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looking beyond borders

foreign policy and global economy

Archive for the tag “Economists”

The End Of Economics?

In the three decades since the end of the Cold War, economics has enjoyed a kind of intellectual hegemony. In the three decades since the end of the Cold War, economics has enjoyed a kind of intellectual hegemony. It has become first among equals in the social sciences and has dominated most policy agendas as well. Economists have been much sought after by businesses, governments, and society at large, their insights seen as useful in every sphere of life…That hegemony is now over.

Read Here – Foreign Policy

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Why The U.S. Economy Is Having A Boom

Why is this boom happening? That’s an almost impossible question to answer. Fundamentally, economists don’t know why booms happen. It’s possible that there’s not even such a thing as a “boom” at all — that this is just how the economy works under normal circumstances, when there isn’t a recession or crisis to throw it off its game.

Read Here – Bloomberg

What Is Human Capital?

Friedman had discovered in human capital theory more than just a means for boosting economic growth. The very way it conceptualised human beings was an ideological weapon too, especially when it came to counteracting the labour-centric discourse of communism, both outside and inside the US.

Read Here – Aeon

Will China And India Always Be Poorer? Probably Not

Since 1950, middle-income countries have nearly always grown faster than expected. Looking just at the past decade and a half, current middle-income countries that had an average gross national income of $2,381 in 2000 have seen that more than double, to $4,951 in 2015. U.S. income, in contrast, climbed just 15 percent over the same period.

Read Here – Ozy

Economists Versus The Economy

Today’s professional economists, by contrast, have studied almost nothing but economics. They don’t even read the classics of their own discipline. Economic history comes, if at all, from data sets. Philosophy, which could teach them about the limits of the economic method, is a closed book. Mathematics, demanding and seductive, has monopolized their mental horizons. The economists are the idiots savants of our time.

Read Here – Project Syndicate

What Is Wrong With The West’s Economies?

Many of us in Western Europe and America feel that our economies are far from just, though our views on justice differ somewhat. One band of economists, led for decades by the British economist Anthony Atkinson, sees the West as being in another Gilded Age of inequality in income and wealth.1 Adopting Jeremy Bentham’s utilitarian view, they would redistribute income from those in high brackets to those farther down—until we reach the highest “sum of utilities.” It is a question, though, whether this doctrine captures intuitive views of what is just.

Read Here – London Review of Books

When The Predictions Turned Out Right

An evergreen joke among speakers at the World Economic Forum’s annual meeting in Davos warns against making predictions. Whatever you say, the punchline goes, will be proven wrong.

Read Here – BusinessWeek

Err.. Economics In Denial?

This isn’t all the tutors’ fault: when you have to lecture to 400 students at once, it’s hard to find time and space to go off-piste. But the result is that economics students come out of exam halls and go off to government departments or the City with exactly the same toolkit that just five years ago produced a massive crash.

Read Here – The Guardian

Can We Do Without Economists?

When the stakes are high, it is no surprise that battling political opponents use whatever support they can garner from economists and other researchers. That is what happened when conservative American politicians and European Union officials latched on to the work of two Harvard professors – Carmen Reinhart and Kenneth Rogoff – to justify their support of fiscal austerity.

Read Here – Project Syndicate

Skip the Predictions, Look for These Signs

It’s that time of year again: Experts of all kinds are coming out of the woodwork to offer up forecasts and predictions for the year ahead. It can be amusing, but this is not the most productive way to think about the future.

Perhaps you’re familiar with Philip Tetlock’s landmark 2005 UC Berkeley study that looked at 82,000 predictions over 25 years by 300 leading economists. It turned out that expert views were no better than random guesses, and worse, the more famous or eminent, the less accurate the prediction.

So rather than latch onto someone’s static extrapolation or wild guess, I have a better idea: In the spirit of scenario thinking, we should instead look for ways to read the unfolding signs of the times with a fresh nimbleness of mind and receptivity to action.

Read Here – Bloomberg

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