Nobel Prize for economics 2012

The Nobel Prize in economics was given to lvin E. Roth of Harvard University and Lloyd Shapley of UCLA for their work in market design and matching theory. The award was announced by the Royal Swedish Academy of Sciences on Monday.

According to interpretation of the academy the work of American scientists, Roth and Shapley, focuses on finding the most efficient way to match parties in a transaction, which can be applied and considered on different issues whether it is students to schools or organ donors to recipients, the theory is supposed to work efficiently. In their conjoin work Shapley used game theory with the purpose to study matching models, when Roth built on them to make some real-world changes markets which exist. Those markets included school choice and organ transplants where the theory has been already used.

If to be more specific, some elements of the work have been already built into the software that guides such an important issue as kidney donations in the United States; as well as some elements have been already applied in some school choice models in New York, Boston, New Orleans and other U.S. cities. All that facts were mentioned by Roth during the interview on Monday. Roth also told to reporters that he had been awakened by an early morning call and informed about their win. According the words of the laureate he was not expecting the prize at all but he was honored so much to share it with Shapley. He also added joking, “I’m sure when I go to the class this morning my students will pay more attention.”

The prize in Economics is the sixth and final of the annual awards that usually spotlight the top scholars and peacemakers of the World. But the economics award didn’t used to be among the original prizes created in 1895 by Swedish industrialist Alfred Nobel. Then just works in physics, medicine, chemistry, literature and peace were honored. The economics category was added by the Swedish central bank in memory of the industrialist. Thus economics awards has been given just since 1969.

This year the monetary award that accompanies the Nobel Prize was lowered by the foundation. The amount is 20% less. If last year it was 10 million Swedish kronor ($1.5 million), this year 8 million kronor ($1.2 million) accompanies the Prize which is because of the turbulence that hit the number of financial markets.

Before the economics selection, the Nobel Peace Prize was awarded to the European Union which really surprised European society. It even made some Italian and Greek demonstrators walk out on the streets to protest austerity measures as well as the decision of the Royal Swedish Academy of Sciences. Despite the financial crisis that threatens to break the EU apart, the 27-nation union got the award for its practice and efforts in promoting democracy and reconciliation following World War II, even as it grapples with a financial crisis that threatens to break the EU apart.

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APEC Summit Ends with Pledge to Conclude Doha Round of Trade Talks

US President Barack Obama (C) stands with other APEC leaders for group photo following their evening dinner in Singapore, 14 Nov 2009009

Asia-Pacific leaders ended their summit in Singapore Sunday with a final statement that pledged a conclusion of the Doha Round of global trade talks in 2010, but removed targets for carbon emissions cuts.

The 21-member Asia-Pacific Economic Cooperation summit dropped a target to cut greenhouse gas emissions in half by 2050, despite declaring climate change one of the biggest global challenges.

The APEC leaders also rejected all forms of protectionism and said they would commit to concluding the Doha Round of trade talks next year. The talks have been deadlocked over disagreements between developing and developed nations on cutting farm subsidies and tariffs.

The declaration Sunday also said the 21 member economies will maintain stimulus policies until a durable global economic recovery has clearly taken hold.

Obama Meets MedvedevU.S. President Barack Obama meets with Russian President Dmitri Medvedev Sunday on the sidelines of the APEC forum. The two plan to discuss Iran’s nuclear program and Afghanistan.

President Barack Obama waves after stepping off Air Force One upon arrival at Paya Lebar Air Base in Singapore, 14 Nov 2009

Mr. Obama also announced that his native U.S. state, Hawaii, will host the APEC summit in 2011.

President Obama’s schedule Sunday includes meeting with the leaders of the Association of Southeast Asian Nations, with Burma among the key topics.

At a breakfast meeting early Sunday to discuss climate change, most ASEAN heads agreed that it is not likely they will seal a deal at next month’s climate change talks in Copenhagen. Danish Prime Minister Lars Lokke Rasmussen, host of the Copenhagen talks, made a trip to Singapore to attend the meeting.

US Accused of Protectionism

APEC leaders called Saturday for more cooperation on global economic recovery efforts and took aim at signs of U.S. trade protectionism.

Hu Jintao

Chinese President Hu Jintao said promoting openness in international trade and curbing protectionism would help revive the world economy.

Mexican President Felipe Calderon singled out Washington for “going in the opposite sense of free trade.” Russian President Medvedev made the same point.

In a speech in Tokyo Saturday, President Obama called on Asian countries to break their dependence on exports to the United States, and to pursue “balanced” and sustainable economic growth.

Some information for this report was provided by AFP, AP and Reuters.

Online Economics Help

ECONOMICS HOMEWORK HELP

Economics in layman language is basically a social science that deals with the study of human behavior considering him a rational being. It deals with the production distribution and consumption of goods. It deals with the study of how a human being will spend his or her income over a given period of time in order to maximize his satisfaction. The two main branches in economics are microeconomics and macroeconomics although now a days many new individual branches such as development economics and behavioral economics are surfacing.Microeconomics basically deals with the study of human behavior at household level that is deals with the study of economy as a whole that is an aggregate collection of humans or individuals trying to maximize their utility. Macroeconomics basically deals with issues like monetary policy, fiscal policy, inflation, unemployement and tries too examine their ineffectiveness and effectiveness using various models such as Keynesian and classical models. On the other hand microeconomics covers a plethora of topics like maximizing consumer utility given a particular constraint ,behavioral economics and the very popular and mesmerizing concepts of game theory and nash equilibrium which won John Nash a pioneer in the field of economics .Development economics basically focuses on raising the standard of living of the population by addressing the development challenges in spheres of health and education. It is mainly about accelerating the process of economic growth by introducing certain structural changes in spheres like health and education which can accelerate economic growth through their spillover effects.
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Verizon Teams Up With Lineage Power Corporation For Energy Efficient Gadget

The technologies will allow wireless operators, communication carriers, internet service providers and large enterprises to turn electricity from commercial alternating current (A.C.) to direct current (D.C.).

Customized rectifiers and software which will boost efficiency of the A.C./D.C. adaptation process to up to 97 percent, thereby saving electricity and cutting greenhouse gas emissions.

Energy savings can be more than 1 billion kilowatt-hours every year through reducing power use and cooling costs for the 23, 000 telecom offices and large data centers in the country.

Testing for the five technologies will be done in five of Verizons central office facilities.

To help with the project, the Department of Energy had given a $2.4 million grant to finance the monitoring, research, design, engineering, removal and installation expenses of the program.

Information and communication facilities take up around 3 percent of United States electric use. The quick progress of data centers as well as the demand for it in the country is expected to require two more large power plants.

If energy efficiency measures are not practiced, electricity costs will rise, as well as greenhouse gas emissions. The dependability of electricity will also suffer.

Verizon is a New-York based broadband and other wireless communications provider originally founded as Bell Atlantic Corporation by AT&T. It is a Dow 30 company. Just recently, Verizon had been named as the most trusted U.S. communications company in the research firm Ponemon Institutes annual Most Trusted Companies for Privacy Consumer Survey. Verizon had ranked 14 among all U.S. companies. The survey was made from 6, 600 adult consumers.

Lineage Power is a power conversion solutions provider as well as provides hardware and software to OEM customers, service providers, and large enterprises. With headquarters at Texas, it is also a Gores Group company which gets its heritage of innovation from AT&T, Bell Labs, Lucent Technologies and Western Electric. The company has over 2000 employees that has technical expertise in over 25 locations worldwide and has thousands of customers in more than 75 countries. Lineage Power has recently partnered with utility company Power-One for digital power licensing so that Lineage Power can extend their digital DC power control technology for telecom energy sytems to the digital board-mounted power industry. Lineage Power aims to provide customers and partners with wider choice of multi-sourced digital bus coverters and digital POLs.

Special Economic Zone India Growth And Social Development

Special Economic Zones are geographical regions that have economic laws that are usually a step to increase foreign direct investement in the country. These are created as open markets within an economy that will be under governments regulatory controls.

Many developing coutries are looking towards the SEZs with the expectation that they will provide the engines of growth for their economies to achieve industrialization. To attract FDI and to increase exports that in a way will accelerate the countrys economic growth.

Unlike most of the international instances where zones are primarily developed by Governments, the Indian SEZ policy provides for development of these zones in the government, private or joint sector. This offers equal opportunity to both Indian and private developers.

Besides providing state-of-the-art infrastructure and access to a large well-trained and skilled work force, the SEZ policy also provides enterprises and developers with a favourable and attractive framework of incentives

since these Special Economic Zones (SEZ) attract investment, generate export revenues and create manufacturing jobs they are given income tax exemptions, FDI is permitted through automatic route, no cap on FDI for small scale industries.

Other benefits include no requirement of import licence, exemption from custom duties and central Excise duties, profits allowed to be repatriated.

SEZ brings capital in the form of FDI which is badly a necessity for a developing economy. It brings along with it roads, ports,airports, machinery to sustain growth. The important thing is creating employment opportunities.

SEZ creates immence employment opportunities. They create lot of indirect employment in terms of labour required. It also has also potential in creating employment in relevant industries.

SEZs help in creating balanced economic growth in a country. It leads to tapping of local talent and contributes economic activity.

While special Economic Zones drastically improve economic activity in the country. But there are a few challenges that needs to be addressed like special Econmic zone are accused of bringing down agricultural activities, great threat of land grabbing and real estate mafia can greatly affect the future of SEZ.

SEZ should be properly managed for rapid economic growth that leads to profitable and sustailabe development. Liberal tax policies and regulations will attract foreign investement and major industrie.

On the other hand government should frame it policies in such away that it should attract FDI and at the same time it should also ensure that the Special Economic Zones should not become a cause of concern.

sensible economics

Sensible Economics

by Rayna Gangi

Bailouts, rescue plans and panic attacks. No way to run a country. Some voters blamed the Bush Administration, others blamed the Democratic congress. No one takes personal responsibility, and no one has a true plan of attack. We, as Americans, are all responsible for the recession that’s heading for a depression. Wallets full of credit cards, gas-guzzling show-off vehicles, home mortgages too high for our incomes and get-rich-quick attitudes have landed us in a quagmire. And now we want lifelines. President Bush admitted in his first day in office that he knew nothing about the economy. Most public servants, CEOs, and politicians don’t know economics and rely, instead, on trusted advisers. Most Americans don’t understand economics either. We rely on financial news networks, newspapers, and word-of-mouth advice. The Bush administration was advised that a bailout plan was necessary and needed immediately or the economy would -tank.- He trusted congressional heat to sign an 850 billion dollar plan that never had any checks and balances and was filled with -pork- to get it passed. The Treasury Secretary and Chairman of the banking committee would handle the details. In response, money was channeled into banks and Wall Street criminals, except taxpayer money didn’t fund the banks to ease credit or allow for guidelines. American money bought shares in these institutions giving us, as investors, no say in what the companies do or don’t do to alleviate this crisis. So banks aren’t loaning, insurance companies are on the Riviera, Wall Street is still in a free fall, and CEOs are still getting rich. Fannie and Freddie? These CEOs took millions and then left to help win a Presidential campaign. Even Mr. Bush tried to warn about the disaster of not regulating these two entities, but a Democratic congress wasn’t interested. So now what? More rescue plans? More planned welfare? There are 330 million people in the United States legally. If ever person got a check for one million dollars, the total cost would be 330 million. Each valid social security number over the age of twenty-one would be allowed to do what they wanted with the million. They could save it in banks, thereby replacing bank funds. They could invest in annuities for retirement and insurance for protection, thereby funding the insurance companies. They could buy the car, computer, ipod, and vacations, thereby increasing consumer spending. They could invest in companies that hire only legal Americans and don’t outsource to other countries. They could feel empowered enough to stop pork barrel spending and may even feel powerful enough to remove those in Congress and the Senate who have forgotten who they work for and why. They could get back to truly owning America and being responsible for everything that happens to their country, becoming small and large business owners with a stake in their company’s future. Three hundred million compared to one trillion and rising. Sounds like a plan.