodologies and assumptions and applying them to economic phenomena. We have found it thought-provoking and informative and believe that Manchester should be providing courses such as this for all its undergraduates. Over the last few months we have run a campaign to persuade the university to make it part of the official curriculum. The result of this campaign was the support of the heads of both economics courses at Manchester – BA (Econ) and BEconSc –plus the department's head of teaching, and the support of 245, or one in five, economics students who signed a petition.

Economics is a science?

Despite an incredible amount of support, the module was rejected due to a veto from a few lecturers in the department. Some academics believe that alternative perspectives should not be taught in economics because they are not "rigorous" or "scientific", a claim that has allowed the mainstream to continually dismiss any alternative way of thinking as "bad economics", simply because it does not conform to the assumptions and mathematical formulas of neoclassical theory. 

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