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...most distressing developments of the past year. Taking aim at resorts in the developing world hurts those who can least afford it. In many poor countries, tourism is the fastest-growing sector of the economy and the one that offers the easiest pathway from poverty to a better and happier life. In Kenya, tourism employs about 500,000 people and, with the collapse of prices for commodities like tea and coffee, has become one of the most important sources of foreign exchange. Those benefits are now at risk. As for Bali, the financial effects of the bombs are likely...

Author: /time Magazine | Title: Must the Backpackers Stay Home? | 12/16/2002 | See Source »

...currently unfulfilling argument used to justify high taxes on cigarettes is that smokers will have greater incentive to quit if their habit costs them more money, and since they’ll be better off cigarette-free in the long run, a tax discouraging smoking actually makes smokers happier. This argument also relies on the government-knows-best assumption, along with the idea that since smoking is addictive and people get hooked when they are young, they never make a conscious rational decision to smoke. While some individuals might be happier as tax-induced former smokers, second-order effects simply...

Author: By Andrew P. Winerman, | Title: Paying the Piper for the Pipe | 12/16/2002 | See Source »

Rahul Shukla spent $7,600 on a television this year?and couldn't be happier about it. The 42-inch Fujitsu flat-screen TV hangs on the wall of his bedroom, taking up none of the valuable real estate that ordinary sets require in spite of its cinematic screen size. Shukla, a Hong Kong investment banker, is so pleased with the Fujitsu's picture quality?and the fact that it can be mounted above the destructive reach of his energetic 18-month-old son?he's thinking of buying a second one for his living room. "There's a certain...

Author: /time Magazine | Title: Lean Machines | 12/15/2002 | See Source »

...fashion. Pete came to FM relatively late in life. But it’s “the only thing on campus” that he reads, so he figured it would be the perfect place to contribute. The FM staff couldn’t have been happier to welcome him then and is thrilled to have him as an associate editor and co-director of the comp this coming year. That’s one whole year of hot writing tips from Pete, totally free...

Author: By FM Staff, CRIMSON STAFF WRITER | Title: New Kids On The Block | 12/12/2002 | See Source »

...connection is the first of several key steps towards construction of social capital. This valuable asset which each of us can build through his networks, makes one a happier and more competitive individual. The trust and reciprocity which are generated, and the exchanges of information, tips and ideas lead to stronger bonds, stronger communities and stronger individuals. The starting links in this chain are eye contact with a stranger, an ice breaker, a smile, a friendly...

Author: By Pedro Medina, | Title: Eye Contact in Harvard Square | 11/22/2002 | See Source »

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