Word: economisters
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...perspective. Across the English Channel, Thierry Jacquillat, chairman of the Greater Paris Investment Agency, looks at what's happening in world financial markets and says, "The economy of Paris will resist the shock better than London. We're more diversified." And in Brussels, at the European Trade Union Institute, economist Andrew Watt draws some uncomfortable historical parallels. "There was some idea that the financial sector was immune," he says. "It's like pinning your hopes on anything, whether it's textiles in the north of England or the car industry around Birmingham. It expands for a while, and then...
...formulated by Keynes during the dark years of the early 1930s: stimulating demand by spending much more than they take in, preferably but not necessarily on useful public works like highways and schools. "I guess everyone is a Keynesian in a foxhole," jokes Robert Lucas, a University of Chicago economist who won a Nobel Prize in 1995 for theories that criticized Keynes...
...pages later came the now famous quote from economist Milton Friedman: "We are all Keynesians now." Friedman later objected that it was taken out of context--all he meant was that everybody used Keynesian language and concepts. But the phrase stuck. It's often attributed these days to Republican President Richard Nixon, but what Nixon actually said, in 1971, was the less expansive "I am now a Keynesian...
...Recessions tend to raise divorce rates," says Nobel laureate and University of Chicago Graduate School of Business economist Gary Becker. "But you won't see a pandemic." Census Bureau figures show that over the past 2 1/2 decades, recessions have had only minor effects on divorce rates, which have been slowly waning since the early '80s after 20 years of steadily rising. Those trajectories have been influenced more by the rise of the women's movement and women's earning power, lower fertility and changes in divorce laws than by dour Dows. The only recorded spike in divorces...
...states with foreclosure problems--"ridiculous and irresponsible." "It was devastating Colorado in terms of consumer confidence and mortgage lending into the state," she says. The Mortgage Bankers Association, which releases well-watched loan-default data of its own, came out swinging as well, with the trade group's chief economist complaining that the firm was "damaging the industry...