Page A18: Lawrence Summers was Treasury Secretary from 1999 to 2001 with deep understanding of global economic issues. He is a graduate of MIT under Prof.Lester Thurow and Ph.D. from Harvard with exposures of Professor John Kenneth Galbraith and Prf. Richard T. Gill. Cf. my prior blogs about the two professors.
Page A27: Professor Paul Krugman cited FDR: "We have always known that heedless self interest was bad morals; we know now that it is bad economics - has never rung truer." i.e. self-centered interest is not moral as known. Adam Smith was a professor of moral philosophy and an economist with his publication of "The Wealth of Nations." Economics certainly has moral underpinnings.
Prof. Krugman: "providing aid to state and local governments to sustain public services is important." Here is a verification of positive externalities beyond the Demand and Supply Curves per se.
President-elect Obama has the political mandate and good economics as Professor Krugman envisions. Here is political economy in action in USA as described in "Keys for Economic Understanding" www.Amazon.com and www.ask.com for reference.
Page B1: China's economy shows rapid signs of fizzling via news reports from Shanghai.
Page B4: Chinese government is preparing a large economic stimulus package searching for ways to prop up severely depressed stock and real estate markets. Economists estimate China's economy could pick up steam by the second half of 2009.
Francis Shieh a.k.a. Xie Shihao,a lifelong student in Sino-American Economics with the above citation of similar happenings in USA and in China as common ground.
November 7, 2008 at 2.48 p.m.
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