Word: economists
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...ahead of ourselves. So far, all we've seen is a slowing of the breakneck economic decline that began in October. There are differing spins you can put on this truth. "People like to talk about green shoots," New York University economist Nouriel Roubini said during a recent visit to TIME. "All I see is a lot of yellow weeds." On the other hand, a slowing in the pace of decline during a recession has in the past almost invariably segued into the end of that decline, recession maven Lakshman Achuthan of the Economic Cycle Research Institute said...
...published in 2006, academics from Italy, the Netherlands and Canada even found that trust levels between citizens of two countries has a significant effect on the investment decisions of venture capital firms, even after accounting for other factors such as geographical distance or transaction costs. "Virtually every commercial transaction," economist and Nobel laureate Kenneth Arrow wrote in 1972, "has within itself an element of trust...
...Numerous studies have arrived at the same conclusion: namely, that it pays to go to selective schools. Harvard economist Caroline Hoxby found that students at elite universities can expect to earn back the difference in cost between the tuition at their first-rank private institution and a third-rank public institution more than 30 times over the course of their careers. Ronald Ehrenberg, a Cornell University economist, also found compelling evidence of a significant economic return to attending a private university: a premium that the data suggests has increased over time...
...problematic. Without sufficient correction for the unique characteristics of Harvard students, the value added by a top-tier education may be drastically overstated. By examining the incomes of adults who were accepted by a highly selective college but who choose to enroll at a less prestigious institution, Princeton economist Alan Krueger attempted to correct for such lurking factors as students’ maturity, motivation, and ambition that result in admission to competitive schools but also correlate with high earnings potential. His finding—that the adults who turned down the offer of elite education earned slightly more than their...
...increasingly important trading system within Asia. Countries like Japan, South Korea and Indonesia export capital goods, components and raw materials to China, where they are used to manufacture final products for shipment to the West. This network broke down as demand in the U.S. and Europe shriveled, but economists say China's stimulus program might be filling in some of the lost sales. Programs to spur domestic consumer spending in China have boosted purchases of items like appliances and automobiles. The success of the stimulus program, economists say, may be rejuvenating intra-Asia trade links and created a boost...