Economist Says Fixing Finance System Is Key To Ending Recession
Big Think recently approached five leading economists for their best predictions on when we will be out of the mess known as our national economy.
Watch for their commentary in the Big Think blog in the coming days. And after you listen to their ideas, you can let the countdown begin.
Today's prediction is from Professor Donald Nichols of the University of Wisconsin at Madison. Nichols is Professor Emeritus of Public Affairs and Economics with a specialty in macroeconomic theory and policy. His federal service includes a posting on the Council of Economic Advisors, the U.S. Senate Budget Committee and the U.S. Department of Labor. He holds his doctorate in economics from Yale University.
So, Professor Nichols, when will the recession end?
"The breaking of three bubbles led to the current recession. The first bubble is that we built too many houses in the 2003-2007 period. The second bubble is that housing became over-priced. And the third bubble is that housing – and other forms of credit – were irresponsibly financed.
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How you talk to people with drug addiction might save their life.
- Addiction is a learning disorder; it's not a sign that someone is a bad person.
- Tough love doesn't help drug-addicted people. Research shows that the best way to get people help is through compassion, empathy and support. Approach them as an equal human being deserving of respect.
- As a first step to recovery, Maia Szalavitz recommends the family or friends of people with addiction get them a complete psychiatric evaluation by somebody who is not affiliated with any treatment organization. Unfortunately, warns Szalavitz, some people will try to make a profit off of an addicted person without informing them of their full options.
Meanwhile, Spaniards are the least likely to say their culture is superior to others.
- Survey by Pew Research Center shows great variation in chauvinism across Europe.
- Eight most chauvinist countries are in the east, and include Russia.
- British much more likely than French (and slightly more likely than Germans) to say their culture is "superior" to others.
China's Chang'e 4 biosphere experiment marks a first for humankind.
- China's Chang'e 4 lunar lander touched down on the far side of the moon on January 3.
- In addition to a lunar rover, the lander carried a biosphere experiment that contains five sets of plants and some insects.
- The experiment is designed to test how astronauts might someday grow plants in space to sustain long-term settlements.
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