This blog compiles the thoughts of UCLA undergraduates on the connections between economic history and current events. All contributors to this blog are enrolled in Ec183, The Development of Economic Institutions in the United States. The premise of this course is the history matters. The careful application of economic theory and quantitative reasoning can help us understand the past.
Thursday, November 17, 2011
Even Nobel Prize Winners Can Tell
Since we've been talking about the Great Depression during class and comparing it to the economic situation of the world now, I saw an article about 2 economists who just won the Nobel Prize. They are experts in the subject that we are studying at the moment. They can see that we are in a huge economic downturn that could be comparable to the Great Depression and their focus is exactly what one of the articles we have to read for class also mentions: interest rates, inflation, and economic shocks: http://www.cnn.com/2011/10/10/business/nobel-economics/index.html?eref=rss_world&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_world+%28RSS%3A+World%29
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