Despite all the negative reactions to fiscal austerity, some econs still beleive it is the need of the hour in Europe.
Raghu Rajan summarises the true lessons from the crisis - The West Can’t Borrow and Spend Its Way to Recovery. He says Keynesians are trying to get best of both worlds:
A conference on the topic was held at Russell Sage Foundation.
There are some very interesting papers here on financial markets. Looking forward to reading them and posting aout them in future..
After the famous article by a Goldman insider on the culture at Goldman Sachs, here is another one from Alexis Goldstein.
She does not name her company but writes her experiences at W-street really well. She quit the street and is now part of the OWS movement..
When some people think about Wall Street, they conjure up images of traders shouting on the stock exchange, of bankers dining at five star restaurants, of CEOs whispering in the ears of captured Congress members.
When I think about Wall Street, I think about its stunted rainbow of pale pastel shirts. I think about the vaulting, highly secured, and very cold lobbies. And I think about the art passed daily by the harried workers, virtually unseen.
Before I occupied Wall Street, Wall Street occupied me. What started as a summer internship led to a seven-year career. During my time on Wall Street, I changed from a curious college student full of hope for my future, into a cynical, bitter, depressed, and exhausted “knowledge worker” who felt that everyone was out to screw me over.
Read on…
An amazing paper by the foursome Alberto Chong, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer. They say it is incredibly preliminary but the broad idea is pretty much there.
They look at this issue of governance in a country. There are two reasons why we have bad govts:
