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Prize (for a) failure

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British clothing retailer Simon Wolfson (known to his friends in the House of Lords as Baron Wolfson of Aspley Guise) announced several days ago the establishment of the Wolfson Economics Prize (read the press release here).   The prize, worth a cool £250,000 (about $400,000)–second only to the Nobel Prize in Economics, in terms of … Read more

Don’t blame the messenger

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In case you have been asleep for the last couple of days, the sovereign debt rating of the United States was downgraded on Friday has been downgraded by the Standard and Poor’s (S&P) from AAA to AA+. This has not made S&P too popular in some quarters, particularly in the US government.  President Obama and … Read more