economics

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Crisis Turns Econ Theory on Its Ear:
Crisis Turns Econ Theory
on Its Ear:
OPINION
Jan 16, 2009 1:03 PM CST

Crisis Turns Econ Theory on Its Ear:

Models, and pols, don't account for biases, insecurities: Brooks

(Newser) - Classical economics is based on the idea that “reason rides the passions the way a rider sits atop a horse,” David Brooks writes in the New York Times—which means classical economics is pretty much out the window right now. The recession proves the market is a psychological...

'Intangible' Jobs—Health, Education—Are US' Best Bet

Knowledge-based sector gains jobs; those making homes, autos disappearing

(Newser) - The job market may be hitting rock bottom, but the “intangible" sector of the economy—comprising industries that, like health care and education, produce nothing concrete but have long-lasting effects—could be the best path for development, writes economist Michael Mandel in BusinessWeek. “Tangible” industries—like manufacturing—have...

Infrastructure Revitalization Is Right and Right

A conservative argues for investing in water, energy, transport

(Newser) - Conservatives who fear that investing in the nation’s infrastructure goes against core Reaganite values need to get over it. Our aging energy, water, and transportation systems are in dire need of corporate dollars and ingenuity, but “the private sector alone cannot handle the job—and the states are...

Secret UK Report Says Olympics Benefits Overrated

2012 could be awkward

(Newser) - The UK made its grab for the 2012 Olympic Games in defiance of a secret, 205-page strategy report concluding that, apart from being a nice party, the games were essentially useless, the Times reports. Representing almost a year of research by experts, the 2002 document was signed off on by...

Keynes Not a Dirty Word Anymore
Keynes Not a Dirty Word Anymore
opinion
Nov 8, 2008 7:58 PM CST

Keynes Not a Dirty Word Anymore

Ideas of slandered economist could save the world

(Newser) - In his time, John Maynard Keynes was revered as a genius for his belief that humans shouldn’t “think of themselves as victims of impersonal economic laws,” writes Nick Fraser of the Independent. Later, conservatives mocked him and tarnished his name, attaching the word “Keynesian” to “...

The Economic Crisis Taints Us All: Galbraith

Economist calls the meltdown a 'blot' on the profession

(Newser) - The economic bust has taken a hammer to the profession of economics, Reagan's monetary policy, and the careers of President Bush, Alan Greenspan, and Henry Paulson, James Galbraith tells the New York Times. In an interview with Deborah Solomon, the economist chides his colleagues for failing to call the meltdown,...

Crisis-Stricken Germans Turn to Marx

As the economy founders, sales of Das Kapital soar

(Newser) - The financial crisis has made interventionists out of the most laissez-faire politicians, but in Germany the affection for state control seems to have attained new heights. The Guardian reports that sales of the works of Karl Marx have skyrocketed, with purchases of Das Kapital reportedly up 300%. As Europe's largest...

NYT's Krugman Wins Nobel Economic Prize

Globalization expert blames Bush for current crisis

(Newser) - Paul Krugman was awarded the Nobel Prize for Economics this morning, Reuters reports, in recognition for his work on globalization and free trade. Krugman, a New York Times columnist, Princeton professor, and staunch Bush critic, has long been a favorite for the award, but says it came as a surprise...

Euros Eat Their Words as Own Bailouts Loom

A week after ripping US for crisis, dismissing need for own plan, Brown et al. retool

(Newser) - European leaders are eating their words a week after criticizing the US for allowing its banks to run dry and engineering a system-wide bailout for financial firms, Bloomberg reports. Governments across Europe, including Germany, the UK, Belgium and France bailed out banks across the continent and pledged support for others...

Downturns Spark 'Witch Hunts' Against Elderly

People lash out during tough times, researchers explain

(Newser) - "Witch-hunting” is a hot term these days as angry Wall Street investors pine for revenge—but in some countries they take it literally, Tim Harford writes in Slate. In Tanzania, Bolivia, and India, elderly women are often targeted as witches when resources are scarce. Tanzanian women are killed by...

'Obamanomics': A Tough Sell in America?

Obama's economics lean left and right, until he talks taxes

(Newser) - Barack Obama will face a crippled economy if he wins in November, but what fiscal policies will he put to use? “My core economic theory is pragmatism,” says Obama, a liberal who picked up free market notions when teaching at the University of Chicago. His policies on health...

Greenspan: Housing Will Hit Bottom in 2009

Skilled immigrants would help end slump, he says

(Newser) - Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal. And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the...

Greenspan to Government: Hands Off
Greenspan to Government: Hands Off
OPINION
Aug 5, 2008 1:15 PM CDT

Greenspan to Government: Hands Off

Market capitalism can ride out the crisis, writes former Fed boss

(Newser) - The credit crisis is far from over, and more banks and financial institutions might require government bailouts along the way, Alan Greenspan acknowledges. The crunch will relax only when home prices, "the ultimate collateral support for much of the financial world’s mortgage-backed securities," begin to stabilize, the...

Economist Rates Art by Numbers

Professor studies textbook reproductions to determine greatness

(Newser) - Most art historians would agree that Pablo Picasso's Demoiselles d'Avignon is a great painting. But one economist says it's the best work of art of the 20th century, and he can prove it. The New York Times reports on the work of David Galenson, who analyzed the frequency of reproductions...

Global Econ Puzzle Awaits New President
Global Econ Puzzle Awaits New President
OPINION
Jun 27, 2008 10:42 AM CDT

Global Econ Puzzle Awaits New President

Kick-starting economy means looking abroad, write Goldman chiefs

(Newser) - Whether it's John McCain or Barack Obama, the next president will confront a global economic landscape unlike anything his predecessor confronted, write Robert Hormats and Jim O'Neill. In an op-ed for the Financial Times, the two Goldman Sachs executives explain that the new president's greatest challenge will be the rise...

Most Lucrative College Majors
 Most Lucrative College Majors 
Jun 21, 2008 4:07 PM CDT

Most Lucrative College Majors

Computer engineering tops list for grads seeking quick cash

(Newser) - College students looking for fast cash after graduation should study computer engineering, Forbes reports. Here are the most lucrative college majors, with salaries for beginners and veterans alike:
  • Computer engineering ($60,500-$104,000)
  • Economics ($48,000-$96,200)
  • Electrical engineering ($59,900-$96,100)
  • Computer science ($54,200-$94,000)
  • Mechanical engineering ($56,
...

It's Official: Bikinis Make Men Stupid

Scientists say sex drive trumps common sense

(Newser) - Men make dumb decisions when ogling bikini-clad beauties—conventional wisdom, sure, but now there's some science behind it. Belgian researchers found that men bombarded with sexy images have a definite drop-off in cognitive skills when compared with those who gaze at landscapes, reports MSNBC. The experiment supports earlier findings that...

How Government Can Buy You Happiness
 How Government 
 Can Buy You Happiness 
OPINION
Jun 19, 2008 3:30 PM CDT

How Government Can Buy You Happiness

Economists need to start thinking about quality of life

(Newser) - While the jury's still out on whether money can buy happiness, a higher gross domestic product certainly doesn't. In rich countries, well-being really does depend on non-material things like family stability, a friendly community, and job security—and economists should start incorporating quality-of-life issues into policy, John Cassidy writes in...

Labor Blasts Obama's Top Economist
Labor Blasts Obama's Top Economist
Jun 12, 2008 7:37 AM CDT

Labor Blasts Obama's Top Economist

Unions worry that candidate is tilting toward Wall Street

(Newser) - After locking up the Democratic nomination, Barack Obama moved quickly to bring Clinton supporters into his general election tent, including Robert Rubin, President Clinton's treasury secretary. Jason Furman, an economist closely associated with Rubin, was hired as economic policy director, and that's provoked the ire of labor unions, who see...

Phone Data Used to Map Human Activity

Study, outside US, finds ingrained habits, raises privacy issues

(Newser) - Researchers using mobile-phone data to study patterns of human movement find that we're quite creatures of habit, the BBC reports. The 100,000 randomly selected subjects—outside the US, where such tracking would be illegal, the AP notes—remained mostly in the same small area, traveling less than 6½ miles...

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