Word: economisters
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...have reached the end of their useful life. America is becoming a rolling junkyard; the average car is 9.4 years old, a new record, says Buscher. "Light trucks are 7.5 years old. They haven't been that old for 10 years," he adds. In two years, says an industry economist, 35 million cars now on the road will be at least 10 years old. There's not enough duct tape in America to hold that much junk together. Even if they don't conk out, keeping these beaters going becomes an increasingly expensive proposition...
...demand, scrappage rates, demographic changes and an economic recovery, there's a case to be made that North American demand will approach 16 million units within five years. "We haven't seen this kind of positive force in replacement demand for this amount for a while," says the auto economist. And thanks to growing overseas markets like China and Russia, where GM is well positioned, industry growth outside the U.S. will be even greater...
...Shiladitya Chatterjee, an economist at the Asian Development Bank in Manila, says governments need to thrash out a regional system to deal with migrant grievances and to help stranded, indebted workers. "Asia only recently woke up to the importance of this invisible export," says Chatterjee about foreign workers. "There must be better regional cooperation...
Things I would never think to write a song about: tax software programs, White House cabinet members, Paul Krugman. Now, I might write a song about Maureen Dowd (tentative title: "I Wish You Would Disappear"), but Krugman? Yes, the Nobel Prize-winning economist and New York Times columnist has a gift for breaking down complicated economic situations into easily digestible concepts, but he rarely inspires within me a sense of passion. Apparently songwriter Jonathan Mann disagrees...
...Which raises the question, one that trade economists have to answer every 10 years or so: If protectionism is so ruinous, why does everyone reach for it in tough times? To answer that, you have to go back to why trade is good for you. The idea that an exchange of what you have for what I have makes both of us better off must be as old as the first moment anyone swapped cowrie shells for some cooked fish. Organized trade is ancient: silk did not get to Rome because the Romans figured out sericulture; someone imported it from...