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The Dismal Science

Started by Imperator; Last updated Jan 25, 08 7:48 PM CST by Imperator | View history

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"Economics is a subject that does not greatly respect one's wishes." - Nikita Khrushchev

Stories

Stories 21 - 38 of 38

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January 2008
- Economists Fear It's Too Late to Save Economy
  
  New York Times | Jan 13, 08 7:41 AM CST
  
  (Newser) - It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times . Perhaps the best that can be done is to make the crunch hurt a little less. “The question is not whether we will have a recession, but how deep and prolonged it will be,” said one analyst. More »
- Economists Say Recession Risk Rising
  
  Wall Street Journal | Jan 11, 08 8:45 AM CST
  
  (Newser) - The odds of a recession hitting the US are rising as the cumulative effects of soaring energy costs, a flailing job market, and a dogged housing slump put the brakes on the economy, predicts a panel of economists in the Wall Street Journal today. Those economic woes, they say, are likely to lead to a Democrat in the White House. More »
- Goldman Predicts Recession
  
  NPR | Jan 10, 08 12:31 PM CST
  
  (Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we don't get income growth, we don't get consumer spending, and we do get a recession,” another firm’s economist told NPR. More »
- $200 Oil on Horizon: Economists
  
  Der Spiegel | Jan 3, 08 3:13 PM CST
  
  (Newser) - The price of oil could surge to $150 in five years and $200 in 10 years, a prominent German economic institute reports. "Oil supplies are becoming increasingly scarce and that will continue to drive up prices," said one energy expert. Oil prices hit $100 yesterday for the first time, and continue to hover near the triple-digit mark in today's trading. More »
December 2007
- Weaker Dollar Revamps World Economy
  
  Washington Post | Dec 24, 07 11:04 AM CST
  
  (Newser) - A declining US dollar is sparking changes worldwide, drawing jobs to the States and spurring sales of US goods, but also ending an age of rich Americans abroad and hurting economies that are pegged to the note. Its 7-year, 40% drop against the Euro is no short-term slide either, experts say. Even Jay-Z is touting Euros in his new video, "Black Magic," which extols lavish Manhattan lifestyles. More »
- Argentina Led by Woman, Still Lags on Gender
  
  Economist | Dec 16, 07 9:23 AM CST
  
  (Newser) - Argentina might have its first elected female president—and her nearest rival was also a woman—but the fairer sex is succeeding politically only on the coattails of husbands, and female-friendly policies get nowhere. In a phenomenon the Economist calls “Peronist”—president Juan Peron had two wives who were leaders—Argentina’s top women don’t stand on their own feet, but rather as proxies for their men. More »
- Economists See Rising Risk of Recession
  
  Wall Street Journal | Dec 11, 07 6:59 AM CST
  
  (Newser) - Economists are painting a bleak picture of the US economy next year, with the housing mess, reduced job growth, and rising unemployment putting the likelihood of recession at its highest level in three years, the Wall Street Journal reports. Nearly all the economists surveyed by the paper said the Fed must take strong action to support recovery. More »
- J'Accuse
  
  New York Times | Dec 3, 07 7:53 AM CST
  
  (Newser) - In an extraordinary New York Times column Republican/libertarian economist, writer, actor, and lawyer Ben Stein accuses Goldman Sachs of being a willing participant in, and even plotting, the collapse of value in the collateralized mortgage obligation (CMO) market. In the last several years Goldman sold $100 billion of the instruments to investors for substantial fees while at the same time shorting CMOs for profit. More »
November 2007
- The 'R-Word' Surfaces on Wall Street
  
  Washington Post | Nov 27, 07 12:38 PM CST
  
  (Newser) - Wall Street has the recession jitters: Markets are down 10% since October, the S&P 500 is down as analysts predict depressed earnings, and T-bills are down on anticipated Fed rate cuts. But there’s a flip side: Holiday sales gained 8.3% over 2006, unemployment is at 4.7%, and a slowdown doesn’t mean recession, reports the Washington Post. More »
- Goldman Sees $2T Credit Shortfall, Major Slowdown
  
  Bloomberg | Nov 16, 07 10:44 AM CST
  
  (Newser) - The subprime mortgage crisis that has cost financial companies $400 billion and triggered what one banker is calling the worst housing market since the Great Depression will force a $2 trillion credit squeeze that could set off a “substantial recession” in the US, reports Bloomberg. Goldman Sachs said the economy could grow a sluggish 1.9% in 2008. More »
- Study Traces Europe's Bets on Civil War
  
  Wall Street Journal | Nov 16, 07 8:44 AM CST
  
  (Newser) - Studying sales of Confederacy bonds in Amsterdam during the US Civil War, two economists say they're able to judge how European traders saw the South's chances of victory, the Wall Street Journal reports. Investors pegged the rebels' odds at 42% early on, but their 1863 defeat at Gettysburg sank bond prices. More »
- Writers Unlikely to Find Happy Ending in Strike
  
  New Yorker | Nov 14, 07 4:58 PM CST
  
  (Newser) - Strikes typically cost both parties more than they’re warring over, but labor relations aren’t “economically rational,” explains the New Yorker ’s James Surowiecki, due to “asymmetric information.” Hollywood’s writers simply don’t know the underlying financial truth behind online revenues—the meat of the dispute—and can only uncover a bluff by walking out. But if neither side is likely to win big, why the over-confidence? More »
- North Korea's Dancing Agitprop
  
  Economist | Nov 3, 07 3:07 PM CDT
  
  (Newser) - The 2,000 Western tourists who managed to visit North Korea this year—four times as many as were allowed in 2002—offer a weirdly illuminating glimpse into the propaganda-saturated country closed to journalists, notes the Economist . Kim Jong-Il’s “Mass Games” performances—packed with synchronized dancing eggs and tens of thousands of gymnasts, make visits to the “basket-case state” unforgettable for the intrepid. More »
October 2007
- 3 Americans Share Nobel in Economics
  
  Reuters | Oct 15, 07 8:06 AM CDT
  
  (Newser) - Americans Leonid Hurwicz, Eric Maskin, and Roger Myerson have won this year’s Nobel Prize in economics for developing "mechanism design theory," which indicates when markets are working effectively, Reuters reports. The theory can be used to assess the factors which make individuals and corporations deviate from the ideal market suggested by Adam Smith’s ‘invisible hand’ metaphor, the prize committee noted. More »
June 2007
- Inflation-Free Growth Is Too Good to Last
  
  Wall Street Journal | Jun 6, 07 2:54 PM CDT
  
  (Newser) - Globalization and access to low-cost labor has allowed the world economy to grow without high inflation, but this economist's dream may soon end, the Wall Street Journal predicts in a cautionary report. Demand for everything from workers to lumber is increasing, raising prices—and the prospect of higher inflation. More »
April 2007
- Layoffs Sink Stock Prices, Says Study
  
  New Yorker | Apr 29, 07 8:00 AM CDT
  
  (Newser) - Economists have long doubted the precept that cutting a company's payroll will lead to a spike in its stock price. But try telling that to CEOs, who are still trying to emulate the turnarounds achieved by G.E. and Proctor & Gamble. Now, a study reveals that markets actually have "a significantly negative" reaction to downsizing. More »
- India Short On Skilled Workers
  
  New Yorker | Apr 9, 07 10:42 AM CDT
  
  (Newser) - Why is India short on skilled labor when it's teeming with Ph.D.s? While the staggering growth of its tech industry seems to have put the country in the running for the world’s next superpower, James Surowiecki observes that the Bengal tiger could be made of paper. Thirty per cent of the country is still illiterate. Only 10 percent go to college. More »
March 2007
- Satellite Sisters
  
  New Yorker | Mar 18, 07 8:44 PM CDT
  
  (Newser) - Jim Surowiecki describes how the “Chicago School” of economists revolutionized anti-trust thinking in the 1970s. By arguing that it is not the number of competitors but rather their strength that mattered, these economists posited that some mergers stimulate competition. More »

Stories 21 - 38 of 38

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Images (6)
Videos (3)

Thomas Malthus (Wikipedia)

John Kenneth Galbraith (Archive Photos)

John Maynard Keynes on Cover of Time magazine, December 31, 1965 (Time, Inc.)

Adam Smith (Archive Photos)

US NEWS FRIEDMAN-OBIT 1 SJ (KRT Photos)

Economist Friedman (Archive Photos)

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1/21/08 6am: UNM economist breaks down president's plan (KRQE (YouTube))

Charlie Rose - Economist Milton Friedman. (CharlieRose (YouTube))

Stand-up economist at Caroline's (yorambauman (YouTube))

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Background

Milton Friedman
The Columbia Encyclopedia, Sixth Edition

Milton Friedman frēd´men , 1912-2006, American economist, b. New York City, Ph.D. Columbia, 1946. Friedman was influential in helping to revive the monetarist school of economic thought (see monetarism ). He was a staff member at the National Bureau of Economic Research (1937-46, ...

Lawrence Henry Summers
The Columbia Encyclopedia, Sixth Edition

Lawrence Henry Summers 1954-, U.S. economist and government official, b. New Haven, Conn. Educated at the Massachusetts Institute of Technology (MIT) and Harvard, he taught at MIT and in 1983 became the youngest tenured professor in Harvard's history. He served on the President's Council of ...

Thomas Robert Malthus
The Columbia Encyclopedia, Sixth Edition

Thomas Robert Malthus , 1766-1834, English economist, sociologist, and pioneer in modern population study. In An Essay on the Principle of Population (1798, rev. ed. 1803), he contended that poverty and distress are unavoidable, since population increases by geometrical ratio and the means of ...

John Kenneth Galbraith
The Columbia Encyclopedia, Sixth Edition

John Kenneth Galbraith , 1908-2006, American economist and public official, b. Ontario, Canada, grad. Univ. of Toronto (B.S., 1931), Univ. of California, Berkeley (M.S., 1933; Ph.D., 1934). After becoming (1937) a U.S. citizen and teaching economics at Harvard (1934-39) and Princeton (1939-40), he ...

John Maynard Keynes, Baron Keynes of Tilton
The Columbia Encyclopedia, Sixth Edition

John Maynard Keynes, Baron Keynes of Tilton , 1883-1946, English economist and monetary expert, studied at Eton and Cambridge. Early Career and Critique of Versailles Keynes served (1906-08) in the India Office of the civil service, where he was concerned with problems of Indian currency. He ...

Paul A. Samuelson
The Columbia Encyclopedia, Sixth Edition

Paul A. Samuelson 1915-, American economist, b. Gary, Ind., grad. Univ. of Chicago (B.A., 1935), Harvard (M.A., 1936; Ph.D., 1941). Appointed a professor of economics at the Massachusetts Institute of Technology in 1941, he later (1966) became institute professor, the highest professorial rank at ...

Robert M. Solow
The Columbia Encyclopedia, Sixth Edition

Robert M. Solow 1924-, American economist, b. Brooklyn, N.Y., grad. Harvard (B.A. 1947, M.A. 1949, Ph.D. 1951). He began teaching economics at the Massachusetts Institute of Technology in 1949. Solow also held several governmental positions, including those of senior economist for the Council of ...

Joseph E. Stiglitz
Britannica Concise Encyclopedia

(born Feb. 9, 1943, Gary, Ind., U.S.) U.S. economist. He received a Ph.D. (1967) from the Massachusetts Institute of Technology and taught at several universities, including Yale, Harvard, Stanford, and Columbia. From 1997 to 2000 he was the World Bank's chief economist but often disagreed with ...

Adam Smith
The Columbia Encyclopedia, Sixth Edition

Adam Smith 1723-90, Scottish economist, educated at Glasgow and Oxford. He became professor of moral philosophy at the Univ. of Glasgow in 1752, and while teaching there wrote his Theory of Moral Sentiments (1759), which gave him the beginnings of an international reputation. He traveled on the ...

economics
The Columbia Encyclopedia, Sixth Edition

economics study of how human beings allocate scarce resources to produce various commodities and how those commodities are distributed for consumption among the people in society (see distribution ). The essence of economics lies in the fact that resources are scarce, or at least limited, and ...

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