Word: friedmanism
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...what should greens do to avoid irrelevance, now that Hank Paulson is replacing Al Gore as the nation's chief scold? First, tie environmental rescue to economic recovery, by "greening the bailout," as columnist Tom Friedman of the New York Times has put it. As the new Administration - whether Democratic or Republican - searches for ways to stimulate the economy, green infrastructure spending could be the way to go. More money for high-speed rail, tax credits for new solar systems, increased federal funding for renewable energy - these are policies that might not only help stimulate a flagging economy, but directly...
...Economics professor Benjamin M. Friedman ’66, for example, noted that had economists seen the future in early 2007, “they almost certainly would have forecast a steeper downturn, with many more layoffs.” That is a striking insight. It is unpopular to say that the U.S. economy is resilient when firms are failing, but what story is told by the facts? Unemployment now exceeds 6 percent in the United States but it declined by 159,000 in September. In France, for example, the unemployment rate was nine percent (or more) in nine...
...relationship to students. “There are so many opportunities for the A.R.T. to get involved in undergraduate theater. They could stop by rehearsal, give advice to student directors. There’s so much [undergrads] could learn from A.R.T. professionals,” theater student Talisa B. Friedman ’09 says. “Having more involvement of the A.R.T. in undergrad theater will be much appreciated and I hope she tries to further that relationship.”BEYOND BOUNDARIESHistorically, the A.R.T.’s aim of advancing the art of dramatic theater...
...underlying cause of the Great Depression - as Milton Friedman and Anna Jacobson Schwartz argued in their seminal book A Monetary History of the United States: 1867-1960, published in 1963 - was not the stock-market crash but a "great contraction" of credit due to an epidemic of bank failures...
...Friedman and Schwartz saw it, the Fed could have mitigated the crisis by cutting rates, making loans and buying bonds (so-called open-market operations). Instead, it made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...