Word: economisters
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...Economy chic, and to some extent retain currency. Energy traders still use financial instruments that Enron pioneered in order to hedge against price swings. As for those notorious off-balance-sheet partnerships, "they can be used legitimately for financing projects in high-risk countries," says Michelle Michot Foss, an economist at the University of Houston...
...sales of shares and houses, boost gasoline taxes and offer fewer subsidies for new home construction (hence the architect joke). At the same time, unemployment benefits will be cut by j6 billion next year. "These policies will push a country already stagnating into recession," says Norbert Walter, chief economist of Deutsche Bank. Support for Schröder's Social Democratic Party is so weak that the upper house of parliament, the Bundesrat, which is narrowly controlled by the opposition conservatives, voted against adopting the higher pension and health-insurance contributions as well as Schröder's much-maligned proposal...
...That's why a growing number of economists are declaring that it's time for a little creative destruction. "Stirring competition is the single-most-important strategy for driving productivity higher," says economics professor Shimada. "That means getting rid of government subsidies and tariffs for protected industries and dismantling quasi-governmental monopolies." But that is a lot easier said than done. For one thing, those protected industries have had plenty of time to develop powerful lobbying groups, which are now among the ruling Liberal Democratic Party's biggest contributors. Many Diet members, in fact, are known by which zoku (tribe...
...also be staring at an internal demographic time bomb that will make efficiency and productivity all the more pressing in just a few years. Japan's working population peaked in 1997 at 67.9 million people and is predicted to decline to 60 million by 2025. Kiyohiko Fukushima, chief economist of the Nomura Research Institute in Tokyo, reads the demographic tea leaves and deduces that Japan's working population will dwindle so dramatically in the years ahead that the country will face an unprecedented shortage of workers?rendering much of society's current fears about unemployment moot. Japan will have...
...rate cut "doesn't create wealth," says party pooper Jay Mueller, economist at Strong Capital Management. "It transfers money from savers to borrowers," because debt gets cheaper and saving becomes almost a self-contradiction. If you got burned by stocks and, like many other people, have been hunkering down in cash or bonds, here are some things to know...