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...fundamental problem is that economic models - series of equations meant to describe how different parts of the economy fit together - depend on historical data. If you want to know how high unemployment is going to be six months from now, you start with how high it is today. If the economy isn't stable and the old relationships don't hold as well as they used to, then the models break down. In recent years, there have been great advances in economic modeling, says Stock, but forecasts haven't necessarily gotten much better since the economy itself has grown more...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...from the tree and sold in a village marketplace, are like. My homestay baba grows avocadoes and oranges in the backyard, so we have some with almost every meal. Chapati, which is basically a thin, African version of naan, is delicious (at least until you're forced to consume six of them by your overbearing mama, who insists that you aren't eating enough food). And I have even started to develop a fondness for rice and beans – which is good, because if I didn't, I would definitely go hungry...

Author: By Kate Leist | Title: Taste Test | 7/17/2009 | See Source »

...guns have been largely silent for more than six months now, but the battle to define what exactly took place during Israel's 22-day military operation in Gaza in January rages as fiercely as ever. Earlier this month, Amnesty International published the findings of its inquiry into the conflict, accusing both Israel and Hamas of committing war crimes. Just this week, Britain announced that it had banned the sale to Israel of spare parts for its Saar 4.5 class corvette, because of the way the missile vessel had been used by Israel during the Gaza operation. An official...

Author: /time Magazine | Title: Dissident Israeli Soldiers Turn a Harsh Light on the Gaza War | 7/16/2009 | See Source »

...manager calls "the Beijing fudge factor." In the first quarter of this year, Beijing reported 6.1% GDP growth, but electricity consumption overall in the country appeared to decline. How a country the size of China could grow by 6% yet use less electricity was puzzling. And in the first six months of this year, overall rail-freight traffic declined in China. Again, how that squares with accelerating growth is not clear. (Read "China's Economy: Rare Signs of Optimism...

Author: /time Magazine | Title: China's Economic Recovery Gathers Steam | 7/16/2009 | See Source »

...Obama's proposal, $9 billion, would go to helping schools try out promising programs to improve student learning, track progress and train workers. Another goal: nosing completion rates up from their current, abominable level: just 31% of community college students who seek a degree actually get one within six years. An additional $2.5 million would go to helping two-year schools rebuild their crumbling, outdated infrastructure - a key to equipping them to prepare students for high-tech jobs. Among the most compelling of the new proposals is the $500 million in grant money that would make online education more widely...

Author: /time Magazine | Title: Obama Pushes for More Aid to Community Colleges | 7/15/2009 | See Source »

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