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...effective and what is cost-ineffective. That is the "How much is life worth?" question. And there is no real empirical research to guide you. We have looked at what other government departments do. Our Department of Transport, for instance, has a cost-per-life-saved threshold for new road schemes of about 1.5 million GBP per life, or around 30,000 GBP per life year gained. The judgment of our health economists is that somewhere in the region of 20,000-30,000 GBP per quality-adjusted life year is the [threshold], but it's not a strict limit...
...every year since the turn of the century the U.S. economy grew more slowly than the global economy? Stuff at Wal-Mart and Costco and money itself stayed supercheap! Even 9/11, which supposedly "changed everything," and the resulting Iraqi debacle came to seem like mere bumps in the road. Even if deep down everyone knew that the spiral of overleveraging and overspending and the prices of stocks and houses were unsustainable, no one wanted to be a buzz kill...
...Road Runner cartoons, after each fall, the coyote is broken and battered but never dies. America isn't going to expire either. But unlike him, we will be chastened and begin behaving more wisely. For years, enthusiasts for unfettered capitalism have insisted that the withering away of enterprises and entire industries is a healthy and necessary part of a vibrant, self-correcting economic system; now, more than at any time since Joseph Schumpeter popularized the idea of creative destruction in 1942, we must endure the shocking and awesome pain of that metamorphosis. After decades of talking the talk...
...Shanghai not long ago, I took a walk from my hotel along Nanjing Road to the Bund, the promenade on the banks of the Huangpu where visitors from China's hinterland gather to gaze across the river, awestruck, at the ultramodern skyscrapers of Pudong that have transformed the city's skyline in not much more than a decade. It wasn't what was on the far side, though, that got my attention: it was the traffic on the river itself, great container ships, chuffing lighters, bulk carriers, every sort of waterborne vessel you could imagine carrying every imaginable cargo, churning...
...retaliation from America's trading partners after the new tariffs were applied, few would argue with Zoellick's assessment that the contraction of trade in the 1930s made the long downturn worse than it needed to be. "Protectionism," British Prime Minister Gordon Brown told TIME recently, "is the road to ruin...