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01 Mar 07

Why is the Middle East Economically Underdeveloped?(Timur Kuran, Journal of Economic Perspectives: Vol. 18, No. 3, Summer 2004)

  • "Why the Middle East is Economically Underdeveloped" was published in the Journal of Economic Perspectives. This database consists solely of economic related material. The article in mention addresses some of the reasons why the Middle East is not as economically developed as some other countries. The author states that several Middle Eastern institutions are to blame for their struggling economy. These institutions include the Islamic law of inheritance, which inhibited capital accumulation, the Islamic law's lack of the concept of corporation, and Islam's distinct form of trust. These institutions were not always harmful, but their inability to change and adapt to a modern economy is what ultimately harmed the Middle East. The article goes into some depth about other aspects of the Middle Eastern economy, but these facts only support the primary reasons that are listed. One other factor that harmed the economy was an interpretation of the Quran that prohibited interest payments, which had a negative effect on the banking industry. The main point of this article is that the Middle East once had a prosperous economy, but their tradition and inability to adapt is what ultimately caused their downfall. This article is helpful as a reference to the formation of another economy in comparison to the United States. This was one article is an issue of a journal that discusses the Middle Eastern economy, the war in Iraq, and oil prices. - tbentson on 2007-03-01

Richest 2 Percent Own Half the World's Wealth(Aaron Glantz, OneWorld, Dec 22 2006)

  • The author of this article discusses income inequality on a global level. According to a study, the richest 2 percent of individuals in the world account for half of the world's wealth. Some key factors are presented in the article. The richest 1 percent owned 40 percent of the world’s wealth in 2000. The author shows that the increase in figures represents a growing income gap. The rich are becoming richer and the poor are becoming poorer. Another key point is that the average American's wealth is 144 thousand dollars, which is 100 times that of India and Indonesia. It is suggested that trade agreements can help to spread wealth more evenly amongst countries. If we make it easier for producers in foreign countries to ship their goods to America it will stimulate their economy and funnel some of our excess wealth to them. The author goes into more detail discussing exactly how trade agreements can aid economically challenged countries. This article was created as a lone work and is not part of a series. - tbentson on 2007-03-01

The Young Economist’s Guide to Professional -Etiquette(Daniel S. Hamermesh, Journal of Economic Perspectives, Winter 1992)

  • This article was posted in the Journal of Economic Perspectives and is targeted toward students that have recently graduated with an economics degree. The author is an economist who has published several studies and has extensive knowledge of economics. He points out that students learn how to produce written drafts of research, but many lack the social and professional training that is necessary. The purpose of this text is to act as a course in preparing young economists for their professional careers. It is specifically aimed towards young graduates that are actively involved in their own research. The author gives several recommendations for completing and submitting work. He suggests that economists should devote their early professional career to developing their thesis. He believes that research will be more difficult after taking a teaching position. It also recommends that young economists should not be afraid of criticism. Submitting written works to distinguished colleagues in the field is a good way to validate your work. The author goes on to discuss the etiquette involved in submitting drafts to colleagues for editing. This may be useful to recent graduates who are trying to construct a thesis for the first time. The author of this article is credible and the information presented may be useful for any aspiring economists. - tbentson on 2007-03-01
28 Feb 07

Heavy Constraints on a "Weightless World"? Resources and the New Economy(Jonathan Perrington, The American Journal of Economics and Sociology, Jan 2006)

  • This article was published in the American Journal of Economics and Sociology. It addresses production trends that have been seen in industrialized countries since the late 1990's. Developed countries, namely the United States, have seen a shift from material production to service oriented production in recent years. The traditional thought is that a decrease in material production will result in decreased economic activity, and until the late 1990's this was true. In recent years the United States has seen decreased material production, but increased economic growth. This phenomenon was first seen with the emergence of the computer age. Goods such as computer software and programming are greatly contributing to the economy without physically producing anything. The need for information and technology is driving developed countries toward service oriented jobs. This article focuses on this unique situation and some of the factors and causes. The author also goes on to discuss the negative effect that this is having on developing countries who traditionally supply raw materials. Developed countries are now using human resources more than physical resources. The Unites States' reduced necessity for these resources has slowed economic activity in the countries that provide those resources. This article gives great insight into current conditions in the global economy. - tbentson on 2007-03-01

Consumer Price Gauges Rise More Than Expected(Jeremy W. Peters, New York Times, Feb 22 2007)

  • The article "Consumer Price Gauges Rise More Than Expected" was written by Jeremy W. Peters and published in the New York Times. The Federal Reserve expected inflation to be low this year, but price increases in January have caused many analysts to become skeptical. During the month of January 2007 prices for several goods including fruit and hotel rooms increased dramatically. The rate of core inflation, as represented by the consumer price index, jumped from .1 percent in December to .3 percent in January. The effect of this inflation has already been seen in the market. Many investors have begun to push stock prices lower in preparation for interest rate changes. The Federal Open Market Committee met and decided that a change in interest rates was not necessary. The article goes on to explain relevant benchmarks in inflation rates. Anything above 2 percent raises concerns for the Federal Reserve. As long as rates are below this mark they will not consider raising or lowering interest rates. Inflation is currently at 2.1 percent, but the Federal Reserve has decided that this is not large enough to worry about. This article may be helpful to anybody involved in stock trading, banking, and real estate. Interest rates and inflation can effect all of these areas. - tbentson on 2007-03-01

Turning economics into an evolutionary science: Veblen, the selection metaphor, and analogical thinking.(Christian Cordes, Journal of Economic Issues, March 2007)

  • The article "Turning economics into an evolutionary science" was written by Christian Cordes and published in the Journal of Economic issues. This article discusses the current state of the economics field, and how it must be revised in order to survive longer. The author states that economics is helplessly behind the times. He says that all modern sciences are evolutionary sciences. The article discusses how economics must become an evolutionary science in order to remain relevant in modern times. Thomas Veblen believes that the way to modernize economics is to introduce aspects of Darwin's explanatory model of biological evolution into economic theory. His view has spurred a debate in the economic field. The rest of the article contains opinions from several economic theorists concerning Darwinism and economics. Most of the authors believe that some of Darwin's principles can be applied to economics. As far as evolution is concerned, the stance of this article is that markets and firms are constantly changing. Through a series of changes firms either strive of fail. This is where they draw the parallel to Darwin's theory of evolution. The text focuses on the macro level of economics. It is a broad theoretical discussion of the practice and does not involve micro level numbers and figures. - tbentson on 2007-03-01
25 Jan 07

Economist's View

  • Furthermore, more-educated groups show greater income inequality than
    less-educated groups. Uneducated people are more likely to be clustered in a
    tight range of relatively low incomes. But the educated will include a greater
    range of highly motivated breadwinners and relaxed bohemians, and a greater
    range of winning and losing investors. A result is a greater variety of incomes.
    Since the United States is growing older and also more educated, income
    inequality will naturally rise.
  • If it were costless to play Robin Hood and take from the rich and give to the
    poor, it would be hard to oppose. But there are costs. We really don’t want the
    Gateses of the world sitting around clipping coupons. We want them out there
    thinking of new products and businesses to make themselves richer, because in
    the process they will improve the quality and lower the prices of goods and
    services we use, employ workers ..., and so on.
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