Does National Debt Really Matter?
Deficit reduction in a depressed economy is the road not to recovery, but to contraction, says British political economist Robert Skidelsky. He argues that current efforts to repay debt are misguided.
What's the Latest Development?
America is undergoing large budget cuts while Europe negotiates to prevent Greece's default. It seems every industrialized nation agrees that paying down its national debt is imperative.The logic goes like this: Paying off debt today will allow the country to borrow at lower rates in the future, meaning private investors will also be able to borrow more easily. The desired effect, of course, is increased economic growth. But the argument depends on a false analogy, says British political economist Robert Skidelsky.
What's the Big Idea?
Nations who owe money to other nations, or to private banks, do not need to operate like a family with a credit card, says Skidelsky. He warns that doing so will only bring about more economic woe. For a family, it is illegal to print money. Not so for a nation. And decreasing spending now puts a burden on future generations by depriving them of important investments in education and infrastructure. Politicians worried about the political impacts of debt should also be concerned about the social impact of austerity—namely, revolution.
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Blackstone's Byron Wien, Vice Chairman of Private Wealth Solutions Group, gave a speech laying out the wisdom he learned during his 80 years. Here are 15 of Wien's best life lessons, which teach us about improving our productivity, sleep, burnout avoidance, and everything in between.
According to TwoFold CEO Alison McMahon, a leader who doesn't care (or can't pretend to care) about his or her employees isn't much of a leader at all.
Why do people quit their jobs? Surely, there are a ton of factors: money, hours, location, lack of interest, etc. For Alison McMahon, an HR specialist and the CEO of TwoFold, the biggest reason employees jump ship is that they're tired of working for lousy bosses.
By and large, she says, people are willing to put up with certain negatives as long as they enjoy who they're working for. When that's just not the case, there's no reason to stick around:
Nine times out of ten, when an employee says they're leaving for more money, it's simply not true. It's just too uncomfortable to tell the truth.
Whether that's true is certainly debatable, though it's not a stretch to say that an inconsiderate and/or incompetent boss isn't much of a leader. If you run an organization or company, your values and actions need to guide and inspire your team. When you fail to do that, you set the table for poor productivity and turnover.
McMahon offers a few suggestions for those who want to hone their leadership abilities, though it seems that these things are more innate qualities than acquired skills. For example, actually caring about your workers or not depending wholly on HR thinking they can do your job for you.
It's the nature of promotions that, inevitably, a good employee without leadership skills will get thrust into a supervisory position. McMahon says this is a chronic problem that many organizations need to avoid, or at least make the time to properly evaluate and assist with the transition.
But since they often don't, they end up with uninspired workers. And uninspired workers who don't have a reason to stay won't stick around for long.
Read more at LinkedIn.
Cosmologists propose a groundbreaking model of the universe using string theory.
- A new paper uses string theory to propose a new model of the universe.
- The researchers think our universe may be riding a bubble expanded by dark energy.
- All matter in the universe may exist in strings that reach into another dimension.
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