What Went Wrong with Economics?

Zusammenfassungen Englisch Texte:

What went wrong with economics?

Economics had a big reputation in the past years and were seen far trustworthy than politics.

But the reputation and changed after the big calamity caused by the crisis. The profession was now viewed with more skepticism than before. Some famous people claimed that macroeconomics are useless and harmful.

The Author hast he opinion that economies is not a slavish creed and is normally a prism through which we can understand the world. The knowledge is still useful and has no link to the finical crisis. Many people mistake that if economist made mistakes, economic liberalism fails also.

The main critiques normally are: that macro and financial economist helped cause the crises, that the failed to spot it and that they have no idea how to fix it.        

Some economists warned about the crises but most were blindsided.

Macroeconomist also had a blind spot: the standard models assumed that capital markets work perfectly.

So if you add these criticisms together, you can see a reinvention in macroeconomics. But still a broader change in mindset is still needed. Economist have to reach out from their specialized silos and everybody needs to work harder to understand asset bubbles and what happens when they bust.

The nuclear industry stinks. But that is not a reason to ditch nuclear power

Power corrupts and the industry is far to close to the government. After the disaster of fukushima the nuclear industry was getting much criticism. Many people argue that the nuclear industry relationship with the government is to close and the government tries to conceal the problem which occurs by the nuclear power. But not only the nuclear industry is to close the government and try to manipulate politicians.

The arguments for nuclear technology are:

The safety is quit good for the new generations of power plants. For example the Fukushima Plant was a way old model and the neighbor plant was shut down perfectly during the tsunami. Not like the Fukusima power plant, which was a 10 years older reactor.

Also the harm by the meltdown was not big. Nobody was hurt. If you compared it with 100000 deaths by air pollution you can see, that nuclear power has almost no form of madness.

The 4 anti nuclear arguments are:

We should reducing energy demand; it takes 10 to 15 years to build a power plant; the uranium supplies will run out; nuclear waste cannot disposed of safely.

Diet Hard: With a Vengeance

In the past years food prices shot upward surpassing to an new record. As a result more than 44 million people crossed the threshold into malnutrition. If the food prices rose continues the rank of of hungry people will push towards a billion people.

The reason of the rising prices is not the bad weather, its because of bad policy about food and agriculture.

Although many people claim that the climate change has a bad affect on the food production, the biggest factor in the current crisis is lower production and not increasing demand. So inequality and poverty are the results and not the lack of food.