When the economist and investor Sir William Petty was tasked with surveying large swaths of army land, much of which lay fallow, in seventeenth-century Ireland, he ended up personally owning much of it. The "Petty problem" is alive and well today.
NEW YORK – Ten years ago this month, the world glimpsed the first clear signals of an economic crisis that, a year later, would be in full swing, creating economic hardship of a kind not seen since the Great Depression of the 1930s. The deep recession that followed the near-collapse of the global financial system in 2008 caught nearly everyone by surprise – including the experts who were presumably the best equipped to see it coming.
NEW YORK – Ten years ago this month, the world glimpsed the first clear signals of an economic crisis that, a year later, would be in full swing, creating economic hardship of a kind not seen since the Great Depression of the 1930s. The deep recession that followed the near-collapse of the global financial system in 2008 caught nearly everyone by surprise – including the experts who were presumably the best equipped to see it coming.