Word: idea
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...think," Summers told the Peterson Institute crowd - deviating again from his text - "that anyone fully understands this phenomenon." And that raises some worrying questions. Will creating jobs be that much slower too? Will double-digit unemployment persist even after we emerge from this recession? Has the idea of full employment rather suddenly become antiquated? Is there something fundamentally broken in the heart of our economy? And if so, how can we fix it? See which businesses are bucking the recession...
...idea that hysteresis happens to economies is one that economists don't like to think about. They prefer to consider economies as yo-yos tethered to the sturdy string of the business cycle, moving up and down from growth to slowdown and back. But from time to time, things do snap. And Summers' argument in 1986 was that unemployment in Europe, the sort that might persist in the face of growth, was an expression of an economy that had snapped. Europe's economy was hit not only by shocks like an oil-price spike, a productivity collapse and rocketing...
...road projects. Today the work of 10,000 shovels is done by a few machines - and it was a lot easier to persuade farmers to switch to ditchdigging than it would be to get laid-off hedge-fund traders to switch to sewer repair, appealing as such an idea might be. (See pictures of the global financial crisis...
...German government officials were left in the dark over GM's intentions until the very last minute. One government official said he had "no idea" what GM had decided, and union leaders were still claiming GM wanted to keep Opel and Vauxhall. (See the 50 worst cars of all time...
...money a hedge fund or investor can trade in oil (or any other commodity). In an article in the Wall Street Journal in July, British Prime Minister Gordon Brown and French President Nicolas Sarkozy appealed for new limits on oil speculators in order to curb "dangerously volatile" prices. That idea is expected to be debated during the G-20 meeting in Pittsburgh, Pa., later this month. (See a TIME video from the previous G-20 meeting in London...