How the World Economy Has Changed
Globalization brings structural changes to national economies faster than they can react, resulting in unemployment, skill mismatches and wealth inequality, says Nobel Laureate Michael Spence.
What's the Latest Development?
The economic crisis which began in late 2007 shows no signs of leaving, partly because structural changes brought on by globalization have altered national economies to the point where they no longer function well, says Nobel Laureate in economics, Michael Spence. Three structural problems plague the world economy: Not enough jobs for those just entering the workforce; labor-saving technologies have resulted in skills mismatches; globalization has created subsets of winners and losers within isolated national economies.
What's the Big Idea?
In finding a solution to the current crisis, structural economic change is essential. That means addressing problems of opportunity and wealth inequality. Spence says: "The burden of weak or non-existent recoveries should not be borne by the unemployed, including the young. In the interest of social cohesion, market outcomes need to be modified to create a more even distribution of incomes and benefits, both now and in inter-temporal terms. After all, underinvestment now implies diminished opportunity in the future."
How a cataclysm worse than what killed the dinosaurs destroyed 90 percent of all life on Earth.
While the demise of the dinosaurs gets more attention as far as mass extinctions go, an even more disastrous event called "the Great Dying” or the “End-Permian Extinction” happened on Earth prior to that. Now scientists discovered how this cataclysm, which took place about 250 million years ago, managed to kill off more than 90 percent of all life on the planet.
A new study discovers the “liking gap” — the difference between how we view others we’re meeting for the first time, and the way we think they’re seeing us.
We tend to be defensive socially. When we meet new people, we’re often concerned with how we’re coming off. Our anxiety causes us to be so concerned with the impression we’re creating that we fail to notice that the same is true of the other person as well. A new study led by Erica J. Boothby, published on September 5 in Psychological Science, reveals how people tend to like us more in first encounters than we’d ever suspect.
Using advanced laser technology, scientists at NASA will track global changes in ice with greater accuracy.
Leaving from Vandenberg Air Force base in California this coming Saturday, at 8:46 a.m. ET, the Ice, Cloud, and Land Elevation Satellite-2 — or, the "ICESat-2" — is perched atop a United Launch Alliance Delta II rocket, and when it assumes its orbit, it will study ice layers at Earth's poles, using its only payload, the Advance Topographic Laser Altimeter System (ATLAS).
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