Word: economisters
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...Consider Japan," murmured the title of a book-length article in the Economist in 1962, a seminal work that introduced much of the outside world to a puzzle. In ruins just a few years before, Japan was by then growing its economy at a sustained annual rate of 9%, and doing so, moreover, by cheerfully throwing conventional wisdom out of the window. You could almost see the writer furrow his brow: How do they...
...Economist Robert Shiller has a new book out. You'll be thrilled to learn that it doesn't contain any warnings about a looming market crash. Well, unless you count that bit about the "train of catastrophes" that might ensue if current efforts to stabilize the financial system fail. But that's not really a prediction...
Irrational Exuberance may have come out just as the market peaked in 2000, for example, but Shiller had actually begun voicing his worries about high stock prices years before. Fed Chairman Greenspan got an earful from the economist a few days before making his "irrational exuberance" speech in 1996 suggesting the market was overvalued. But prices kept rising, and Greenspan concluded that he shouldn't try to outguess the market. Other economists have since shown that acting on Shiller's bearish advice then would have cost an investor big gains over the subsequent decade. One man was no match...
...argued that's not necessarily so. Many government officials assert that more resources rarely lead to improved student performance. And several academic studies have backed up that contention. "By most measures, the performance of U.S. students has remained stubbornly flat in the face of resource or policy adjustments," Stanford economist Eric Hanushek wrote in his 2006 book Courting Failure. Indeed, both advocates and opponents of equitable funding tend to agree that accountability must go hand in hand with increased funding. "It's just common sense," says Michael Rebell, director of the National Access Network, a Columbia University think-tank that...
...moment, the best bellwether of Western sentiment remains the stock market. Its recent nosedive reflects not just political turmoil, but also signs of an economy under stress. While GDP is expected to rise about 7.5% this year, Neil Shearing, an economist at Capital Economics in London, warns that unless Russian authorities get a grip on this heady growth and "take some of the steam out of the economy, we could have a fairly nasty correction over the medium term." Meanwhile, a report published by the Organization for Economic Cooperation and Development in July warned that Moscow must do much more...