Find these names – then read whats left.
Allais, Arrow, Becker, Buchanan, Coase, Debreu, Fogel, Friedman, Frisch, Haavelmo, Harsanyi, Heckman, Hicks, Kantorovich, Klein, Koopmans, Kuznets, Leontief, Lewis, Lucas, Markowitz, McFadden, Meade, Merton, Miller, Mirrlees, Modigliani, Mundell, Myrdal, Nash, North, Ohlin, Samuelson, Scholes, Schultz, Selten, Sen, Sharpe, Simon, Solow, Stigler, Stone, Tinbergen, Tobin, Vickrey,Von Hayek
The latest coming from the field of happiness economics is saying relative income does make a difference in the overall levels of satisfaction in the long term (lifetime) view. For years I have been arguing that poverty is a relative issue. We have poor in the United States that are considerably better off than say the poor in Africa/South America/Latin America/Asia/Middle East if you look at the bundle of goods/services available to them. Even with adjustments like PPP, the comparisons are misinformative as they rarely take into account psycological effects which can be just as much as a trap as poor growth.
Although I’m no fan of the happiness index, these results shouldn’t be too suprising. If what you encounter on a daily/weekly/monthly basis is your neighborhood of experience, then obviously it would only really matter where you sat in relation to that environment.
We love our stuff! Dollar rally reverses on ‘alarming’ deficit
Joesph Stiglitz looks at NAFTA for the New York Times. I don’t agree with all of it, but his insight is thoughtful. (yes yes, a tautology)
The Broken Promise of Nafta
By JOSEPH E. STIGLITZ
Published: January 6, 2004
The celebrations of Nafta’s 10th anniversary are far more muted than those involved in its creation might have hoped. In the United States, the North American Free Trade Agreement has failed to fulfill the most dire warnings of its opponents and the most fervent expectations of its supporters. In Mexico, however, the treaty remains controversial and even harmful — as do America’s efforts to liberalize trade throughout the hemisphere.
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The Economic Policy Institute points out that while real GDP grew well over 3% for the second half of 2003, real wages didn’t grow at all.