African and Asian leaders call for new development bank

Originally posted on developmenttruths:

Leaders of emerging African and Asian countries are calling for the establishment of a new development to rival the World Bank.

At the 60th commemoration of the Asian African Conference in Jakarta, Indonesia last month a number of leaders agreed that, to succeed, there is a need for a new bank, totally separate from the World Bank and the International Monetary Fund (IMF) because the two can no longer be trusted to fully fund development infrastructure projects.

Indonesian President Joko Widodo, the conference host, said those who still insisted that global economic problems could only be solved through the World Bank, International Monetary Fund and Asian Development Bank were clinging to “obsolete ideas”.

In his opening statement, Widodo said that African and Asian countries felt a global injustice because the developed world is reluctant to change the status quo:

“The view that the world economic problems can only be solved by…

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Cass Sunstein on Taylor Swift, Pandora-ization, and why choosing not to choose is sometimes the best choice

Originally posted on Quartz:

The American legal scholar Cass Sunstein has become one of the most influential non-economists toiling in the world of economics. Over the course of his career, his interests arced from constitutional law to a pioneering synthesis of behavioral economics and public policy developed in concert with the economist Richard Thaler. Originally called “libertarian paternalism,” the Sunstein-Thaler approach stresses the fact human choices can’t help but be influenced by the way those choices are framed.

In other words, little details matter a great deal. A candidate listed at the top of a ballot tends to get more votes, just because she’s at the top. Participation in pension plans tends to be higher if people are automatically enrolled. If you place fruit ahead of dessert in a cafeteria line, people eat more fruit than they otherwise would have. It all falls under the Sunstein-Thaler idea of “choice architecture.” Since such influence can’t…

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Alibaba’s unparalleled rise has changed the face of global business

Choosing your degree…

DSGE macro models criticism 4. Capital. | Real-World Economics Review Blog

A statistical breakdown of how recent law school graduates are utterly screwed

Originally posted on Quartz:

Law school used to be a ticket to a somewhat lucrative lifestyle in the United States. At the very least, graduates could expect to be employed as lawyers. But that hasn’t been true for the class of 2010.

It was bad when they graduated, in the midst of a recession, with more than 10% of the class still jobless nine months later. Five years on, the outlook for these young lawyers remains pretty grim, according to Ohio State Moritz College of Law professor Deborah Jones Merritt. She pored through data from Ohio graduates admitted to the bar in a recent paper, and compared their progress with that of the class of 2000—which did much better, despite also graduating during a recession.

For the 2010 graduates, the job situation has barely improved, despite years of work experience and economic growth. And that year, the average law school graduate left school with $100,401 in debt.

Even for the class of 2000, some of those who…

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The robots are coming, the robots are coming, but is it for my current job?


we underestimate this at our peril! Creativity and viewing it as a way to release untapped potential is one of the key ways forwards

Originally posted on Utopia - you are standing in it!:

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