News Links: Roubini On Internal Devaluation
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Roubini On Internal Devaluation – NYTimes.com
The international experience of “internal devaluations” is mostly one of failure.
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Tough-talking Germany takes the eurozone to the brink of a break-up – Telegraph
I ended last Sunday’s column by predicting that the latest eurozone bail-out would unravel within two weeks. Amid the post-deal euphoria, this statement raised a few eyebrows.
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Not From The Onion — Marginal Revolution
What astounds me is not that someone could amass $35,000 in student loans pursuing a dream of puppetry, everyone has their dreams and I do not fault Joe for his. What astounds me is that Richard Kim, the executive editor of The Nation and the author of this article, thinks that the failure of a puppeteer to find a job he loves is a good way to illustrate the “national nightmare” of the job market.
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The reason it’s bad is because while NGDP stays on target inflation and real output are oscillating above and below target and real output is the thing we actually care about most!
In “Not From The Onion” Alex Tabarrok wrote: ““American students are not studying the fields with the greatest economic potential.” … In considering the plight of the puppeteer lets also remember that millions of the unemployed would be grateful to have a job that they don’t like.”
I seem to recall that barely a month ago, the vast majority of the social media population were canonizing some guy who’s philosophy was summed up in these much retweeted quotes of his: “Your time is limited, so don’t waste it living someone else’s life.”, “have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” and “You are already naked. There is no reason not to follow your heart.”
Somehow, I don’t think the above two philosophies can coexist. Perhaps the creditors of the student loans should bear some of the responsibility in ensuring that only students “with the greatest economic potential” are actually granted these massive loans, thus saving those with much lower economic potential from acquiring crippling debts.
Related article:
“Why Science Majors Change Their Minds (It’s Just So Darn Hard)” by CHRISTOPHER DREW (New York Times, 4th Nov 2011)
https://www.nytimes.com/2011/11/06/education/edlife/why-science-majors-change-their-mind-its-just-so-darn-hard.html?_r=3&pagewanted=all
wagdog, thanks for the link.