Word: economisters
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...some African economists and political leaders, the aid shortfall isn't necessarily the most critical problem. A fierce debate is playing out among aid and government officials about whether money for Africa is even worth it - ignited largely by the best-selling book Dead Aid, written by the Zambian economist Dambisa Moyo, who argues that $1 trillion in Western aid during the past 50 years has left the continent more poor and dependent. Her sentiments were echoed by Rwandan President Paul Kagame, who wrote in the Financial Times last month that "as long as poor nations are focused on receiving...
Facing volatile equity markets, investors often look to gold and silver. But an updated study of classical-instrument valuations by Brandeis economist Kathryn Graddy shows that violins may be among the most stable of investments. Graddy's data indicate that between 1850 and April of this year, the value of professional-quality instruments rose in real terms (i.e., after inflation) about 3% annually. High-end violins have appreciated at much higher rates - particularly rare instruments made by Italian masters like Stradivari, Amati and Guarneri...
...either delinquency or default. Banks are figuring that nearly 10% of the money they're owed from credit cards is money they'll never see. "People were consuming more than their income, and that gave a big boost to the U.S. economy," says Kevin Lansing, a senior economist at the Federal Reserve Bank of San Francisco. "It doesn't seem like that's going to happen going forward...
...correlation between lower mortgage rates and higher housing prices, or vice versa. In fact, some think a modest rise in interest rates could be good for housing demand. "For the fence sitters, rising interest rates could be the motivation they need to buy," says Steven Wieting, Citigroup's US economist...
...process is sure to take years, and until it is complete, the economy can't fully bounce back. "Even though we're probably past the worst in the business cycle and probably even in the bear market, we're talking about something much bigger here," says David Rosenberg, chief economist at money manager Gluskin Sheff. "The largest balance sheet in the world is the U.S. household balance sheet, and it's contracting at a record rate...