Word: economisters
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Summers did not mention Joseph Stiglitz, a Nobel-prize winning economist whose 2002 book Globalization and Its Discontents attacks the market-based international economic policy Summers and former Treasury Secretary Robert E. Rubin ’60 advocated under the Clinton administration...
First, the good news: If the war is over in a month, about 1.7 million new jobs will be created over the next year, according to forecasts by Gus Faucher, senior economist at Economy.com These jobs wouldn't quite equal the number that have been lost in the past two years--2 million--but they would be a good start...
...hard to see why it's crucial to halt the spread of SARS, and not just for health reasons. The economic toll could be devastating. Some economists predict that the hit to Hong Kong's travel and retail sectors will drag the city's 2003 GDP-growth rate down by one-fifth or more, a loss of more than $1 billion. Last week Stephen Roach, chief economist for Morgan Stanley, said SARS is "just another nail in the coffin" for the global economy, which is already stumbling from the Iraq war. He predicts a worldwide recession will begin this year...
Most stocks are expensive today, with an average price-earnings ratio of 19. But a quick military victory in Iraq, and a further celebratory surge in stock prices, would bolster consumer and business confidence and boost the sluggish economy. Alan Levenson, chief economist at fund company T. Rowe Price, expects a healthy annual growth rate of 3.5% in the second half of this year and 4% in 2004, assuming--as any bullish case must--that the war keeps going well and there is no major terror event. Byron Wien, chief U.S. market strategist at Morgan Stanley, says investors who wait...
...have antiglobalists feared giant corporations? Well, Irish satirist Samuel Madden predicted that two companies would eventually control the world economy in his Memoirs of the Twentieth Century--in 1733. Now, in The Company: A Short History of a Revolutionary Idea, John Micklethwait and Adrian Wooldridge, both editors at the Economist, take a Churchillian view: corporations are the worst form of economic organization, except for all the others. The book is an entertaining romp through the highs and lows of corporations since the first compagnia appeared in 12th century Italy. An 18th century British lord complained, "Corporations have neither bodies...