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In the aftermath of World War II, the Japanese economy went through one of the greatest booms the world has ever known. From 1950 to 1970, the economy’s output per person grew more than sevenfold. Japan, in just a few decades, remade itself from a war-torn country into one of the richest nations on earth. Yet, strangely, Japanese citizens didn’t seem to become any more satisfied with their lives. According to one poll, the percentage of people who gave the most positive possible answer about their life satisfaction actually fell from the late 1950s to the early ’70s. They were richer but apparently no happier. This contrast became the most famous example of a theory known as the Easterlin paradox. In 1974, Richard Easterlin, then an economist at the University of Pennsylvania, published a study in which he argued that economic growth didn’t necessarily lead to more satisfaction. People in poor countries, not surprisingly, did become happier once they could afford basic … [Read more...] about Maybe Money Does Buy Happiness After All

I. A Broken Economy As Barack Obama prepares to accept the Democratic nomination this week, it is clear that the economic policies of the next president are going to be hugely important. Ever since Wall Street bankers were called back from their vacations last summer to deal with the convulsions in the mortgage market, the economy has been lurching from one crisis to the next. The International Monetary Fund has described the situation as “the largest financial shock since the Great Depression.” The details are too technical for most of us to understand. (They’re too technical for many bankers to understand, which is part of the problem.) But the root cause is simple enough. In some fundamental ways, the American economy has stopped working. The fact that the economy grows — that it produces more goods and services one year than it did in the previous one — no longer ensures that most families will benefit from its growth. For the first time on record, an economic expansion seems … [Read more...] about Obamanomics

On the morning of Oct. 5, President Bush and his education secretary, Margaret Spellings, paid a visit, along with camera crews from CNN and Fox News, to Friendship-Woodridge Elementary and Middle Campus, a charter public school in Washington. The president dropped in on two classrooms, where he asked the students, almost all of whom were African-American and poor, if they were planning to go to college. Every hand went up. “See, that’s a good sign,” the president told the students when they assembled later in the gym. “Going to college is an important goal for the future of the United States of America.” He singled out one student, a black eighth grader named Asia Goode, who came to Woodridge four years earlier reading “well below grade level.” But things had changed for Asia, according to the president. “Her teachers stayed after school to tutor her, and she caught up,” he said. “Asia is now an honors student. She loves reading, and she sings in the school choir.” Bush’s Woodridge … [Read more...] about What It Takes to Make a Student

Back in the 1980s , two young Harvard professors trying to reinvigorate the Democratic Party would meet at the Wursthaus restaurant in Cambridge, Mass., to have lunch and argue with each other. They must have made for an entertaining sight, one of them bearish and the other less than five feet tall, debating each other in a dark Harvard Square dive. The argument, in a nutshell, came to this. The smaller man — Robert Reich, a future secretary of labor — argued for something that he called “industrial policy.” Since the government couldn’t avoid having a big influence on the economy, he said, it should at least do so in a way that promoted fast-growing industries and invested in worthy public projects. The bearish professor was Lawrence H. Summers, who was then the youngest person to have received tenure in the modern history of Harvard University. He loved to tackle big, broad questions, and, by his lights, industrial policy amounted to another version of the governmental meddling … [Read more...] about Larry Summers’s Evolution

Tech & Science Environmental Health Your skin is teeming with microbes. Millions of them. From the perspective of these tiny organisms, the surface of your body is their living, breathing habitat. This living layer is part of what's called the human microbiome—the collective genomes of all the "foreign" microorganisms that live in the human body—and research on it has exploded in recent years. But within microbiome research is a brand-new field that is just beginning to understand a stunning fact: Your microbiome extends beyond yourself, into the air around you. It hovers in a cloud around your body and leaves bits of itself on surfaces wherever you go. In short, you have an aura, except it isn't made of purplish light; it's your personal cloud of dead skin cells, fungus and many, many microbes. And researchers are learning to be able to identify you by it. "You know the dirty kid from Peanuts? Pig-Pen? It turns out we all look like that," says James Meadow, a data … [Read more...] about Auras Are Real, and Yours Looks Like Pig-Pen’s

A Swiss chief returns UBS unexpectedly said on Wednesday that it was bringing back Sergio Ermotti as C.E.O., as the Swiss bank begins the tough task of digesting its archrival, Credit Suisse. It’s another sign of how tricky UBS considers the work of taking over its main competitor, via a $3.2 billion deal that continues to draw blowback from investors and Swiss lawmakers alike. The move had been in the works for days. Colm Kelleher, UBS’s chairman, said at a news conference that he first called Mr. Ermotti to discuss a potential return on March 20, less than a day after UBS announced it was buying Credit Suisse. Mr. Ermotti, who left UBS in 2020, will replace Ralph Hamers on April 5. The UBS board determined that “for this massive integration exercise, Sergio would be the better pilot for the next part of this voyage,” Mr. Kelleher said. Mr. Hamers will stay on for an unspecified period as an adviser to help with the transition. At the news conference, Mr. Hamers … [Read more...] about UBS Taps an Ex-C.E.O. to ‘Pilot’ Its Takeover of Credit Suisse

The roads surrounding the Jerusalén-San Luis Alto Picudito Indigenous reservation in Putumayo, Colombia, are treacherous on a good day. Made mostly of gravel and mud, they narrow to barely the width of a small truck in some places, and in others, especially after a storm, they yield almost completely to the many rivers with which they intersect. They also twist and turn and bump without stop. So, in the most difficult months of her pregnancy, when everything tasted like cardboard and it hurt even to sit or stand, Marleny Mesa avoided traveling altogether. This meant skipping checkups at the clinic in Villagarzón, which could take two hours or more to get to. But Marleny wasn’t overly worried. A nurse had assured her early in her pregnancy that her blood work was good and that everything looked fine. As a midwife herself, Marleny knew that making the trip would be riskier than missing a few doctor’s visits. But now, in the final days of her pregnancy, she could not shake the feeling … [Read more...] about The Incredible Challenge of Counting Every Global Birth and Death

Season 3, Episode 3: ‘4-5-1’ Welcome to the Zava era. For those who skipped the first two episodes of this third season of “Ted Lasso” — and honestly, shame on you; go back , do the homework and rejoin us — Ted’s team has signed one of the greatest players of the age, a mercurial striker named Zava. (He is based closely on the real-life star Zlatan Ibrahimovic .) This was accomplished by Rebecca rudely accosting him while he was using a urinal last episode . Whatever works, right? Zava is immediately weird — showing up hours late with his cellphone on another continent, ostentatiously meditating while the rest of the team prepares for games, and so on. But so far he seems reasonably friendly, even if his preferred alignment is everyone in the midfield or on defense except him. This is the meaning of the episode’s title, “4-5-1”: He’s the “1.” As the coaches explain, all free kicks will be taken by Zava. All penalty kicks will be taken by Zava. And all corner kicks must be … [Read more...] about ‘Ted Lasso,’ Season 3, Episode 3 Recap: Zava Superstar

For anyone who cares about medical costs — which is to say anyone who cares about the take-home pay of American families or about the budget deficit — President Obama’s health reform plan is a terribly mixed bag. It does so much less than the ideal plan would do. It would not come close to eliminating Medicare’s long-term budget deficit. It would reduce that deficit only if a future Congress did not tinker with the various taxes and spending cuts scheduled to be phased in over the next decade. On the other hand, the plan would make progress in all sorts of areas. Insurance exchanges would create more competition. A Medicare oversight board would gain authority over reimbursement rates. Hospitals that committed certain medical errors — harmful, costly errors — would face financial penalties. So which matters more: what the plan does, or what it fails to do? It’s a tough call, and the answer depends on what you see as the alternative to the current plan. If the past year of … [Read more...] about Health Care’s Obstacle: No Will to Cut

There are two basic truths about the enormous deficits that the federal government will run in the coming years. The first is that President Obama’s agenda, ambitious as it may be, is responsible for only a sliver of the deficits, despite what many of his Republican critics are saying. The second is that Mr. Obama does not have a realistic plan for eliminating the deficit, despite what his advisers have suggested. The New York Times analyzed Congressional Budget Office reports going back almost a decade, with the aim of understanding how the federal government came to be far deeper in debt than it has been since the years just after World War II. This debt will constrain the country’s choices for years and could end up doing serious economic damage if foreign lenders become unwilling to finance it. Mr. Obama — responding to recent signs of skittishness among those lenders — met with 40 members of Congress at the White House on Tuesday and called for the re-enactment of … [Read more...] about America’s Sea of Red Ink Was Years in the Making