“Now”, Linda Yueh writes in the Introduction to her ninth book, What Would the Great Economists Do? How Twelve Brilliant Minds Would Solve Today’s Biggest Problems, “is an ideal time to assess where the world economy is headed”. Having come out of the financial crisis of 2008 and the Great Recession that followed, all the major economies are experiencing significant challenges to generating wealth. And in these times of “fundamental change”, she asks, “Who better to help shape our economic future than the Great Economists? Their thinking transformed the modern economy into one characterised by unprecedented prosperity, relatively speaking, in even the poorest countries.”
The theorists that Yueh — an adjunct professor of economics at London Business School who has also been a business journalist and a corporate lawyer, served on the boards of FTSE-listed companies, and advised the World Bank, ADB, European Commission, WEF-Davos, and British Chambers of Commerce — has chosen are mostly “from an earlier vintage”, and people who “tend(ed) to focus on big general questions, such as growth, innovation, and the nature of markets”. On her list are Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, Milton Friedman, and Joseph Schumpeter; besides the British author of Principles of Economics, the standard political economy textbook for several generations, Alfred Marshall; the early American neoclassical economist Irving Fisher; the Austrian-British Nobel Laureate Friedrich Hayek; the British monetary economist Joan Robinson; the Nobel-winning American economic historian Douglass North; and Robert Solow, another Nobel Laureate, the growth theorist after whose work the Solow-Swan model of neoclassical economics is named.
The book, which was released worldwide this month, is available in India.
Telling Numbers: On Test debut, half of all teams play England, a third play India
On Thursday, Afghanistan became the 12th team to play Test cricket. Their first match, against India, continued what has been a broad trend — new teams debut mostly against India and England. Of the 12 Test teams, 10 have now played their debut Test against either of these two countries — 6 against England and 4 against India. The exceptions are England themselves (against Australia, in the first-ever Test) and Ireland, who recently debuted against Pakistan.
* At the end of 1952, there were 6 Test-playing teams, and England had played against all the other 5 in their respective debut matches.
* Since 1952, 6 more teams have joined Test cricket; 4 of these played their first match against India, 1 against England, and 1 against Pakistan.
* Australia defeated England in what was the debut match for both countries. In the opening matches of the other 9 countries (not counting Afghanistan), eight of the debutants lost. The exception was Zimbabwe, who drew with India.
— Promit Chakroborty
This Word Means: (US-South Korea) War Games
Trump unilaterally announced their cancellation after his summit with Kim Jong-un. What are these ‘games’?
Before flying home from Singapore, President Donald Trump said the US “will be stopping the war games, which will save (it) a tremendous amount of money”. The military exercises — “war games” — were also “very provocative”, he said. Soon afterward, the South Koreans, and the US State Department said they were trying to understand what Trump meant, while the US military in South Korea maintained its plans remained unchanged.
The annual drill, christened Ulchi Freedom Guardian, has been on since 1976, and is one of the largest military exercises in the world. The 2017 war games ran 11 days, involving 17,500 American forces, including 3,000 from outside the Korean Peninsula, and 50,000 South Korean soldiers. The exercises consist mainly of computer simulations to hone joint decision-making and planning in the event of war with the North. Besides the summer Ulchi Freedom Guardian exercises, the two allies also hold military drills in the spring — two overlapping exercises called Key Resolve and Foal Eagle — which include live-fire drills with tanks, aircraft and warships. About 10,000 US and 200,000 Korean troops take part in the spring manoeuvres.
Pyongyang has always denounced these exercises as preparation for war. Trump’s announcement, therefore, is a major concession.