Nobel Laureate: ‘I’ve Been Wrong So Often, I Don’t Find It Extraordinary At All’

I recently had a brief conversation with Ronald Coase.

“I’m 101 at the moment,” he told me. “I get older by the minute.”

Coase is a legend in economics. He won the Nobel prize. He has a theorem named after him. But China’s rapid emergence as a global economic power — one of the most important developments of the past generation — took him completely by surprise.

“I thought it would take 100 years, if not more,” Coase said.

It seemed striking that an economic legend could be so wrong about such an important subject. I asked Coase what he made of this.

“I’ve been wrong so often I don’t find it extraordinary at all,” he said.

Coase just co-wrote a new book. It’s called “How China Became Capitalist.”

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Real Estate News by the Numbers: Week of March 25 – March 30

0.4%, 0.8%, 0.9%, 0.2% Forecasted fall in commercial vacancy rates over the next year in the office, industrial, retail and multifamily rental market, respectively, according to the National Association of Realtors.

69% Number of markets that saw a drop in the foreclosure rate between June and December 2011 according to a National Association of Realtors report. Between that time, the national foreclosure rate fell from 2.8% to 2.7%.

3% Real GDP growth in the fourth quarter of 2011 according to the Bureau of Economic Analysis (BEA). Its the third time the BEA has revised the figure upward.

5,000 Drop in initial unemployment claims last week from the previous week. Unemployment claims were at 359,000, down from the revised figure of 364,000 from the previous week.

3.3% Increase in mortgage purchase applications last week. Meanwhile, mortgage refinance applications dropped 4.6% over the same period.

0.83% Decline in the non-seasonally adjusted Case-Shiller Composite-10 price index from December 2011 to January 2012.


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Earn a Knockout Rate With Cathay Bank

Cathay Bank promises their rate of return to be a knockout. With their Australian Dollar TCD earning 5.00% APY, I would certainly agree. The term is for 1 month and it does take a steep $25,000 to open or whatever is equivalent in foreign currency. In order to open the CD account, it is required that it is new money, so you will not be allowed to transfer funds from an existing Cathay Bank account.

This offer is valid through 10/19/11, so if you have the funds available and want to earn a fantastic rate of 5.00% APY, then check out Cathay Bank.

Terms & Conditions: Penalty and fees may apply for early withdrawal. Fees can reduce the earnings on the account. Investors risk the possibility of loss, including principal, which may result from exchange rate fluctuations.

 

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Canada Kills The Penny

Pennies cost more than a penny to make. So Canada has decided to get rid of them.

There is, of course, the inevitable social media protest, with die-hard fans mounting a campaign to #SaveThePenny.

But Finance Minister Jim Flaherty has called the penny “a nuisance,” according to the Globe and Mail. Ditching the penny will save the government $11 million (Canadian) a year, the government estimates.

In the U.S., there have been complaints about the penny for years. And the Treasury is looking into ways to make pennies cheaper (each penny now costs more than 2 cents to mint).

The last Canadian penny will be minted next month. The Royal Canadian Mint will phase out its circulation to financial institutions this fall.

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UK Payday Loans Same Day Cash

Ever had one of those days when nothing seems to go right for instance you car just broke down and you need cash right away? This can happen to anyone and it can be such a stressful situation. With the internet you can get the money that you need right then. UK payday loans can assist you in getting your money within 24 hours of applying for a loan. Even if you have not so good credit they can help you out. No matter what it is a late bill, medical emergency, or just to put food on the table until the next pay check payday loans can help you.

It will only take 5 minutes to apply and have money in your bank account. Usually you will have up to 30 days to pay back what was loaned out with a small interest rate amount. Showing proof of citizenship, income, and bank account is all that is needed for you to get the funds to fix your problems. Researching online can give you incite on what will be better for your pocket when choosing the right lending agency for you. Taking the right amount out can give you a chance to build credit and keep you from going even further in debt.
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