Word: problems
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...smartest undergrad anyone knew, but as he surveyed his research options 30 years ago, he settled on the then relatively unsexy specialty of labor. The subject tickled his sense of skepticism. "The view that was taking hold at that time, a view that unemployment wasn't a terribly serious problem, was importantly wrong," Summers says. "I thought if you could have areas where there was long-term substantial unemployment, then that raised some questions about the functioning of markets." In essence, Summers saw in unemployment a chance to explore how markets don't work - and to think about policies that...
...Many of the ideas Summers developed were codified in a 1986 article titled "Hysteresis and the European Unemployment Problem." Even today it's a piece he's proud of: "Ah, yeah, the hysteresis article," he interjects when it's mentioned. Hysteresis is a word that you (and the rest of us) should hope we don't hear too much of in the coming months. It comes from the Greek husteros, which means late. It refers to what happens when something snaps in such a way that it can never be put back together. Bend a plastic ruler too far, drop...
...Angola's coast, and the country - most of whose people live in dire poverty - could potentially pump about 2.3 million bbl. a day by year's end. "They argue that they are a war-torn country, like Iraq, and need to rebuild the country," Morse says. "OPEC swept the problem under the table, because, after all, why deal with it when you can put it off?" (See pictures of world leaders on vacation...
...when the publicity over this first started, I tried to tread gently on this question, but the truth is that I believe we're in a gigantic crisis and it's a difficult one. I see a huge number of people trying to figure out the solution to the problem. I don't despair for the human race. I'm an optimist - I believe that people are good. I don't despair of our ability to affect change when we need change. But what is required is that we actually engage that ability. I believe we can solve the problem...
Nina Jain ’11 spent last summer trekking door-to-door through a Delhi slum, trying to find out which of the impoverished residents suffered from tuberculosis. There was one problem, though. She didn’t speak Hindi...