About a year and a half ago we noted a survey being conducted by Summi Kaipa, a doctoral student in psychology, on drug use among Indian Americans. She was looking for participants, and sent us the following note: The data gathered from this study will help to understand whether drug and alcohol use is a problem among Asian Indians, what groups are most susceptible, and some factors that predict or prevent drug and alcohol use.  It will also to educate health professionals about substance abuse problems in the community and to tailor prevention and treatment strategies to helping Asian Indians

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FOLLOW UP: Study on Indian Americans and drug use

The PPIP has become less desirable, but more popular MY unscientific poll of hedge-fund managers (bear in mind my sample size is so small that any evidence boarders on anecdotal) suggests many are reluctant to participate in the US government's public-private investment programme (PPIP) for banks' toxic assets. They are skittish, to say the least, about the prospect of going into business with the government. They watched in horror as banks were strong-armed into taking TARP funds only to be stuck with government oversight.

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Investors mull a government partnership

Dambisa Moyo is a formidable critic – this much I learned from her presentation at the World Bank earlier this week . Moyo is the author of Dead Aid: Why Aid is Not Working and How There is a Better Way for Africa , a book critical of the aid industry that the Economist recently dismissed with the following words: “her arguments are scarcely original and her plodding prose makes her the least stylish of the critics.” After hearing her speak, I realized that the Economist had completely missed the point. At the beginning of her presentation, Moyo made clear that the point of her book was not to develop new arguments as to why aid has failed. Those arguments have already been made quite rigorously in any number of academic papers.

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Dead Aid at the World Bank

Here are the estimates from Davy Research for the different types of property loans held by Irish banks. (Access, however, limited to customers of Davy.) Their summary:  “Gauging the appropriate haircut is a function not just of the asset value; rather, it also hinges on the original loan to value, the vintage of the loan and the provisions made. Our analysis suggests a range of mark to market haircuts: from as low as 5% for loans backed by UK commercial investment property to 44% in the case of loans backed solely by Irish development land.” Bottom line in terms of state ownership:   The base case delivers ownership by the state of 78 percent for AIB and 69 percent for Bank of Ireland.

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Haircuts

Today’s release shows that the standardised unemployment rate, which is based on the Live Register, rose to 11.4% in April from 11% in March.  I’m tempted to greet the four-tenths increase as a sign that the pace of slowdown is moderating relative to the disastrous increases observed in January and February.   This is pretty cold comfort—this is still consistent with an annualised pace of increase in the unemployment rate of almost 5%—but I guess second derivatives have to turn negative before we reach a global maximum.  On the whole, though, I still reckon we’re looking a double digit rate of decline for average-over-average GDP this year.

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Unemployment Up to 11.4% in April

This is the fourth podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part III of the book.

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Klein on The Theory of Moral Sentiments, Episode 4–A Discussion of Part III

Sarah Carey’s  article in today’s Irish Times is worth reading because it is perhaps the most articulate version yet of the key argument that tends to convince people that nationalisation is a bad idea and that NAMA and limited state ownership is the way to go.   The government has made a series of arguments against nationalisation but it’s hard for them to bluntly say “we don’t want to own the banks because we’re scared we’ll make a mess of them.”   But an opinion columnist can and this is the essence of Carey’s argument

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Sarah Carey on NAMA and Nationalisation

Just when you thought you had seen the last of Buchanan’s magic, he pulls out yet another rabbit from his golden helmet.  [ Link ] Kolkata have now devised a new sign language to communicate with each other on the field, in order to negate the language problem that players of different backgrounds have to contend with in the IPL, and at the same time, to keep the opponents guessing about their strategies. An adaptation from baseball, the Knight Riders team have learnt these new signs to get their field-placings right, and to guide the bowlers about what line and length to bowl against particular batsmen.

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IPL 2.0 Snippet II

Prior to the 1980s, it was believed that natural resource abundance would enable developing countries to make the transition from underdevelopment to industrial “take off”, just as it had done for countries such as Australia and the U.S (Rostow, 1961; Stages of Economic Growth). This view now stands challenged by a number of studies that demonstrate the existence of a “resource curse” – slower growth and poorer economic performance in natural resource rich countries. The traditional explanation for the resource curse is the Dutch Disease or “deindustrialization”.

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Dutch Disease vs. Nigerian Disease

China could very possibly be setting a record this year with the largest number of unemployed recent college graduates in the history of the world. A recent article in International Higher Education reports that in 2009 “close to 2 million graduates may not find jobs.” The article goes on: ”in a job fair held by Donghua University, more than 30,000 graduates competed for 1,700 positions provided by foreign firms.” In 1999 the Chinese government embarked on an ambitious expansion of its higher education system - just in time for a huge number of students to graduate into the current depressed job market.

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Doubling down on higher education

Tyler Cowen is in top form in his review of the documentary film  The End of Poverty : Given the obvious intent that The End of Poverty should be a film version of a propaganda poster and a recruiting device for a new era of anti-capitalist protest, it verges on embarrassing that, when all is said and done, this film does exactly what it complains about: It exploits and markets poor individuals from the South for the purposes of wealthier people, in this case Western moviemakers, commentators and intellectuals. It is striking how many of the people involved in this film have done very well financially or reputationally by marketing their ideas about the global South.

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Anti-capitalist exploitation of the poor

Ricardo Reis of Columbia University talks with EconTalk host Russ Roberts about Keynesian economics in the classroom and in research.

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Reis on Keynes, Macroeconomics, and Monetary Policy

From an annnouncement from Yale: The Yale World Fellows Program is a core element of Yale’s ongoing commitment to global leadership development.  Aiming to build a global network of emerging leaders and to broaden international understanding worldwide, each year the Program invites a select group of highly accomplished mid-career men and women from government, business, the media, and civil society organizations representing countries across the world, for a 4-month leadership program at Yale. I spotted these two names: Unmesh Brahme (India) Senior Vice President, Corporate Sustainability, HSBC India Brahme, a corporate strategist, promotes socially responsible practices involving communities, stakeholders, and businesses

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DESI SPOTTING: Two South Asians among 2009 Yale World Fellows

Malaysia’s new prime minister has taken a step towards lifting controversial race-based economic policies. But as Al Jazeera’s Wayne Hay reports, many in the country’s minority groups say Najib Abdul Razak’s call for Malaysians to unite as one nation cannot happen until all races are treated equally

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Malaysian minorities struggle with inequality – 24 Apr 09

Photographer Jay Mandal sent us these highly entertaining shots of the former New Yorker and UN under-secretary general Shashi Tharoor , who is quickly reinventing himself as an aspiring Congress politician in Kerala. From Arun Ram in the Times of India : At the core of his agenda is his own demystification — to break out of his high-profile image and present himself as a Keralite who can hold the common man’s hand and say, in Malayalam, that he is the best bet. He insists that you speak to him in Malayalam

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POLITICS: Shashi Tharoor on the campaign trail

This is the third podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part II of the book.

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Klein on The Theory of Moral Sentiments, Episode 3–A Discussion of Part II

www.amsan.co.uk Use tender opportunities to save your business. Amsan provides a range of tender services – tender alert packages, tender training, full support with your tender bids

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Tender opportunities

In his presidential address to the American Economic Association, Avinash Dixit (2009) notes that laws and regulations are necessary for security of property rights, enforcement of contracts and overcoming collective action problems – something that the private sector cannot function without. However, laws and regulations are unlikely to have much beneficial effect if private agents are simply not aware of them. How easy is it for firms to obtain information on laws and regulations?

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The heavy hand of regulation and the hidden cost of information

EconTalk host Russ Roberts talks with reporter Robert Pollie about the basics of wealth and growth. What happens when the stock market goes down or the price of housing? When wealth goes down, where does the wealth go

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Roberts on Wealth, Growth, and Economics as a Science

This is our third installment of Authored. The idea of this most venerable series is to look at how writers are marketing and promoting their works. Earlier we looked at “The American Muslim Teenager's Handbook,” by Dilara Hafiz and her kids, and Minal Hajratwala's “Leaving India.”   Today we have a first-person piece by Shilpa Agarwal , who is currently on tour in support of her new work of fiction, “Haunting Bombay,” from Soho Press

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AUTHORED: Shilpa Agarwal on "Haunting Bombay"

As seen on www.QuietAgent.com , Anonymously evaluating every job, every day for you.

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Accountants and Auditors – Career Profile

This is the second podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part I of the book.

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Klein on The Theory of Moral Sentiments, Episode 2–A Discussion of Part I

It’s no secret that modern technology has changed—and keeps changing—the business world. Paper filing systems have been replaced with electronic folders, and waiting for a check to come in the mail has been replaced by online bank transactions that take seconds to complete. The business practices of yesterday are radically different from those of today, and the effects can be seen just about everywhere

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How Does Your Small Business Take Advantage of Computer & Internet Technology?

In response to a comment on my previous post on this topic, the table below the jump shows how the incidence and burden of crime, security and bribery (as points of comparison) vary by selected firm characteristics. (Differences that are significant at the 5% level are marked with an asterisk.) Expenses on security do not show any significant variation along the listed dimensions. Losses due to crime as a percentage of annual sales (averaged over all firms, victims and non-victims) are higher for non-exporters relative to exporters, those who maintain a below-median vs

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Crime, security and firms in Latin America: How do firm characteristics matter?

By Claus Vistesen: Copenhagen First of all, I hope that our readers have passed a nice couple of days with their families and friends and that they are ready to pick up the baton again here after Easter. One who sadly will not be joining us as we move forward is Greg Newton author of the blog Naked Shorts who passed away recently from a heart attack. I shall immediately confess that I only, on rare occasions, stopped by NS to get a dose of the often very sharp pen wielded by Greg.

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Spring Time ?

you whether you want to go for the lowest bid or whether you also value quality.

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gango.com – The fair Service- and Contract-Marketplace

Don Boudreaux, of George Mason University, talks with EconTalk host Russ Roberts about the microfoundations of macroeconomics and the Austrian theory of business cycles.

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Don Boudreaux on Macroeconomics and Austrian Business Cycle Theory

Interviewers, sportscasters, and vice presidents alike break into song to report important news. The players include my homey Sarah Fullen Gregory (she married my brother). You can find her music here: www.myspace.com www.facebook.com Newt Gingrich (on nuclear disarmament) Robert Gates (on cutting the Pentagon budget) Jim Nantz (on March Madness) Joe Biden (on the economic situation) Wayne Ellington (on how it feels to win) Lyrics: MG: Mr.

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Auto-Tune the News #1: march madness. economic woes. pentagon budget cuts.

Camp Devon 2009 Discover Your Talents at Camp Devon! Senior Camp Grades 3-12 6/29/09 – 7/9/09 Monday – Thursday 9 AM to 2:30 PM Cost: $225 per student, $200 for Devon Members Includes: Camp tuition, t-shirt, registration for The Devon Theater Summer Program. Junior Camp Grades K-2 6/29/09 – 7/2/09 Monday – Thursday 9 AM to 11:30 AM Cost: $50 per student Includes: Camp Tuition, t-shirt (Junior campers are not eligible for The Devon Summer Community Theater Program.) This dynamic theater training program offers an exciting summer learning environment for campers of all ages at Philadelphia’s Devon Theater for the Performing Arts. Camp registration and $100 deposit deadline is Thursday, April 30 Camp Devon is Dedicated to: Introducing children and youth to the incomparable magic of theatre and the arts

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Kid Stuff at the Devon

by Edward Hugh: Barcelona According to Deputy Economic Development Minister Andrei Klepach last week, Russia’s economy shrank by 7 percent year on year in the first quarter of 2009, a staggering turnaround for an economy which has just enjoyed eight years of solid oil-fueled growth. “These figures are worse than we expected,” Klepach said at a press conference in Kiev,citing preliminary figures.

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Russia’s Economy Contracts By 7% In Q1 2009