Word: economisters
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...there is a limit to what governments can do. Exports are simply too important to the tiger economies to be easily replaced. They represented 74% of Taiwan's GDP and 46% of South Korea's in 2007. "You can't change the [export] model," laments Song Seng Wun, an economist at CIMB-GK Research in Singapore. "You just have to make sure everyone can take the downturn...
...increasingly unemployed, U.S. shoppers are cutting back. Consumer spending in the U.S. dropped at an annual rate of more than 3% in both the third and fourth quarters of 2008 - the steepest consecutive quarterly declines on record. As incomes shrink and America adopts a more frugal mind-set, some economists do not expect shoppers to return to free-spending ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation of the American consumer has only just begun." U.S. consumer spending as a percentage of GDP reached...
...trade with other emerging markets, such as Russia, Brazil, India and the Middle East. Commerce within the region also needs a boost. The tigers need to "open up trade among the markets here, and to develop local goods that are attractive to local markets," says Joe Zveglich, assistant chief economist at the Asian Development Bank in Manila...
...against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have been built up over the past five to ten years, it's clear that this cannot be seen as a self-contained regional crisis," says Neil Shearing, Eastern Europe economist at Capital Economics in London...
...Science is simple. It tests hypotheses, observes the results, and then creates new hypotheses and theories. A scientific economist would clearly see the results of implementing Professor Mankiw’s theories. They failed, just as the economic theories of Karl Marx failed. The Soviet Union imploded under Marx’s economic policies, and our country nearly imploded in 1939 and 2008 as a result of conservative economic policies...