20 Most Influential Living Economists

Coming up with a list of influential economists from the past is easy enough. John Locke, Adam Smith, David Ricardo, Karl Marx, and Alfred Marshall readily spring to mind. Coming up with a list of influential economists of recent memory is also easy enough: John Maynard Keynes, Joseph Schumpeter, Friedrich von Hayek, Paul Samuelson, and Milton Friedman spring readily to mind. But coming up with the twenty most influential living economists poses more of a challenge.

Unlike in the past, economists now wield considerable political power. Is their influence to be measured in political terms, as in how widely their ideas are implemented in public policy and law? Is their influence to measured in originality of ideas and profundity of analysis? Is their influence to be measured in the degree to which they’ve transformed the discipline? As these questions suggest, no single measure of influence applies across the board. With these questions in the background, SuperScholar offers this list of its twenty most influential living economists.
Kenneth Arrow

Kenneth Arrow (b. 1921) is the preeminent living mathematical economist, bringing high-powered mathematics to bear on long-standing economic questions, especially in connection to general equilibrium. More info: Kenneth Arrow Bio

Read about other 19 here

Economic Trends In United States, Sweden, France and Germany

UNITED STATES:

The private sector plays the dominant role in the U.S. economy. U.S. businesses enjoy greater flexibility than their counterparts in Western Europe and Japan to expand production, lay off workers and develop new products. U.S. firms are global leaders in technological advances, especially in computers and in medical, aerospace and military equipment.

The onrush of technology has expanded the gap in education and professional and technical skills between those at the bottom of the labor market and those at the top. The people at the bottom increasingly face difficulties in obtaining pay raises, health insurance and other benefits. Since 1975, most of the gains in household income have gone to the top 20 percent of households.

The economic downturn that began in 2008 drove the U.S. unemployment rate to 8 percent in early 2009, unacceptably high by U.S. standards but quite common in Western Europe.

SWEDEN:

Sweden’s tax burden remains one of the highest in the world. But the election victory of the center-right Alliance for Sweden coalition in September 2006 marked the beginning of a new era of Swedish economic policy — a shift away from the “cradle to grave” social welfare system that the defeated Social Democratic Party had implemented for much of the past century. The main economic theme of the new center-right coalition is strengthening economic incentives to work and diminishing the attractiveness of living off welfare payments. The coalition also seeks to reduce the public sector’s role in the economy through privatization.

FRANCE:

France has made substantial adjustments to its economy over the past two decades, decreasing public ownership and economic planning while giving more play to markets, especially financial markets. By 2000, the state’s direct control of the economy had been reduced to core areas of public service, such as the post office.

While it has the lowest poverty rate among the world’s large economies at 7 percent, in large part due to a commitment to social equity, France struggles with the demands of more open European and global markets.

The French economy is plagued by persistently high unemployment, typically between 8 percent and 10 percent.

GERMANY:

The German economy, the largest in Europe, combines free enterprise and competition with a high level of social services. Reflecting a social compact between employers and employees, workers’ representatives share power with executives in corporate boardrooms in a system known as co-determination (mitbestimmung).

Germany is seeking to ease labor-market rigidities through a reform program known as Agenda 2010. The agenda includes easing regulations relating to work time, layoffs, taxes, welfare and social security payments. The agenda is intended to make it easier for businesses to hire and lay off workers as market conditions warrant. The agenda reduces business taxes to a maximum of 42 percent in the highest tax bracket and to 15 percent in the lowest bracket.

Who Let the Dog Out

Corruption always threatens global economic recovery, greatly challenges countries in conflict.Just have a look at the rank and name of countries which are issued by Transparency International Corruption Perception Index (CPI) 2009. Most Corrupted country in this planet is Somalia as per this report got 180th position in tranparency and New Zealand has been ranked as the cleanest country. Check out your country where it is ranked.

1 New Zealand
2 Denmark
3 Singapore
4 Sweden
5 Switzerland
6 Finland
7 Netherlands
8 Australia
9 Canada
10 Iceland
11 Norway
12 Hong Kong
13 Luxembourg
14 Germany
14 Ireland
16 Austria
17 Japan
17 United Kingdom
19 United States
20 Barbados
21 Belgium
22 Qatar
22 Saint Lucia
24 France
25 Chile
25 Uruguay
27 Cyprus
27 Estonia
27 Slovenia
30 United Arab Emirates
31 Saint Vincent and the Grenadines
32 Israel
32 Spain
34 Dominica
35 Portugal
35 Puerto Rico
37 Botswana
37 Taiwan
39 Brunei Darussalam
40 Oman
39 Korea (South)
42 Mauritius
43 Costa Rica
44 Macau
45 Malta
46 Bahrain
46 Cape Verde
46 Hungary
49 Bhutan
50 Jordan
49 Poland
52 Czech Republic
52 Lithuania
54 Seychelles
55 South Africa
56 Latvia
56 Malaysia
56 Namibia
56 Samoa
56 Slovakia
61 Cuba
61 Turkey
63 Italy
63 Saudi Arabia
65 Tunisia
66 Croatia
66 Georgia
66 Kuwait
69 Ghana
69 Montenegro
71 Bulgaria
71 FYR Macedonia
71 Greece
71 Romania
75 Brazil
75 Colombia
75 Peru
75 Suriname
79 Burkina Faso
79 China
79 Swaziland
79 Trinidad and Tobago
83 Serbia
84 El Salvador
84 Guatemala
84 India
84 Panama
84 Thailand
89 Lesotho
89 Malawi
89 Mexico
89 Moldova
89 Morocco
89 Rwanda
95 Albania
95 Vanuatu
97 Liberia
97 Sri Lanka
99 Bosnia and Herzegovina
99 Dominican Republic
99 Jamaica
99 Madagascar
99 Senegal
99 Tonga
99 Zambia
106 Argentina
106 Benin
106 Gabon
106 Gambia
106 Niger
111 Algeria
111 Djibouti
111 Egypt
111 Indonesia
111 Kiribati
111 Mali
111 Sao Tome and Principe
111 Solomon Islands
111 Togo
120 Armenia
120 Bolivia
120 Ethiopia
120 Kazakhstan
120 Mongolia
120 Vietnam
126 Eritrea
126 Guyana
126 Syria
126 Tanzania
130 Honduras
130 Lebanon
130 Libya
130 Maldives
130 Mauritania
130 Mozambique
130 Nicaragua
130 Nigeria
130 Uganda
139 Bangladesh
139 Belarus
139 Pakistan
139 Philippines
143 Azerbaijan
143 Comoros
143 Nepal
146 Cameroon
146 Ecuador
146 Kenya
146 Russia
146 Sierra Leone
146 Timor-Leste
146 Ukraine
146 Zimbabwe
154 Côte d´Ivoire
154 Papua New Guinea
154 Paraguay
154 Yemen
158 Cambodia
158 Central African Republic
158 Laos
158 Tajikistan
162 Angola
162 Congo Brazzaville
162 Democratic Republic of Congo
162 Guinea-Bissau
162 Kyrgyzstan
162 Venezuela
168 Burundi
168 Equatorial Guinea
168 Guinea
168 Haiti
168 Iran
168 Turkmenistan
174 Uzbekistan
175 Chad
176 Iraq
176 Sudan
178 Myanmar
179 Afghanistan
180 Somalia

Steady US Dollar

The U.S. dollar held steady on Friday with investors consolidating positions ahead of October non-farm payrolls data due later in the session, a report that would highlight the durability of an economic recovery.

A Reuters poll showed median forecasts are for 175,000 jobs being shed, slower than the 263,000 lost in September, with the jobless rate rising to 9.9 percent. If the numbers disappoint, investors are likely to flock to the U.S dollar and the yen , while a strong report could see high-yielding currencies gain.

"No doubt a strong jobs number could give the high-yielders a lift," said Amber Rabinov, market economist at ANZ. "Having said that we don't think there is much room for them to rally as participants are very long on pro-cyclical currencies like the Aussie and the Kiwi. Hot money can move very quickly and as such profit taking will weigh on any upside surge."

An index that measures the dollar against six other major currencies was flat at 75.74 <=USD>, while the euro, the biggest component of that basket, was broadly unchanged at $1.4875 . It had jumped to as high as $1.4917 in the previous session after ECB President Jean-Claude Trichet sounded optimistic about a 2010 recovery and hinted at a slow motion exit strategy.

It also held steady at above 135 yen , having gained nearly 0.1 percent on Thursday. The yen was unchanged at 90.75 per dollar.The pound drifted lower to $1.6573 with the Bank of England. Both the ECB and Bank of England left interest rates on hold Thursday, as did the Fed the day before. The Fed is expected to keep rates unchanged for months to come and only an improvement in the job market is likely to get it thinking about higher interest rates.

In contrast, markets will look for the Reserve Bank of Australia's (RBA) statement on monetary policy due out at 0030 GMT for clues on whether it will continue to raise rates in December. The Bank which raised rates earlier this week for a second straight months is likely to lift inflation and growth forecasts.

Reason of Falling Dollar

It has been observed these days that

• The value of the American dollar against six other big currencies to 75.24, its lowest point in more than a year.
  
  
• American exporters, whose goods have become more competitive abroad, are happy with their weaker currency.
  
  
• Domestic producers may be cheered that rival, imported goods are more expensive.
  
  
• European tourists, who can buy more for their euros during weekend shopping excursions to America, may cheer too.
  
  
• China and Russia, who hold much of their reserves in dollars, about the need to shift their reserves out of the greenback.
  
  
• Brazil has imposed a 2% levy on portfolio inflows is also a sign that other countries are getting nervous about seeing their currencies rise against the dollar.
  
  
• Sub-prime mortgages and over-leveraged financial institutions plunged the world into its worst recession since the Great Depresssion.

The simplest explanation for the currency’s decline is based on risk aversion. On the days when risky assets fall, the dollar tends to go up. When risky assets rise, the dollar falls. The dollar has fallen fairly steadily since March, a period which has seen stockmarkets enjoy a phenomenal rally. Domestic American investors may be driving the relationship, repatriating funds in 2008 when they were nervous about the state of financial markets and sending the money abroad again this summer because of a perception that the global economy is reviving.

Some cite the American budget deficit, expected to be 13.5% of GDP this year. There is little sign that the Obama administration has a plan to reduce it, and health-care reform may add to it. One reason may be that the Federal Reserve has been buying so much of the year’s debt issuance, as part of its quantitative easing programme. That has helped to keep yields down.

A simple dynamic may be at work: supply and demand.

Last year the market was short of dollars because investors needed the American currency to meet their liquidity needs. This year QE is creating a surplus of dollars (and pounds) and is thus driving both currencies down. Low yields offer little support to the dollar. The Fed seems highly unlikely to raise interest rates from their near-zero levels over the next 12 months or so.

But it is hard, also, to think of a parallel in history. A country heavily in debt to foreigners, with a government deficit it is making little headway at controlling, is creating vast amounts of additional currency. Yet it is allowed to get away with very low interest rates. Eventually such an arrangement must surely break down, bringing a new currency system into being, just as Bretton Woods emerged in the 1940s.

The absence of a credible alternative to the dollar means that, despite its declining value, its status as the world’s reserve currency is not seriously under threat. But the system could change in other ways. A world where currencies traded within bands, or where foreign creditors insist on America issuing some debt in other currencies, are all real possibilities as the world adjusts to a declining dollar.