Word: manhattanization
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That is the conclusion of TIME's Board of Economists, which met recently in Manhattan to assess prospects for the U.S. economy and stock market. And that opinion comes from Wall Street itself; on this occasion the board was composed of influential investment advisers, chosen to offer a different perspective from academic and corporate economists. The panelists disagreed considerably on the likely course of the stock market and the broader economy next year and after. But on the subjects of inflation and interest rates they chorused in unison: not to worry...
...reality, though, is that the new-media and high-technology workplace today often more closely resembles a piecework-industry sweatshop than a pristine NASA laboratory. New Internet businesses, financially strapped and compelled to set up shop on pricey real estate in Manhattan's Silicon Alley or California's Silicon Valley, have to scrimp on the office space, using converted industrial lofts crammed with desks, T-1 lines and terminals. During the pre-initial public offering phase of a start-up, precious capital must be allocated to marketing and sales rather than rent and salaries, which contribute only to the burn...
...swarm with tens of thousands of players. The result is virtual societies like Ultima Online, which in two years amassed 125,000 players so fervent that pieces of exclusive real estate on the Ultima site--think of it as the Ultima in-game equivalent of a duplex on Manhattan's Upper East Side--regularly sell on eBay for more than...
...spacious, cathedral-like grandeur when performed live with her solo piano. McLachlan's canvas has always been the lovelorn and the obsessed, and her palette, the primary colors of human passions. Mirrorball chronicles her gathering skill at capturing emotional truths. "Emotions are fabulous," McLachlan explains, relaxing in a Manhattan hotel room last week. "I love them because they feed you. You learn so much about yourself, whether you're in a deep sadness or extreme elation. I enjoy those kinds of extremes because I feel as if I'm most alive at those points...
DIED. KENNETH S. DAVIS, 86, historian and tireless biographer of Franklin D. Roosevelt; in Manhattan, Kans. The author of books on Adlai Stevenson and Dwight Eisenhower as well, he had just completed the fifth volume of his prizewinning life of F.D.R...