Alan Greenspan Is Still Trying to Justify His Bad DecisionsWhat the maestro doesn't understand You remember Alan Greenspan: you know, the one who was chairman of President Gerald Ford’s Council of Economic Advisers from 1974 to 1977, and was then appointed chairman of the Federal Reserve Board by President Ronald Reagan in 1987, a position that he served in for nineteen years, retiring just in tim
In normal times, an arithmetic mistake in an economics paper would be a complete nonevent as far as the wider world was concerned. But in April 2013, the discovery of such a mistake—actually, a coding error in a spreadsheet, coupled with several other flaws in the analysis—not only became the talk of the economics profession, but made headlines. Looking back, we might even conclude that it changed
Wayne Hughes, Age: 78. Hughes, a Kentucky billionaire and horse breeder, says the debate over income inequality makes him feel like "an enemy of the state." As I drive along the Pacific Coast Highway into Malibu, I catch glimpses of incredible cliff-top mansions discreetly obscured from the road, which is littered with abandoned gas stations and run-down mini-marts. The office building I pull up t
The earthquake, tsunami, and lingering nuclear crisis in Japan have devastated that country’s people and their place in the global economy. Can the island nation recover? To see where Japan might go next, we have to look at one of the persistent myths about its recent past — the myth of the lost decades.It is widely thought that Japan is in the 21st year of a recession, or at least of a muddle-thr
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