Economics

Ethics, Banking And The Coin of the Realm

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Many years ago, I wrote for a New York investment bank whose name has been semi-obscured by the epidemic of shotgun marriages on Wall Street in the intervening decades. Thus, the news that Goldman Sachs enabled the miserable financial accounting habits of Greece did not surprise me, nor, I feel sure, anyone who ever worked for one of the banks. As many characters on “The Wire” put it over five years of exquisite television, “All in the game, yo.” Or, in the words of a previous era’s television icon — JR Ewing, Texas oilman on “Dallas” — “Once you give up your ethics, the rest is a piece of cake.”  read more »

Creating a Pearl River Delta Megapolis, The Growth Story of the 21st Century

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In Southern China, the Pearl River Delta is giving rise to an urban super-power in the first rank.

In 2005, the wealthiest metropolises were still led by the thriving urban agglomerations of the leading advanced economies in North America, Western Europe and Japan; that is, Tokyo, New York City, Los Angeles, Chicago, Paris and London. The scale economies of these metropolises are as significant as those of many national economies. For instance, the estimated GDP of Tokyo and New York City, respectively, was not that different from the total GDP of Canada or Spain, whereas London’s estimated GDP was higher than that of Sweden or Switzerland.  read more »

America's European Dream

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The evolving Greek fiscal tragedy represents more than an isolated case of a particularly poorly run government. It reflects a deeper and potentially irreversible malaise that threatens the entire European continent.

The issues at the heart of the Greek crisis – huge public debt, slow population growth, expansive welfare system and weakening economic fundamentals – extend to a wider range of European countries, most notably in weaker fringe nations like Portugal, Italy, Ireland, Greece and Spain (the so-called PIIGS). These problems also pervade many E.U. countries still outside the Eurozone in both the Baltic and the Balkans.  read more »

Atlanta: Ground Zero for the American Dream

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The Atlanta area has much to be proud of, though it might not be obvious from the attitudes exhibited by many of its most prominent citizens. For years, local planners and business leaders have regularly trekked to planning’s Holy City (Portland) in hopes of replicating its principles in Atlanta. They would be better saving their air fares.  read more »

America on the Rise

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For much of the past decade, "declinism" – the notion that America is heading toward a deadly denouement – has largely been a philosophy of the left. But more recently, particularly in the wake of Barack Obama's election, conservatives have begun joining the chorus, albeit singing a somewhat different variation on the same tune.  read more »

The Gero-Economy Revs Up

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Green jobs? Great. Gray jobs? Maybe an even better bet for the new jobs bill. If there is a single graphic that everyone concerned with the nation’s future should have tattooed on their eyeballs, my vote goes to the one on your left. Here is its central message:

Forty years from now, one out of four Americans will be 65 or older.

Twenty million will be over 85.

One million will be over 100.  read more »

Millennial Perspective: Internet Telecom's Pioneer

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In part 2 of a two-part series on telecommunication, Paffenbarger discusses the successes and future of Skype.

Skype is highly recognized in the world of Voice over Internet Protocol (VoIP), the technology challenging telecommunication's status quo.  read more »

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Millennial Perspective: Telecom's Internet Crisis

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In Part 1 of a two-part series, Elizabeth Paffenbarger discusses the paradigm shift VoIPs are causing in the telecommunication industry.

In today’s multi-tasking global world, telecommunication has become essential to the health of businesses and society at large. Our “network” of colleagues, friends, and family is constantly expanding with the growth of the technologies that keep us connected.  read more »

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Memo To Obama: Banks Are Beautiful

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In his search for what Theodore Roosevelt called “a good, safe menace,” President Barack Obama has settled on the nation’s largest commercial banks, which as late as last year’s bailouts were still considered the best hope for economic salvation.

At first Obama was content to rail about the filthy lucre of banker bonuses. Then he got the idea of maybe hitting the bonus babies with special taxes. But the reason that the Secretary of the Treasury is often the former chairman of Goldman Sachs is because the bank is one of the instruments that keeps the government afloat.  read more »

The Fate of Detroit – Revisited Green Shoots? The Changing Landscape of America

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During the first ten days of October 2008, the Dow Jones dropped 2,399.47 points, losing 22.11% of its value and trillions of investor equity. The Federal Government pushed a $700 billion bail-out through Congress to rescue the beleaguered financial institutions. The collapse of the financial system in the fall of 2008 was likened to an earthquake. In reality, what happened was more like a shift of tectonic plates.  read more »