1. Stephen S. Roach is the chairman of Morgan Stanley Asia. His article entitled "Manchurian Paradox" appeared in The National Interest magazine , May/June 2009 issue with the names of the former RAND consultant Henry Kissinger and researcher Jim Schlesinger as leaders of such periodical.
Page 60: "Wei Ji" in Pin Yin system of romanization to mean danger and opportunity. Not "Ji Wei" as the writer so interpreted. In other words,such opportunity will NOY lead to danger as I would envision. Ambassador Huntsman will play a significant role for Sino-American/US-China relations.
Page 63: Anti-China Trade Bill to be passed by Congress in the United States as the writer so predicted. But Protectionism is against the will of the peoples in nations. Free trade and open trade has been in the best interest under the roles and regulations of the World Trade Organization(WTO)
If there is protectionism,American consumers would be hurt by paying higher cost for their purchases in USA because the labor costs are higher in USA.
If American debt is not held by China,Americans will have to pay higher interest since we live under our credit-based economy. Both lending and borrowing may collapse as the result of protectionism.
2. Barry Eichengreen is Professor of Economics and Political Science at the University of California,Berkeley.He published "The Last Temptation of Risk"
Page 12: Behavioral Economics(finance): How cognition, emotion, and other psychological and social factors affect by the psychic costs such as bubbles, panics and crashes.
Would elegant mathematical models give rise to stability so far under the global financial crisis? Such is the query of queries.
The writer maintains that the top economists are empirically oriented with the focus on the real world. Perhaps "Work and Study Cycle Theory" would be a case of point in economic theory to enhance productivity for all workers. www.Ask.com for reference.
The 21st century will be the age of inductive economics instead of deductive economics in the 20th century as the author stated.
In Pin Yin "guina" methodology should be on the rise and "Yanyi or tuilun" may be losing the intellectual clout as per Eichengreen's thoughts.
I believe my previous blogs are relevant apropos of Lingonomics in terms of "a posteriori" versus "a priori."
To stimulate interest,readers may ponder your own vision with your volition re the state of US economy with globalization in the 21st century.
Francis Shieh aka Xie Shihao,a watcher of economic happenings re empirical evidence for economics in action.
Sunday, May 17, 2009 at 2.06 p.m.
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