Word: economisters
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...good news is that we know the way forward. "The best response from the high-wage developed world is to uncover new sources of job creation rather than protect the old ones," says Morgan Stanley's chief economist, Stephen Roach. "That's precisely what worked when farmers were displaced by the Industrial Revolution, when sweatshop workers lost their jobs to automated assembly lines, and when the U.S. Rust Bowl was hollowed out in the early 1980s." Former U.S. Treasury Secretary Robert Rubin agrees, but when he talks about the economic challenges facing the U.S., his tone takes on an edge...
Forward to 2007. "Now the world is booming, credit demand in Asia is rising, and you don't need the U.S. consumer to be the spender of last resort," says Robert J. Barbera, chief economist at the brokerage firm ITG. The world economy is in its fifth year of nearly 5% growth. But the U.S. is no longer leading. Foreign financial markets are booming and pulling in money. Rising commodity prices are complicating the Fed's inflation-fighting job. As a result, the U.S. consumer can no longer count on a steady flow of low-interest debt...
...Bradford Delong ’82, a prominent economist at UC Berkeley, also weighed in on the debate on his blog, questioning whether it is “worth the sacrifice of the economics profession’s outside credibility and the further confusion of the public that is entailed when good economists defend bad policies on the outside that they are working to change on the inside...
...Besides, the DPJ fails to beat the LDP at the polls with depressing regularity. "[DPJ leader Ichiro] Ozawa has been singularly good at snatching defeat from the jaws of victory," says Richard Katz, editor of the Oriental Economist newsletter. Though the DPJ has gained a slight edge on the LDP since the pension scandal broke, its own approval ratings rarely break 25%, and most Japanese say they're simply fed up with both parties. Even if the DPJ does manage to seize the Upper House-Ozawa has promised to resign if his party falters-they'll be faced with...
...renewing US-China ties, and his personal relationships with Mao and Zhou mark him with greatness by association. Add to this the Chinese worship of academic achievement. The year I studied at the Hopkins-Nanjing Center, I was shocked by reaction to a lecture by a Nobel Prize-winning economist; the overflow crowd stampeded the podium afterwards, jostling for photos and autographs. When Steven Hawking appeared at Beijing's Great Hall of the People last summer, crazed fans rushed the stage. I know young women who get weak-kneed at the mention of Albert Einstein...