Economists and the financial crisis

Two good articles on (standard) economists’ failure to understand the financial crisis, and several economists who did.
The first is
by James Galbraith on the failures of economists in the current financial crisis and –the main part of the article–what non-mainstream economists were saying about crises before the actual crises occurred. Definitely worth reading. http://www.levy.org/pubs/Thought_Action.pdf

Also, along the same line, a good WSJ article on Henry Hu “The Scholar that saw it coming.” http://online.wsj.com/article/SB10001424052748703415804575023402762491286.html

US foreign policy in developing countries is much more than assisting poor people

Kyrgyz closure of US base ‘final.’  Base serves as a vital supply route for US operations in Afghanistan BBC News February 6, 2009 New Afghan supply routes probed–Pakistan route through Kyber Pass increasingly under attack Martin Vennard BBC News December 31, 2008

These articles give a current, concrete, illustration of US foreign policy issues.  First, the US is fighting a war in Afghanistan, and must have supply routes to do so–these are the key routes.  Secondly, foreign aid plays a role in both countries–the Kyrgyz article mentions the competition between the United States and a newly stronger Russia. Kyrgyzstan was once part of the Soviet Union, before its breakup into individual states, of which Russia is the most powerful. This competition gives another reason for foreign aid, in addition to helping poor people (that may not be high on the list of foreign aid priorities).

To understand why people are poor, you must also understand why people are rich

This excellent commentary points out that corporate and government elites feel entitled to large–even gigantic– incomes, but haven’t recognized that the profits and prosperity for which the payments are ostensibly based have  been fictitious.  Posted today in www.worldhunger.org

Stumbling on their sense of entitlement–the business (and government) elite just doesn’t recognize that their exorbitant income levels are based not on real profits but on a tissue of lies Stephen Pearlstein Washington Post

Hunger Notes inaugurates blog

Hunger Notes is beginning a blog principally in order to provide our editorial comments on articles that we publish on Hunger Notes (www.worldhunger.org).  There are many excellent articles  published on issues that affect hunger, and we would like to bring these articles to people’s attention and say why we think the articles are valuable.