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...that economic models - series of equations meant to describe how different parts of the economy fit together - depend on historical data. If you want to know how high unemployment is going to be six months from now, you start with how high it is today. If the economy isn't stable and the old relationships don't hold as well as they used to, then the models break down. In recent years, there have been great advances in economic modeling, says Stock, but forecasts haven't necessarily gotten much better since the economy itself has grown more complex...
...Legislative Branch." But Cardozo wasn't always an advocate of judicial deference. In his most famous book, The Nature of the Judicial Process, Cardozo called a chapter "The Judge as a Legislator." Like legislators, Cardozo wrote, judges must get their experience "from life itself," and when the law isn't clear, a judge must sometimes "pronounce judgment ... according to the rules which he would establish if he were to assume the part of a legislator...
...more important, the Globovisión feud points to how the U.S. and Venezuela can prod each other to better hemispheric images during the Honduran crisis. The "do something" remark was vintage Chávez, but it also reflected a growing concern in the hemisphere and beyond that Obama isn't exerting enough pressure on Micheletti, and therefore may not be as committed as he has declared to reversing Washington's long history of aiding military coups against leaders who aren't necessarily U.S allies. Likewise, Chávez needs to realize that his calls for Micheletti's regime...
...American dream unfolds as a familiar tale: a poor kid works hard and grows up to be a rich, successful businessman. The Chinese dream isn't so different, except in the case of basketball star Yao Ming, it goes something like this: a poor kid is pushed into a sport he has little interest in, he brings a lackluster team in Shanghai to victory in the national championships, and he gets drafted by the Houston Rockets, where his offensive prowess earns him seven NBA All-Star awards. Fast-forward to the present and the 7-ft. 6-in. center faces...
...today's report also offered some reassurance that perhaps the fudge factor isn't that big an issue. Electricity generation snapped back sharply in the second quarter, statistics show. Some analysts believe the drop late last year and early in 2009 was consistent with an economy in which heavy users of power, such as steel and aluminum factories, were slashing production is response to weakened global demand. Now, China's aggressive government spending has refired the furnaces...