Word: laibson
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...have to say to yourself, this really doesn't amount to a whole lot," Laibson says. "One shouldn't expect a 10 percent decline to amount to a big transformation in the economic activity in the Square...
...according to economics professor David I. Laibson, it is unlikely that the current stock market downturn would have any discernible effect yet on the small businesses in the Square...
...stock market is down 10 percent, Laibson says. He calculates that this corresponds to four-tenths of one percent drop in economic activity...
...Laibson agrees...
...dire consequences of a stock market decline apply to particular sectors of the economy and the Square is not high-tech sensitive," Laibson says. "It's mostly a destination for students and tourists and I don't think Harvard students are in the hardest hit group...