Editors' Picks - October 27, 2013
This week in Editor’s Picks we take a look at the real relationship between GDP and happiness, a student movement to challenge contemporary economic theory, student migration, cash payments to alleviate poverty and the impact of uncertainty on markets.
Growth, what is it good for if it brings little joy? – Peter Cai
Peter Cai explores the idea that increasing Gross Domestic Product per Capita does not in fact translate to increased level of well-being, happiness and non-material living standards. Discover the reasoning behind why this author believes GDP per capita should not be the primary economic objective for nations around the world.
Economics students aim to tear up free-market syllabus – Phillip Inman
Following the unexpected 2008 Global Financial Crisis, undergraduate students from The University of Manchester are questioning the economic concepts and models which failed to predict this catastrophic economic event. The Post-Crash Economics Society are challenging the economics taught in lectures today, determined to explore alternative theories.
When the Best and Brightest Leave India and China – Pankaj Mishra
A chronological insight into the migration of well-educated students from China and India into the western world and the impact this has had on the labour market for these developing countries.
Want to Fight Poverty? Just Give the Poor Cash – Matthew Philips
Building schools, wells, sending medicine and mosquito nets—charity efforts are widely diverse and doubtlessly admirable, but are they ineffective? Matthew Philips reports on a study from Harvard and MIT that suggests that the best way to help the poor is to forgo purpose-specific donations, and pay them straight cash.
Uncertainty and the business of growth – Linda Yueh
As a social study, it’s undeniable that psychological factors come into play in Economics, particularly in consumers’ sense of security. Linda Yueh gives a concise explanation of the market ramifications of uncertainty.