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...there were a simple correlation between financial-sector growth and economic growth, Philippon reasons, finance's share of the economy would stay constant. But when he examined data back to 1860, he found that finance's share of GDP varied widely. It ballooned in the late 19th century, shrank, ballooned again in the 1920s, shrank and stayed low for decades, then began to grow again in the 1970s, reaching unprecedented levels earlier this decade. The measure Philippon uses is the economic value added of the financial sector as a percentage of GDP, which was at about 4% in the 1960s...
...that simple. The 1990s, for example, were good for both Wall Street and Main Street. His theory, which fits the historical evidence well, is that the financial sector's share of the economy should increase when there are fast-growing companies needing outside funding, like railroads in the late 19th century, manufacturers in the 1920s and tech firms in the 1990s. If financing wasn't in great demand in the booming 1960s, perhaps that was a warning sign of stagnation to come rather than evidence of the uselessness of financiers...
...Impressive.When asked if he has any favorite books, Mankiw replies “Besides my own? (laughs) I have some collections of some old Economic texts. I’m not particularly a collector of objects, but here we have some Alfred Marshall and some other famous 19th and 20th century economists...
Castro believes that Chávez's oil-fueled Bolivarian revolution (named for 19th century South American independence hero Simón Bolívar) discriminates against the middle class. When he recently applied for a mortgage to buy a new house in a safer neighborhood, he says he was offered an exorbitant interest rate, set largely by the government, because of his economic status. "I came out with the impression that they give priority to the lower strata," he says. It's admirable to boost the poor, who before Chávez were largely ignored by Venezuela...
...officials from Lhasa in 1914, an act of map-making that China to this day refuses to recognize. According to Beijing, Tawang and its surroundings were under the suzerainty of the Qing dynasty after its armies extended China's frontiers to Tibet and Central Asia in the 18th and 19th centuries. If Tibet is Chinese soil - something that New Delhi has officially recognized - then, the argument goes, Tawang and its monastery ought to be as well. (See pictures of the Dalai Lama at home...