Word: economisters
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...banks have been out in force recently. Senator Lindsay Graham, who almost certainly does not have a PhD in economics or finance told ABC News that banks were in such deep trouble that government ownership of the institutions may be the only way to save the financial system. Economist Nouriel Roubini, who probably has several advanced degrees, wrote in The Washington Post that the Swedes set a precedent for bank nationalization nearly 20 years ago. The first counter to his argument is that it is dark over 20 hours a day in Sweden during the winter which causes a level...
...What's needed is technological innovation, green solutions as yet undreamt of, to utterly remake the way people use energy. Masdar's crash greening may be the future. "This is real, and it shows that they are thinking ahead in a constructive way," says Nicholas Stern, an influential British economist and advocate for action on climate change. "I'm very optimistic that this is happening." Given the challenge, the world needs all the optimism...
Influencing a $19 trillion market that is coming off one of history's great asset bubbles is a lot harder than it looks. In December, houses sold for 15% less than they did a year earlier. No act of Congress could change that. Says Wellesley College economist Karl Case: "Let's not delude ourselves into thinking we're driving a speedboat when we're driving a tanker...
This is what some economists call the paradox of thrift. The notion is generally credited to Englishman John Maynard Keynes--seemingly the source of every important economic idea these days--although he doesn't appear to have actually used the phrase. Paul McCulley, an economist and portfolio manager at bond giant Pimco, defines it like this: "If we all individually cut our spending in an attempt to increase individual savings, then our collective savings will paradoxically fall because one person's spending is another's income--the fountain from which savings flow." (See the top 10 financial collapses...
...good options and good incentives are not always enough. Sometimes people still need a helpful cue about their best choice, says Richard Thaler, a behavioral economist at the University of Chicago and author of Nudge: Improving Decisions About Health, Wealth and Happiness. Faced with a vast array of alternatives, many people--paralyzed--pick nothing, according to Thaler's research. "Sending people a bunch of options--that they can join health clubs or Weight Watchers or something--is probably not going to work," he says. What works is making good health effortless--say, by having a nurse come into the office...