By Anatole Kaletsky – Can economists contribute anything useful to our understanding of politics, business and finance in the real world?
The “old ideas that have been proved wrong,” including inflation targets, self-stabilizing markets, and rigid separation of monetary and fiscal policy, remain dominant where they are most dangerous — in the macroeconomic analysis of finance ministries and central banks.
Overcoming these old ideas will require new thinking about politics and not just economics. more> http://tinyurl.com/llysp3v
Posted in Banking, Business, Economic development, Economy, Education, History, Leadership, Regulations
Tagged Banking reform, Capital, Economics, Financial crisis, Government, Leadership, Monetary policy, Regulations
You Won’t Believe What This Machine Can See
GE – Two days before Christmas 1895, shortly after Wilhelm Röentgen discovered X-rays by experimenting with a cathode tube in his laboratory, he invited his wife to experience the phenomenon.
Anna Bertha Ludwig put her left hand inside his apparatus and became the first human to be X-rayed.
But when she saw her wedding ring slipped over the bones of her fourth finger, her reaction was far from jubilant. “I have seen my death,” she exclaimed.
Röentgen became immediately famous but it was not until 1913 that X-ray imaging took off.
That year physicist William D. Coolidge, a longtime director of the GE Research Laboratory in Schenectady, NY, invented the X-ray Tube.
Coolidge kept perfecting his tube and received 83 patents for the technology.
The tube effectively started radiology as a medical discipline and launched a series of innovations raging from the X-ray machine to computed tomography. more> http://tinyurl.com/las3err
Posted in Business, Economic development, Economy, Energy & emissions, Product, Technology
Tagged Business improvement, CT scanner, Electronics, GE, Technology, United States, X-ray
Capital in the 21st Century, Author: Thomas Piketty.
By Mark Gimein – 5 percent rate of growth routinely cited by Balzac and Austen is quite close to the mark; Thomas Piketty’s own calculations yield a number somewhere in the 4 or 5 percent range for the period in which they worked.
And that, unfortunately, is a lot faster than most economies grow.
Some of that capital, of course, gets spent to maintain the lifestyles of the rentiers. But the rest gets reinvested.
If the holders of capital manage to reinvest, say, three-fifths of their money (a number that Piketty takes as reasonable assumption), they will see their fortunes grow 3 percent a year.
That’s much faster than economies expanded through most of history. more> http://tinyurl.com/m29md7n
- The short guide to Capital in the 21st Century
- Search Results for: Piketty
- Today’s ranking of the world’s richest people, Bloomberg
- Economist Receives Rock Star Treatment, Jennifer Schuessler, NYTimes.com
- The World Top Incomes Database, parisschoolofeconomics.eu
- Taking On Adam Smith (and Karl Marx), Steven Erlanger, NYTimes.com
- Washington & Wall Street: Thomas Piketty’s ‘Capital’ Misses Cause of Inequality, Christopher Whalen, breitbart.com
- Capital Punishment, Tyler Cowen, Foreign Affairs
Posted in Book review, Business, Economic development, Economy, Education, History, Media, Regulations
Tagged Business, Capital, Monetary policy, Organization, Regulations, Wealth
By Matt Phillips – If you were a betting person placing a wager on a political outcome, you’d pretty much always want to bet on the outcome that the affluent are in favor of.
The opinions of the affluent and business groups were a far better predictor of actual policy outcomes than the opinions of Americans with median incomes. more> http://goo.gl/Z4ZoBG
Posted in Business, CONGRESS WATCH, Economic development, Economy, Education, Leadership, Media, Regulations
Tagged Business, Congress Watch, Government, Leadership, Organization, Regulations, United States