Wednesday, July 21,
2010http://www.washingtonpost.com/wp-dyn/content/article/2010/07/20/AR2010072002754.html
Making the economy more just
By Katrina vanden Heuvel[1]
Congress has passed the Wall Street Reform and Consumer Protection Act, but the
task of transforming our economy into one of
Mat
Pithi on the U.S. Highway
A
cop pulls over a car driven by Mat (Matt?) Pithi, an Indonesian (to be
specific, a
Madurese) that full of his friends. The cop says, “Sir, the speed limit on this
highway is 55 mph. Why are you going so slow?”
Mat
Pithi replies, “I saw a lot of signs that said 31,
The End of an Era in Finance
Dani Rodrik*
2010-03-11
CAMBRIDGE – In the world of economics and finance, revolutions occur rarely and
are often
detected only in hindsight. But what happened on February 19 can safely be
called the end of an era in global finance.
On that day, the International
From The
Timeshttp://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article7055759.ece
March 10, 2010
Rob rich bankers and give money to the poor
Wall Street and the City did little to
deserve their record profits. A Robin Hood tax is the only fair solution
Jeffrey Sachs
Why had
Nobody Noticed that the Credit Crunch Was on its Way?
http://media.ft.com/cms/3e3b6ca8-7a08-11de-b86f-00144feabdc0.pdf
A letter
to the Queen attempting to explain why economists missed the
financial crisis:
Her Majesty The Queen
Buckingham Palace
London
SW1A 1AA
MADAM,
When Your Majesty
OPINION * APRIL 23, 2009, 9:49 P.M.
EThttp://online.wsj.com/article/SB124052797951850225.html
Good Government and Animal Spirits
Every talented player understands the importance of a strong
referee.
By GEORGE
A. AKERLOF and ROBERT
J. SHILLER*
The principal long-term result of the
current
Op-Ed
Columnist
Americathe Tarnished
By PAUL KRUGMAN
Published: March 29,
2009http://www.nytimes.com/2009/03/30/opinion/30krugman.html?_r=1
Ten years ago the cover of Time magazine
featured Robert Rubin, then Treasury secretary, Alan Greenspan, then chairman
of the Federal Reserve, and Lawrence
The
Future of Capitalism
Adam Smith’s market never stood
alone
By Amartya Sen
Published: March 10
200920:15http://www.ft.com/cms/s/0/8f2829fa-0daf-11de-8ea3-779fd2ac,dwp_uuid=ae1104cc-f82e-11dd-aae8-77b07658.html
Exactly 90 years ago, in March 1919, faced
with another economic crisis,
Doctor Doom
Laissez-Faire Capitalism Has Failed
Nouriel Roubini,
02.19.09,
12:01 AM
ESThttp://www.forbes.com/2009/02/18/depression-financial-crisis-capitalism-opinions-columnists_recession_stimulus.html
The financial
crisis lays bare the weakness of the Anglo-Saxon model.
It is now clear that
Davos
Man’s Depression
by Joseph E.
Stiglitz
NEW YORK– For 15 years, I have attended the World
Economic Forum in Davos. Typically, the leaders gathered there share their
optimism about how globalization, technology, and markets are transforming the
world for the better. Even during the recession
FEBRUARY 10, 2009http://online.wsj.com/article/SB123423402552366409.html
There's No
Stimulus Free Lunch
It's hard to
spend wise and spend fast.
By GARY
S. BECKER and KEVIN
M. MURPHY
How much will the stimulus package moving in
Congress really stimulate the economy?
The evaluations to date have
Emerging markets
Stumble or fall?
Jan 8th 2009| HONG KONG
From The Economist print edition
http://www.economist.com/finance/displayStory.cfm?story_id=12896793source=hptextfeature
Will the global
financial crisis halt the rise of emerging economies?
NOBODY talks about “decoupling” any more.
December 22,
2008http://www.realclearmarkets.com/articles/2008/12/the_theory_of_market_equilibri.html
The Theory of Market Equilibrium
Is Wrong
ByGeorge Soros
We are in the midst of the worst financial crisis since the
1930s. The salient feature of the crisis is that it was not caused by some
A Beautiful Mind Indeed: Nobel Economist Says More
Stable Currency Needed
John Nash, who won
the 1994 Nobel Prize in economics, praised the gold standard in a recent talk
at Fordham.
Contact: Janet Sassi
212-636-7577
fallersa...@fordham.edu
Nash said that various
interest groups that subscribe to
THE
ECONOMIC CRISIS
Capitalist Fools
by Joseph
E. Stiglitz
Behind the
debate over remaking U.S.financial policy will be a
debate over who’s to blame. It’s crucial to get the history right, writes a
Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton,
and Bush II—and one
Getting bang for your buck
Preserving
financial institutions is not an end in itself, but a means to an end. It is
the flow of credit that is important
Joseph Stiglitz,[1]
Friday December 5 200821.00
GMT
The vision thing: How economists
failed to spot the catastrophe
By Chris Giles
Published: November 25
200820:24http://www.ft.com/cms/s/0/1c1d5a9e-bb29-11dd-bc6c-779fd18c.html?nclick_check=1
It has been a bad year for economic
forecasters. So bad that royalty wants to know what went
Asia
Indonesiasets an example
Nov 19th 2008
From The World in 2009 print edition
http://www.economist.com/theworldin/displayStory.cfm?story_id=12494534d=2009
By Peter Collins, BANGKOK
The largest
Muslim country will stage a remarkable feat of democracy
In 2009 Indonesiawill mount an impressive
Insight November 24, 2008, 8:49AM EST
Asia's Economic Lessons for the U.S.
The U.S.is mortgaging its future by outsourcing
technological inventions in exchange for short-term cash
By Richard Elkus
Save the Emerging Markets
by
Dani Rodrik
CAMBRIDGE– If the world were fair, most emerging
markets would be watching the financial crisis engulfing the world’s advanced
economies from the sidelines – if not entirely unaffected, not overly concerned
either. For once, what has set financial markets
Capitalism at
bay
Oct 16th 2008
From The Economist print edition
What went wrong
and, rather more importantly for the future, what did not
ONE hundred and sixty five years ago, a
Scottish businessman set out his plans for a newspaper. James Wilson’s starting
point was “a melancholy reflection”:
Who
Killed Wall Street?
by Dani Rodrik
CAMBRIDGE– You don’t have to break a sweat to be a
finance skeptic these days. So let’s remind ourselves how compelling the logic
of the financial innovation that led us to our current predicament seemed not
too long ago.
Who wouldn’t want
credit markets
The Financial
Crisis and Emerging Markets
Emerging Markets, Financial Markets, Financial Institutions, Banking, BRICs
M. Ayhan Kose, Economist, International Monetary Fund
Eswar
Prasad, Senior
Fellow, Global
Economy and Development
The Brookings Institution
Hundreds of Economists Urge
Congress Not to Rush on Rescue Plan
By Matthew Benjamin
Sept. 25 (Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601087sid=aNKGD.bJwmRArefer=home
More than 150 prominent U.S.economists, including three Nobel Prize
winners, urged Congress to hold off on passing a
Anatomy of the financial crisis
Barry Eichengreen*
23 September 2008http://www.voxeu.org/index.php?q=node/1684
The crisis solution depends upon its causes. Here one of the world’s leading
international macroeconomists explains how the world got into this mess. This
is the ‘Director’s cut’ of
The subprime turmoil: What’s old, what’s new, and what’s next
Charles W. Calomiris*
22 August 2008
The subprime crisis is the joint product of perverse incentives and historical
flukes. This column explains why market actors made unrealistic assumptions
about mortgage-backed securities and how
Crisis roundtable: The economists’ position
http://www.economist.com/blogs/freeexchange/2008/09/crisis_roundtable_the_economis.cfm
Is a centrist position forming among economists? An open letter to
Congressional leaders:
To the Speaker of the House of Representatives and the President pro
Farewell to the Neo-Classical Revolution
by Robert Skidelsky
LONDON– The looming bankruptcy of Lehman Brothers, and the forced sale of
Merrill Lynch, two of the greatest names in finance, mark the end of an era.
But what will come next?
Cycles of economic fashion are as old as business
Islamic finance
Savings and souls
Sep 4th 2008| MANAMA
From The Economist print edition
http://www.economist.com/world/mideast-africa/displaystory.cfm?story_id=12052687
Muslims have a lot of money to invest. But it is a constant
struggle to reconcile faith and finance.
TO SEE Islamic finance in
An economic Cassandra whose predictions are coming
true
By
Stephen Mihm
Published: August 16,
2008http://www.iht.com/articles/2008/08/15/business/wbroubini.1.php
NEW YORK:On Sept. 7, 2006, Nouriel Roubini, an economics professor at
New York University, stood before an audience of economists at
The
Perfect Storm of a Global Recession
by Nouriel Roubini
NEW YORK– The probability is growing that the global economy – not just the
United States– will experience a serious recession.
Recent developments suggest that all G7 economies are already in recession or
close to tipping into one. Other
August 21, 2008
Internet
and MobilePhones Spur Economic
Development
By Jeffrey Sachs
The digital
divide is beginning to close. The flow of digital information – through mobile
phones, text messaging, and the Internet – is now reaching the world’s masses,
even in the poorest countries, bringing
A
Theory of Military Dictatorships
Societies where the elite form a
strong military in order to prevent democratization are more likely to later
lapse into military dictatorships because the military retains some of its
power during transitional democracy and can attempt a successful coup against
'Major discovery' from MIT primed
to unleash solar revolution
Scientists mimic
essence of plants' energy storage system
Anne Trafton, News
Office http://web.mit.edu/newsoffice/2008/oxygen-0731.html
July 31, 2008
In
a revolutionary leap that could transform solar power from a marginal, boutique
The
End of Neo-liberalism?
by Joseph E.
Stiglitz
NEW YORK– The world has not been kind to neo-liberalism, that grab-bag of ideas
based
on the fundamentalist notion that markets are self-correcting, allocate
resources efficiently, and serve the public interest well. It was this market
‘Not
a Site, but a Concept’: Tapping the Power of Social Networking
Published: July 09, 2008in [EMAIL PROTECTED]
http://knowledge.wharton.upenn.edu/article.cfm?articleid=2009
Mini USA, the
American branch of BMW’s Mini Cooper line, tracks everything being said about
its brand everywhere on
May 29, 2008: 11:41 AM EDT
The liberating
effect of failure
http://money.cnn.com/2008/05/29/news/newsmakers/sellers_failure.fortune/index.htm?postversion=2008052911
Failure is the
crucible that makes a leader into a hero, says Yale's Jeffrey Sonnenfeld.
By Patricia Sellers,
editor-at-large
NEW
Globalization and its discontents
By Henry A. Kissinger
Published: May 29,
2008http://www.iht.com/articles/2008/05/29/opinion/edkissinger.php
For the first time in history, a genuinely
global economic system has come into being with prospects of heretofore
unimagined well-being. At the same
A New Deal for Poor Farmers
by Jeffrey D. Sachs
NEW YORK Many poor, food-importing countries around the world have become
desperate in
recent months, as global prices of rice, wheat, and maize have doubled.
Hundreds of millions of poor people, who already spend a large share of their
daily
Credit,
Housing, Commodities, and the Economy[1]
By Janet L. Yellen*
Good
morning. Im delighted to be part of the Northern California Regional
Financial Planning conference this year. Id like to thank the organizers
for inviting me and for giving me an opportunity to talk about the
May 27, 2008
The U.S. Dollar Hits an Oil Slick
ByMartin Feldstein
The rapid rise in the price of oil and the
sharp depreciation of the dollar are two of the most noteworthy developments of
the past year. The price of oil has increased by 85 percent over the past 12
months, from US$65 a barrel to
The market sets
high oil prices to tell us what to do
By Martin Wolf
Published: May 13 200819:09| Last updated: May 13 200819:09
Oil at $200 a barrel: that was the warning from
Goldman Sachs, published last week. The real price is already at an
all-time high (see chart). At $200 it would be twice
The Rise in the Price of Oil
http://www.becker-posner-blog.com/
Gary S. Becker[1]
The run-up in the world price of oil during
the past several years, and especially the rapid climb during the last few
weeks to over $120 per barrel, has fueled predictions that the price will reach
$200 a barrel in
The
global slump of 2008-09 has begun as poison spreads
By Ambrose
Evans-Pritchard, International Business Editor
Last Updated: 12:59amBST
13/05/2008http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/12/ccambrose112.xml
The avalanche of
bankruptcies has begun. Six UScompanies of
The
Silver Lining in High Commodity Prices
by Kenneth Rogoff
Cambridge Todays soaring commodity prices scream a
fundamental truth of modern life that many politicians, particularly in the
West, dont want us to hear: the worlds natural resources are finite, and, as
billions of people in
Posted to the web
on: 08 May 2008
The
urgent need to abandon inflation targeting
Joseph
Stiglitz
THE worlds
central bankers are a close-knit club, given to fads and fashions. In the early
1980s, they fell under the spell of monetarism, a simplistic economic theory
promoted by Milton Friedman.
Who Benefits from Inflation
Targeting?
[W]hat really matters for
successful monetary policy is establishing a strong nominal anchor. While
inflation targeting is one way to achieve this, it is not the only way.
NBER Research Associate Frederic
Mishkin and co-author Klaus Schmidt-Hebbel review
A CONVERSATION
WITH DANIEL GILBERT
Professor
Happiness: The interview
By Claudia
Dreifus
Published: April 23,
2008http://www.iht.com/articles/2008/04/23/healthscience/22conv.php
At Harvard, the
social psychologist Daniel Gilbert is known as Professor Happiness. That is
because the 50-year-old
Reinventing
Energy
by Jeffrey D.
Sachs
NEW YORK– The world economy is being battered by sharply higher energy prices.
While a
few energy-exporting countries in the Middle East and elsewhere reap huge
profits, the rest of the world is suffering as the price of oil has topped $110
per barrel and
Could
IMF Have Prevented This Crisis?
By Hector R.
Torres
WASHINGTOND.C.¯ Until recently, the International Monetary Funds main job
was lending to countries with balance-of-payment problems. Today, however,
emerging countries increasingly prefer to self-insure by accumulating
reserves (and
(1)
The silent tsunami
Apr 17th 2008
From The
Economist print
editionhttp://www.economist.com/opinion/displaystory.cfm?story_id=11050146
Food prices
are causing misery and strife around the world. Radical solutions are needed
PICTURES of
hunger usually show passive eyes and swollen bellies.
Economics focus: Policing the frontiers of finance
Apr 10th 2008
From The Economist print edition
http://www.economist.com/finance/displaystory.cfm?story_id=11016324
Is foreign capital a luxury that poor countries can live without?
WHEN Hank Paulson, America’s treasury secretary, urged China
ECONOMIC VIEW
Confused over the credit crisis? You're not the only one
By David Leonhardt
Published: March 19, 2008
http://www.iht.com/articles/2008/03/19/business/leonhardt.php
Raise your hand if you don’t quite understand this whole financial crisis.
It has been going on for seven months now,
Economics and the rule of law
Order in the jungle
Mar 13th 2008
From The Economist print edition
The rule of law has become a big idea in economics. But it has had its
difficulties
“AM I the only economist guilty of using the term [rule of law] without having
a good fix on what it really means?”
RICHER AND POORER
The failure of neo-liberalism
By Phillip Blond
Published: January 22, 2008
LANCASTER, England: More and more, it appears that in the 21st century we are
returning to the economics of the 19th, where wealth was overwhelmingly
concentrated in the hands of a few owners and
New year resolution? Don’t wait until New Year’s Eve
Alok Jha,
Science correspondent
The Guardian, Friday December 28 2007
http://www.guardian.co.uk/science/2007/dec/28/sciencenews.research
Do you have trouble keeping your resolutions? Does your determination to get
fit or write that novel
The end of cheap food
Dec 6th 2007
From The Economist print edition
http://www.economist.com/opinion/displaystory.cfm?story_id=10252015
Rising food prices are a threat to many; they also present the world with an
enormous opportunity
FOR as long as most people can remember, food has been
WE ASK FIVE EXPERTS
Is the U.S. economy in recession?
Published: December 16, 2007
http://www.iht.com/articles/2007/12/16/opinion/edeconomy.php
Wait till next year
(1) Martin Feldstein
Although many people consider a two-quarter downturn of gross domestic product
to be a recession, the
Economic Growth’s Many Recipes
Dani Rodrik
CAMBRIDGE, MA.—Development “big think” has always been dominated by
comprehensive visions about transforming poor societies. From the so-called
“Big Push” to “Balanced Growth,” from the “Washington Consensus” to “Second
Generation Reforms,” the
Wealth and the Culture of Nations
Gregory Clark
Modern economists have turned Adam Smith into a prophet,
just as Communist regimes once deified Karl Marx. The central tenet they
attribute to Smith that good incentives, regardless of culture, produce good
results has become the great
To the Asians a déjà vu
By Philip Bowring
Published: September
20, 2007
LONDON: Asian
countries, which suffered horrendously through the financial crisis of a decade
ago, may reasonably view with a mixture of resentment and derision the
government bail-outs of financial systems now
IMFSurvey Magazine: In the News
Subprime fallout
Global Markets Face Protracted Adjustment
http://www.imf.org/external/pubs/ft/survey/so/2007/NEW0924A.htm
By IMF Survey online
September 24,
2007
Markets face difficult period
aheadCredit difficulties likely to
have broader
Sub-Prime Economic
Theory
Melvyn Krauss
The possibility that the European Central Bank may raise
interest rates in the midst of a financial crisis recalls the great American
orator William Jennings Bryans famous cross of gold speech in 1896.
Referring to the international gold
PUNISHMENT IN HEAVEN
(To all beautiful girls, beware
!)
Three friends die and go to heaven.
The first guy, Manyun, gets handcuffed to one of the UGLIEST girls there.
Why? he asks.
Archangel Michael replies, When you were nine you killed
a bird with a stone.
The same happens
Economists question
dominance of free-market ideas
By Patricia Cohen
Published: July
11, 2007
NEW YORK:
For many economists, questioning free-market orthodoxy is
akin to expressing a belief in intelligent design at a Darwin
convention: Those who doubt the naturally beneficial workings
Does capitalism lead to
democracy, and how?
By Patricia Cohen
Published: June
13, 2007
NEW YORK:
When President George W. Bush declared last week that political liberty is the
natural byproduct of economic openness, his counterparts in Beijing
and Moscow were not the only ones
to object.
The Asian Crisis Ten
Years After
Joseph E. Stiglitz
This July marks the tenth anniversary of East
Asias financial crisis. In July 1997, the Thai Baht plummeted.
Soon after, financial panic spread to Indonesia
and Korea, then
to Malaysia. In
a little more than a year, the Asian
Two Wrongs Dont Make a
Right at the IMF and World Bank
Kenneth Rogoff
One has go back to the Year of Three Popes (1978) to
find a succession drama as strange as what has been happening at the
International Monetary Fund and the World Bank, the two pillars of the global
financial
Questions for Robert
Zoellick
Joseph E. Stiglitz
Paul Wolfowitzs resignation from the World Bank solved
one problem, but brought another to light. When Wolfowitzs name was first
mentioned as a candidate to lead the worlds premier development bank, the idea
that the architect of
The four circles of
a changing world
By James Wolfensohn
Published: June 4,
2007
WASHINGTON:
When G-8 leaders meet for their annual summit this week,
they will focus on reducing poverty in Africa and
accommodating emerging powers. However, unless a new vision is forged to
confront
Economics focus
To do with the price of fish
May 10th
2007
From The Economist print edition
How do mobile phones promote economic growth? A new paper
provides a vivid example.
YOU are a fisherman off the coast of northern Kerala, a
region in the south of India.
Visiting your
Gender gap carries a big cost
If you are not convinced, would the annual loss of almost
$80 billion of Asian output change your mind?
By William Pesek Bloomberg News
Published: April
30, 2007
We live in a world of daunting economic challenges: debt
imbalances, out-of-whack
Taming Speculative Capitalism
Robert J. Shiller
Nicolas Sarkozy, the leading contender in the French
presidential election, recently lashed out against what he called speculative
capitalism, and says he wants to moralize the financial zone created by the
euro. What does Sarkozy
A Faithful Woman vs. An Atheist
Once upon time in mBantul lived an elderly faithful lady,
Marsinah, who was well-known for her faith and for her confidence in talking
about it. She would stand in front of her house and say God be
praised to all those who passed by.
Next door to her
The Hedge Fund Hegemon
Kenneth Rogoff
The recent volatility in global capital markets should give pause to those who
say German leaders, who have been arguing for greater transparency in global
hedge funds, are just sore losers US and UK policymakers, in particular, say
the German whining is
The Four Ghosts of the Republic of BBM
This story was supposed to be occured in the Republic of BBM (RoBBM).
One night, Sastro bin Yono, the President of RoBBM is tossing restlessly in his
Presidential Palace bed. He awakens to see Bung Karno standing by him. Sastro
asks him, Bung Karno,
Embrace your siesta for a healthy heart
By Stephen Smith
The Boston GlobePublished: February 13, 2007
Could midday napping save your life?
If the experience of Greek men is any guide, the answer just may be yes.
In a study released Monday, researchers at THE HARVARD SCHOOL OF PUBLIC HEALTH
and
The Changing Climate On Climate Change
Joseph E. Stiglitz
The message, it seems, has finally gotten through: global warming represents a
serious threat to our planet. At the recent World Economic Forum in Davos,
world leaders saw climate change, for the first time, topping the list of
global
Inequality on the March
J. Bradford DeLong
How much should we worry about inequality? Answering that question requires
that we first answer another question: Compared to what? What is the
alternative against which to judge the degree of inequality that we see?
Florida is a much more
The False Promise of Financial Liberalization
Dani Rodrik
Something is amiss in the world of finance. The problem is not another
financial meltdown in an emerging market, with the predictable contagion that
engulfs neighboring countries. Even the most exposed countries handled the last
round of
A Surprising Secret to a Long Life: Stay in School
http://www.iht.com/articles/2007/01/03/healthscience/web.0103aging.php
By Gina Kolata
Published: January 3, 2007
James Smith, a health economist at the RAND Corporation, has heard a variety of
hypotheses about what it takes to live a long life
One size does not fit all
Annals of capitalism
http://www.iht.com/articles/2007/01/08/opinion/edbardhan.php
Pranab Bardhan
Published: January 8, 2007
BERKELEY, California:
A little over a decade ago, the American model of capitalism was triumphant.
The Soviet Union had recently collapsed,
Happiness and economics
Economics discovers its feelings
Dec 19th 2006 From The Economist print edition
http://www.economist.com/finance/displaystory.cfm?story_id=8401269
Not quite as dismal as it was
ECONOMICS is not a gay science, wrote Thomas Carlyle in 1849. No, it is a
dreary,
Friedman Completed Keynes
J. Bradford DeLong
The most famous and influential American economist of the past century died in
November. Milton Friedman was not the most famous and influential economist in
the worldthat honor belongs to John Maynard Keynes. But Milton Friedman ran a
close
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