Word: economisters
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...Princeton economics major Jack Bogle wrote a senior thesis extolling the virtues of the small but growing mutual-fund industry. At the time the reigning view of the stock market was that expressed 1 1/2 decades earlier by the great English economist (and speculator) John Maynard Keynes: it was a "casino," a "whirlpool of speculation," a "game of Snap, of Old Maid, of Musical Chairs." Young Bogle argued that the growth of professionally managed funds would bring a new age of calm rationality to the market and thus "militate against Lord Keynes' dismal and socialistic conclusions...
...decades, though, this truth was ignored by those who studied markets. Only in the past decade has it made a comeback. The landmark academic work in this vein was a 1997 paper by Harvard economist Andrei Shleifer and University of Chicago finance professor Robert Vishny (who has since left Chicago to become a full-time money manager). Their argument focused on arbitrageurs who use borrowed money to bet that small market mispricings will disappear but who can't get banks to go along with their sometimes contrarian thinking and lend them money exactly when the mispricings--and thus the opportunities...
...Making climate change a priority at the leaders' summit was "a mistake," says John Edwards, chief economist in Australia for the HSBC financial group. Since the U.N. already has a framework for addressing the issue, he argues, APEC's impact will be negligible. Meanwhile, "they have missed the opportunity to do something serious on the issue of trade, by advancing the concept of an overarching free-trade agreement for the region...
...getting rich economies to lower barriers to poor nations' exports, has been in gridlock for years. The APEC leaders are expected to issue a statement urging a breakthrough, but they did that last year and the year before that to no avail. And if the Doha talks fail, says economist Edwards, "it becomes all the more important that this region have the widest free-trade agreement possible." Downer, however, sees that as a very remote prospect: "It's an aspiration. There's not going to be any timeline set" in Sydney...
...alongside columns of tanks and troops to celebrate a great Polish victory over Russian Bolshevik forces in 1920 - the Civic Platform leader Donald Tusk, a prospective Prime Minister, did his own bit for Polish patriotism by trying (unsuccessfully) to enter Belarus to celebrate the holiday with Polish nationals there. Economists, for their part, say that while the Civic Platform is friendlier toward business than the current government, it still may not have the political will to effect the tax-system and public-spending reforms that Poland desperately needs. "Economic conditions won't deteriorate, but it's hard to say whether...