In short, everyone wins from outsourcing of services. Alas, few understand this.
To prevent further crises of equal severity in the future, Keynesians would argue for strengthening the tools of macroeconomic management. Hayekians have nothing sensible to contribute.
I have always assumed that the Germans would eventually recognize that their interests lie in preserving the eurozone intact.
The day of the Eurobond may be near. What was once a quack’s idea for resolving Europe’s financial crisis is now the only reliable way to save the euro.
The world is in the midst of the greatest demographic upheaval in human history.Feeding, clothing, housing, and otherwise providing for this massive net addition to the global population is one of the main challenges
After some considerable volatility, a smaller and more robust currency union will emerge; and, importantly, Europe will avoid the euro’s demise and a total breakdown of the eurozone.
One thing is certain: these three problem areas – reform and recapitalization of the banking system, a eurobond regime, and an exit mechanism – need to be resolved to make the euro a viable currency.
Today’s atmosphere of fear and aggressive budget tactics are combining to undermine private-sector confidence and spending power.
The only way that Europe can escape from this trap is by acting in anticipation of financial markets’ reactions, rather than yielding to their pressure after the fact.
Debt mutualization alone will not save the euro, but, without it, the eurozone is unlikely to survive intact.
Limit banks to lending where evaluation of borrowers’ willingness and ability to repay isn’t a great leap in the dark.
Even though the US government’s debt limit was raised in the nick of time, the process was – and remains – fraught with risk.
The agreement has three major flaws. Two of them offset each other, but the third threatens what America needs most in the coming years: economic growth.
Indeed, the crisis marks the emerging economies’ overtaking of the major Western countries, with huge consequences for global power, finance, politics, and economics.
By the end of this decade, about 150 million people worldwide will have cancer, with approximately 60% of them residing in developing countries.
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