Ever since the financial crash of 2008, the subject of global economics has been at the tip of everyone’s tongues. A period of remarkable economic growth came to an abrupt end, and to this day most of us are feeling the effects of it. Now when it comes to understanding the strange and often contradictory world of economics, there are definitely worse people to look to than Paul Krugman. Professor of Economics at Princeton University, New York Times columnist and Nobel Prize winner aside, Krugman was voted 6th in a poll of the world’s 100 top intellectuals by Prospect.
The Conscience of a Liberal (also the name of Krugman’s blog) traces the path of inequality in the United States from the late 19th century to the present day, and how – after a period of relative economic equality in the 60’s – income distribution in the United…
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Felix Salmon, today, March 1 2012, on his blog, continuing to nail home that the Greek deal is a sovereign default:
“we’re going through the largest sovereign default in the history of the world, and surprisingly few people — including senior European policymakers and journalists who are covering it professionally — really seem to understand what’s going on.”
According to Business Week:
Tyler Cowen is America’s Hottest Economist.
The George Mason University professor has written a bestseller, The Great Stagnation, keeps an influential blog, and reads way too many books.
Cowen’s first rule of reading: You need not finish.
He takes up books with great hope and no mercy, and when he is done—sometimes after five minutes—he abandons them in public, an act he calls a “liberation.”
* * * * *
His best seller, The Great Stagnation, runs through three centuries’ worth of what Cowen calls the “low-hanging fruit” of economic growth: free land, technological breakthroughs, and smart kids waiting to be educated. For developed economies.
He argues, none of these remains to be plucked.
Yet America has built political and social institutions on the assumption of endless growth.
Cowen thinks that now that America has used up the frontier, educated all of the farm…
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How to convert “Conventional Wisdoms” into success Freakonomics discoveries?
Conventional wisdoms are the process of flowing with what is convenient, comfortable, and comforting: They are not necessarily true in reality of life. The smart imaginative mind has a feel of which wisdom is not true, then ask the right question, and intend to uncover the mystery in the problematic story.
Suppose the CIA calls you: It has plenty of data and it wants you to seep through the reams upon reams of data to figure out an algorithm for detecting money launderers and “terrorists”…to drone them out.
Suppose a former cyclist champion is suspicious that the current Tour de France is rife with doping, and he asks you to prove his suspicions…
Suppose a bagel salesman has gathered a lifelong data on his sales of bagel, and he wants you to have fun discovering a story behind the data…
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