Economics

Audio

Europe 2014: An Outlook from the ECB

Speaker: Jörg Asmussen
Presider: Steve Liesman

Jörg Asmussen reflects on the European Central Bank's role in overcoming the eurozone crisis and the economic challenges for Europe ahead in 2014.

See more in Europe; Economics

Foreign Affairs Article

Never Saw It Coming

Author: Alan Greenspan

The former chair of the U.S. Federal Reserve asks how so many experts, including him, failed to see the 2008 financial crisis approaching. An important part of the answer to that question is a very old idea: Keynesian "animal spirits," the irrational elements of decisionmaking that have been left out of economic forecasting for too long.

See more in United States; Financial Crises

Foreign Affairs Article

Bridge to Somewhere

Author: Jose W. Fernandez

International development has moved beyond charity. Gone are the days when the United States would just spend its seemingly bottomless largess to help less fortunate or vanquished countries, as it did after World War II.

See more in United States; Infrastructure

Must Read

The Arctic Institute: The Future of Arctic Shipping: A New Silk Road?

Author: Malte Humpert

"Arctic shipping will remain of limited importance to China, as it will for the rest of the world. Future shipping in the Polar region will mostly consist of seasonal destinational transport, delivering supplies into the Arctic for its increasing economic activity and transporting the region's natural resources to markets in East Asia."

See more in Arctic; Trade

Must Read

Reuters: Assests of the Ayatollah

Authors: Steve Stecklow, Babak Dehghanpisheh, and Yeganeh Torbati

This three-part series from Reuters examines how Setad, a little-known organization controlled by Iran's Supreme Leader, grew into one of the most powerful property and corporate empires in Iran.

See more in Iran; Economics

Must Read

New York Times: Treasure Hunters of the Financial Crisis

Author: Peter Lattman

"Much attention has been lavished on the speculators who reaped huge paydays betting against the subprime mortgages that stoked the financial crisis. Doomsayers like the hedge fund manager John Paulson and the cast of characters in "The Big Short," the Michael Lewis book, saw calamity coming, and their contrarian bets delivered when the housing market collapsed.

But what about the big long? During the dark days of late 2008, while other investors dumped their holdings or sat paralyzed on the sidelines, who decided that it was time to put money on the line? Who bought low and then sold high?"

See more in United States; Financial Crises

Must Read

The Guardian: Is Economics a Science?

Author: Robert Shiller

"One problem with economics is that it is necessarily focused on policy, rather than discovery of fundamentals. Nobody really cares much about economic data except as a guide to policy: economic phenomena do not have the same intrinsic fascination for us as the internal resonances of the atom or the functioning of the vesicles and other organelles of a living cell. We judge economics by what it can produce. As such, economics is rather more like engineering than physics, more practical than spiritual."

See more in Global; Economics

Must Read

Project Syndicate: South Africa Breaks Out

Author: Joseph E. Stiglitz

"International investment agreements are once again in the news. The United States is trying to impose a strong investment pact within the two big so-called "partnership" agreements, one bridging the Atlantic, the other the Pacific, that are now being negotiated. But there is growing opposition to such moves."

See more in South Africa; International Finance