Word: economisters
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...difficult to ascertain how widespread shadow banking is throughout China. Beijing University economist Shen Minggao estimates that two-thirds of all financial activity in Zhejiang takes place outside the formal banking system. Local regulators do nothing to discourage informal lending because it funnels capital to vital, fast-growing businesses. But national economic conditions could now make it more difficult to look the other way. For one thing, China's inflation rate has crept above 5% while interest on savings deposits remains about 2%. In other words, Chinese lose money when they park cash in legitimate banks. It now appears that...
...should "do its part to calm the situation." But don't expect large-scale international intervention anytime soon; the U.S. shows no signs of being unhappy about the trend. Still, ECB president Jean-Claude Trichet "is caught between a rock and a hard place," reckons Credit Suisse First Boston economist Neville Hill: buoyant oil prices are contributing to higher inflation, but the bank can't raise rates because that would further strengthen the euro. Right now, the most Trichet can do is complain. Dividing to conquer? Could an antitrust cease-fire between Microsoft and its most bitter rivals spell trouble...
...think that Greg is a spectacular economist and spectacular representative of our profession in Washington,” Professor of Economics David I. Laibson said. “In the interest of our department he should come back, but in the interest of the country he should stay in Washington...
...have great respect for what he has done in Washington,” Laibson said. “Greg is a brilliant economist and great teacher...
Some degree of business failure, to be sure, is an essential part of capitalism. There is still the inevitable weeding out of underachievers that economist Joseph Schumpeter termed "creative destruction." And no doubt many companies respond to missteps by becoming stronger. "Every company will have mistakes," says Harvard Business School's Rosabeth Moss Kanter, author of Confidence: How Winning Streaks and Losing Streaks Begin and End. "Some deal with them better than others...