经济学人
《经济学人》概念总结
1、绝对优势（Absolute advantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
2、逆向选择（Adverse choice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
3、选择成本（Alternative cost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
4、需求的弧弹性（Arc elasticity of demand）如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）5、非对称的信息（Asymmetric information）在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
6、平均成本（Average cost）平均成本是总成本除以产量。
也称为平均总成本。
7、平均固定成本( Average fixed cost）平均固定成本是总固定成本除以产量。
8、平均产品（Average product）平均产品是总产量除以投入品的数量。
9、平均可变成本（Average variable cost）平均可变成本是总可变成本除以产量。
10、投资的β(Beta）β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
11、债券收益(Bond yield）债券收益是债券所获得的利率。
12、收支平衡图（Break－even chart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
13、预算线(Budget line）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
重点总结的经济学人-中英文版)
Finance and EconomicsOffshore private banking离岸私人银行业Bourne to survive伯恩的幸存Aug 6th 2009From The Economist print editionDespite the woes of UBS, Swiss private banking remains in reasonable shape尽管瑞银处境不佳，瑞士的私人银行业仍保有相当规模Illustration by S. KambayashiA FTER visiting his bank in Zurich, Jason Bourne, an amnesic assassin, wonders: “Who has a safety-deposit box full of money and six passports and a gun?” In the popular imagination as well as Hollywood films the answer is clear: customers of Swiss banks do.当失忆的杀手詹森•伯恩(Jason Bourne)从其位于苏黎世的银行走出后，自问到：”什么样的人会有一个装满了钱、6本护照还有一把枪的银行保险箱？”在大众的想像与好莱坞的电影中，这个答案是明确的：瑞士银行的客户就是这样的人。
If this reputation for skulduggery is right, Switzerland, home to about one-quarter of the world’s offshore money, is in big trouble. After nearly going bust, UBS, its biggest bank, is now being pistol-whipped by America’s Internal Revenue Service (IRS), which wants it to hand over the names of tens of thousands of alleged tax dodgers. A preliminary settlement between the two was agreed on July 31st, although its details have yet to be made public. In March Switzerland agreed to comply with an OECD tax code that will oblige it to reveal information on clients that other governments say they need to enforce their laws. Where will crooks, despots and war criminals go now? And what will Swiss private banks do when they leave?如果这种隐秘而无原则的名声不是空穴来风的话，瑞士，这个坐拥世界四分之一离岸资金的国家将会有大麻烦。
经济学人最新中英对照
The Economist 《经济学人》常用词汇总结，太珍贵了！！1、绝对优势（Absolute advantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
2、逆向选择（Adverse choice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
3、选择成本（Alternative cost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
4、需求的弧弹性（Arc elasticity of demand）如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）5、非对称的信息（Asymmetric information）在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
6、平均成本（Average cost）平均成本是总成本除以产量。
也称为平均总成本。
7、平均固定成本( Average fixed cost）平均固定成本是总固定成本除以产量。
8、平均产品（Average product）平均产品是总产量除以投入品的数量。
9、平均可变成本（Average variable cost）平均可变成本是总可变成本除以产量。
10、投资的β(Beta）β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
11、债券收益(Bond yield）债券收益是债券所获得的利率。
12、收支平衡图（Break－even chart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
13、预算线(Budget line）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
考研英语外刊来源
考研英语外刊来源考研英语阅读来源一般是英美比较主流的报刊杂志，比如《新闻周刊》、《经济学人》、《科学》、《纽约时报》、《时代周刊》、《纽约客》等。
相比于《经济学人》与《科学》的精英学术，《纽约客》更适合年轻人一窥当代美式文艺与腔调。
ACT、托福、雅思考试里常常会出现《纽约客》的文章。
考研英语阅读来源一般是英美比较主流的报刊杂志，比如《新闻周刊》、《经济学人》、《科学》、《纽约时报》、《时代周刊》、《纽约客》等。
《经济学人》是一份由伦敦经济学人报纸有限公司出版的杂志，创办于1843年9月，杂志主要关注政治和商业方面的新闻，但是每期也有一两篇针对科技和艺术的报导，以及一些书评。
而且《The Economist》杂志中所有文章都不署名，而且往往带有鲜明的立场，但又处处用事实说话，也正是基于此，通常能够深刻影响学生党的世界观和认知观，搭建英语语感的思维方式。
《科学》该杂志于1880年由爱迪生投资1万美元创办，是发表最好的原始研究论文、以及综述和分析当前研究和科学政策的同行评议的期刊之一，也是全世界最权威的学术期刊之一。
虽然它的科学新闻报道、综述、分析、书评等部分，都是权威的科普资料，但该杂志也适合一般读者阅读，英语基础只要不错就可以尝试阅读。
创刊于1925的《纽约客》已经走过了90多年，历经纸媒、电子媒体和社交媒体的更迭，它不是完全的新闻杂志，然而它对美国和国际政治、社会重大事件的深度报道也是其特色之一。
相比于《经济学人》与《科学》的精英学术，《纽约客》更适合年轻人一窥当代美式文艺与腔调。
ACT、托福、雅思考试里常常会出现《纽约客》的文章。
《时代周刊》作为全世界发行量最大且最主要的新闻杂志，封面人物代表了举足轻重的新闻热度。
能登上《时代周刊》封面的人物都是在全球政治、经济、文化等领域引起了风暴的人，而这其中重中之重，就是杂志每年的“年度人物”（Persons of the year）。
而且时代周刊的权威性不仅仅是靠封面那些大人物带动的，它见证了这个世界近一百年的风云变幻，文章相对客观，有深度，基本上看时代周刊就能较为准确的了解世界上近期发生的大事，经济，科技，人文方面的一些最新进展，而这些内容又往往紧扣时代的命题，也需要英语学习者一直不断阅读、学习。
八位经济学人
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吉林 邵 亮
我恨人人购 ， 前天刚通过贵刊知道 了 《人 人 购 ： 一 天 一 件 吊 胃 口 》， 然 后 就发现这 个网站上 面有太 多我喜欢 的东 西 ， 价 格 又 那 么 的诱 人 ， 引 的 我 I：1 水 直 流 。 可是就凭我刚参加工 作的那点钱 ， 这 可怎 么办呢 ? 我恨死 人人购了。
L 海 - 黄蕾蕾
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《经济学人》杂志原版英文(整理完整版)之欧阳道创编
Digest Of The. Economist. 2006(6-7)Hard to digestA wealth of genetic information is to be found in the human gutBACTERIA, like people, can be divided into friend and foe. Inspired by evidence that the friendly sort may help with a range of ailments, many people consume bacteria in the form of yogurts and dietary supplements. Such a smattering of artificial additions, however, represents but a drop in the ocean. There are at least 800 types of bacteria living in the human gut. And research by Steven Gill of the Institute for Genomic Research in Rockville, Maryland, and his colleagues, published in this week's Science, suggests that the collective genome of these organisms is so large that it contains 100 times as many genes as the human genome itself.Dr Gill and his team were able to come to this conclusion by extracting bacterial DNA from the faeces of two volunteers. Because of the complexity of the samples,they were not able to reconstruct the entire genomes of each of the gut bacteria, just the individual genes. But that allowed them to make an estimate of numbers.What all these bacteria are doing is tricky to identify—the bacteria themselves are difficult to cultivate. So the researchers guessed at what they might be up to by comparing the genes they discovered with published databases of genes whose functions are already known.This comparison helped Dr Gill identify for the first time the probable enzymatic processes by which bacteria help humans to digest the complex carbohydrates in plants. The bacteria also contain a plentiful supply of genes involved in the synthesis of chemicals essential to human life—including two B vitamins and certain essential amino acids—although the team merely showed that these metabolic pathways exist rather than proving that they are used. Nevertheless, the pathways they found leave humans looking more like ruminants: animals such as goats and sheep that use bacteria to break down otherwise indigestible matter in the plants they eat.The broader conclusion Dr Gill draws is that peopleare superorganisms whose metabolism represents an amalgamation of human and microbial attributes. The notion of a superorganism has emerged before, as researchers in other fields have come to view humans as having a diverse internal ecosystem. This, suggest some, will be crucial to the success of personalised medicine, as different people will have different responses to drugs, depending on their microbial flora. Accordingly, the next step, says Dr Gill, is to see how microbial populations vary between people of different ages, backgrounds and diets.Another area of research is the process by which these helpful bacteria first colonise the digestive tract. Babies acquire their gut flora as they pass down the birth canal and take a gene-filled gulp of their mother's vaginal and faecal flora. It might not be the most delicious of first meals, but it could well be an important one.Zapping the bluesThe rebirth of electric-shock treatmentELECTRICITY has long been used to treat medical disorders. As early as the second century AD, Galen, a Greek physician, recommended the use of electric eels fortreating headaches and facial pain. In the 1930s Ugo Cerletti and Lucio Bini, two Italian psychiatrists, used electroconvulsive therapy to treat schizophrenia. These days, such rigorous techniques are practised less widely. But researchers are still investigating how a gentler electric therapy appears to treat depression.Vagus-nerve stimulation, to give it its proper name, was originally developed to treat severe epilepsy. It requires a pacemaker-like device to be implanted in a patient's chest and wires from it threaded up to the vagus nerve on the left side of his neck. In the normal course of events, this provides an electrical pulse to the vagus nerve for 30 seconds every five minutes.This treatment does not always work, but in some cases where it failed (the number of epileptic seizures experienced by a patient remaining the same), that patient nevertheless reported feeling much better after receiving the implant. This secondary effect led to trials for treating depression and, in 2005, America's Food and Drug Administration approved the therapy for depression that fails to respond to all conventional treatments, includingdrugs and psychotherapy.Not only does the treatment work, but its effects appear to be long lasting. A study led by Charles Conway of Saint Louis University in Missouri, and presented to a recent meeting of the American Psychiatric Association, has found that 70% of patients who are better after one year stay better after two years as well.The technique builds on a procedure called deep-brain stimulation, in which electrodes are implanted deep into the white matter of patients' brains and used to “reboot” faulty neural circuitry. Such an operation is a big undertaking, requiring a full day of surgery and carrying a risk of the patient suffering a stroke. Only a small number of people have been treated this way. In contrast, the device that stimulates the vagus nerve can be implanted in 45 minutes without a stay in hospital.The trouble is that vagus-nerve stimulation can take a long time to produce its full beneficial effect. According to Dr Conway, scans taken using a technique called positron-emission tomography show significant changes in brain activity starting three months after treatment begins. Thechanges are similar to the improvements seen in patients who undergo other forms of antidepression treatment. The brain continues to change over the following 21 months. Dr Conway says that patients should be told that the antidepressant effects could be slow in coming.However, Richard Selway of King's College Hospital, London, found that his patients' moods improved just weeks after the implant. Although brain scans are useful in determining the longevity of the treatment, Mr Selway notes that visible changes in the brain do not necessarily correlate perfectly with changes in mood.Nobody knows why stimulating the vagus nerve improves the mood of depressed patients, but Mr Selway has a theory. He believes that the electrical stimulation causes a region in the brain stem called the locus caeruleus (Latin, ironically, for “blue place”) to flood the brain with norepinephrine, a neurotransmitter implicated in alertness, concentration and motivation—that is, the mood states missing in depressed patients. Whatever the mechanism, for the depressed a therapy that is relatively safe and long lasting is rare cause for cheer.The shape of things to comeHow tomorrow's nuclear power stations will differ from today'sTHE agency in charge of promoting nuclear power in America describes a new generation of reactors that will be “highly economical” with “enhanced safety”, that “minimise wastes” and will prove “proliferation resistant”. No doubt they will bake a mean apple pie, too.Unfortunately, in the world of nuclear energy, fine words are not enough. America got away lightly with its nuclear accident. When the Three Mile Island plant in Pennsylvania overheated in 1979 very little radiation leaked, and there were no injuries. Europe was not so lucky. The accident at Chernobyl in Ukraine in 1986 killed dozens immediately and has affected (sometimes fatally) the health of tens of thousands at the least. Even discounting the association of nuclear power with nuclear weaponry, people have good reason to be suspicious of claims that reactors are safe.Yet political interest in nuclear power is reviving across the world, thanks in part to concerns about globalwarming and energy security. Already, some 441 commercial reactors operate in 31 countries and provide 17% of the planet's electricity, according to America's Department of Energy. Until recently, the talk was of how to retire these reactors gracefully. Now it is of how to extend their lives. In addition, another 32 reactors are being built, mostly in India, China and their neighbours. These new power stations belong to what has been called the third generation of reactors, designs that have been informed by experience and that are considered by their creators to be advanced. But will these new stations really be safer than their predecessors?Clearly, modern designs need to be less accident prone. The most important feature of a safe design is that it “fails safe”. Fo r a reactor, this means that if its control systems stop working it shuts down automatically, safely dissipates the heat produced by the reactions in its core, and stops both the fuel and the radioactive waste produced by nuclear reactions from escaping by keeping them within some sort of containment vessel. Reactors that follow such rules are called “passive”. Most modern designs are passive to someextent and some newer ones are truly so. However, some of the genuinely passive reactors are also likely to be more expensive to run.Nuclear energy is produced by atomic fission. A large atom (usually uranium or plutonium) breaks into two smaller ones, releasing energy and neutrons. The neutrons then trigger further break-ups. And so on. If this “chain reaction” can be controlled, the energy released can be used to boil water, produce steam and drive a turbine that generates electricity. If it runs away, the result is a meltdown and an accident (or, in extreme circumstances, a nuclear explosion—though circumstances are never that extreme in a reactor because the fuel is less fissile than the material in a bomb). In many new designs the neutrons, and thus the chain reaction, are kept under control by passing them through water to slow them down. (Slow neutrons trigger more break ups than fast ones.) This water is exposed to a pressure of about 150 atmospheres—a pressure that means it remains liquid even at high temperatures. When nuclear reactions warm the water, its density drops, and the neutrons passing through it are no longer slowedenough to trigger further reactions. That negative feedback stabilises the reaction rate.Can business be cool?Why a growing number of firms are taking global warming seriouslyRUPERT MURDOCH is no green activist. But in Pebble Beach later this summer, the annual gathering of executivesof Mr Murdoch's News Corporation—which last year led to a dramatic shift in the media conglomerate's attitude tothe internet—will be addressed by several leading environmentalists, including a vice-president turned climatechangemovie star. Last month BSkyB, a British satellite-television company chaired by Mr Murdoch and run by hisson, James, declared itself “carbon-neutral”, having taken various steps to cut or offset its discharges of carboninto the atmosphere.The army of corporate greens is growing fast. Late last year HSBC became the first big bank to announce that itwas carbon-neutral, joining other financial institutions, including Swiss Re, a reinsurer, and Goldman Sachs, aninvestment bank, in waging war on climate-warminggases (of which carbon dioxide is the main culprit). Last yearGeneral Electric (GE), an industrial powerhouse, launched its “Ecomagination” strategy, aiming to cut its output ofgreenhouse gases and to invest heavily in clean (ie, carbon-free) technologies. In October Wal-Mart announced aseries of environmental schemes, including doubling the fuel-efficiency of its fleet of vehicles within a decade.Tesco and Sainsbury, two of Britain's biggest retailers, are competing fiercely to be the greenest. And on June 7thsome leading British bosses lobbied Tony Blair for a more ambitious policy on climate change, even if that involvesharsher regulation.The greening of business is by no means universal, however. Money from Exxon Mobil, Ford and General Motorshelped pay for television advertisements aired recently in America by the Competitive Enterprise Institute, with thedaft slogan “Carbon dioxide: they call it pollution; we call it life”. Besides, environmentalist critics say, some firmsa re engaged in superficial “greenwash” to boost the image of essentially climate-hurting businesses. Take BP, themost prominent corporate advocate of action on climatechange, with its “Beyond Petroleum” ad campaign, highprofileinvestments in green energy, and even a “carbon calculator” on its website that helps consumers measuretheir personal “carbon footprint”, or overall emissions of carbon. Yet, critics complain, BP's recent record profits arelargely thanks to sales of huge amounts of carbon-packed oil and gas.On the other hand, some free-market thinkers see the support of firms for regulation of carbon as the latestattempt at “regulatory capture”, by those who stand to profit from new rules. Max Schulz of the ManhattanInstitute, a conservative think tan k, notes darkly that “Enron was into pushing the idea of climate change, becauseit was good for its business”.Others argue that climate change has no more place in corporate boardrooms than do discussions of other partisanpolitical issues, such as Darfur or gay marriage. That criticism, at least, is surely wrong. Most of the corporateconverts say they are acting not out of some vague sense of social responsibility, or even personal angst, butbecause climate change creates real business risks andopportunities—from regulatory compliance to insuringclients on flood plains. And although these concerns vary hugely from one company to the next, few firms can besure of remaining unaffected.Testing timesResearchers are working on ways to reduce the need for animal experiments, but new laws mayincrease the number of experiments neededIN AN ideal world, people would not perform experiments on animals. For the people, they are expensive. For theanimals, they are stressful and often painful.That ideal world, sadly, is still some way away. People need new drugs and vaccines. They want protection fromthe toxicity of chemicals. The search for basic scientific answers goes on. Indeed, the European Commission isforging ahead with proposals that will increase the number of animal experiments carried out in the EuropeanUnion, by requiring toxicity tests on every chemical approved for use within the union's borders in the past 25years.Already, the commission has identified 140,000 chemicals that have not yet been tested. It wants 30,000 oftheseto be examined right away, and plans to spend between €4 billion-8 billion ($5 billion-10 billion) doing so. Thenumber of animals used for toxicity testing in Europe will thus, experts reckon, quintuple from just over 1m a yearto about 5m, unless they are saved by some dramatic advances in non-animal testing technology. At the moment,roughly 10% of European animal tests are for general toxicity, 35% for basic research, 45% for drugs andvaccines, and the remaining 10% a variety of uses such as diagnosing diseases.Animal experimentation will therefore be around for some time yet. But the hunt for substitutes continues, and lastweekend the Middle European Society for Alternative Methods to Animal Testing met in Linz, Austria, to reviewprogress.A good place to start finding alternatives for toxicity tests is the liver—the organ responsible for breaking toxicchemicals down into safer molecules that can then be excreted. Two firms, one large and one small, told themeeting how they were using human liver cells removed incidentally during surgery to test various substancesforlong-term toxic effects.PrimeCyte, the small firm, grows its cells in cultures over a few weeks and doses them regularly with the substanceunder investigation. The characteristics of the cells are carefully monitored, to look for changes in theirmicroanatomy.Pfizer, the big firm, also doses its cultures regularly, but rather than studying individual cells in detail, it counts cellnumbers. If the number of cells in a culture changes after a sample is added, that suggests the chemical inquestion is bad for the liver.In principle, these techniques could be applied to any chemical. In practice, drugs (and, in the case of PrimeCyte,food supplements) are top of the list. But that might change if the commission has its way: those140,000screenings look like a lucrative market, although nobody knows whether the new tests will be ready for use by2009, when the commission proposes that testing should start.Other tissues, too, can be tested independently of animals. Epithelix, a small firm in Geneva, has developed anartificial version of the lining of the lungs. According toHuang Song, one of Epithelix's researchers, thefirm'scultured cells have similar microanatomy to those found in natural lung linings, and respond in the same way tovarious chemical messengers. Dr Huang says that they could be used in long-term toxicity tests of airbornechemicals and could also help identify treatments for lung diseases.The immune system can be mimicked and tested, too. ProBioGen, a company based in Berlin, is developing anartificial human lymph node which, it reckons, could have prevented the near-disastrous consequences of a drugtrial held in Britain three months ago, in which (despite the drug having passed animal tests) six men sufferedmultiple organ failure and nearly died. The drug the men were given made their immune systems hyperactive.Such a response would, the firm's scientists reckon, have been identified by their lymph node, which is made fromcells that provoke the immune system into a response. ProBioGen's lymph node could thus work better than animaltesting.Another way of cutting the number of animalexperiments would be tochange the way that vaccines are tested, according to CoenraadHendriksen of the Netherlands Vaccine Institute. At the moment, allbatches of vaccine are subject to the same battery of tests. DrHendriksen argues that this is over-rigorous. When new vaccine culturesare made, belt-and-braces tests obviously need to be applied. But if abatch of vaccine is derived from an existing culture, he suggests that itneed be tested only to make sure it is identical to the batch from which itis derived. That would require fewer test animals.All this suggests that though there is still some way to go before drugs,vaccines and other substances can be tested routinely on cells ratherthan live animals, useful progress is being made. What is harder to see ishow the use of animals might be banished from fundamental research.Anger managementTo one emotion, men are more sensitive than women MEN are notoriously insensitive to the emotional world around them. At least, that is the stereotype peddled by athousand women's magazines. And a study by two researchers at the University of Melbourne, inAustralia,confirms that men are, indeed, less sensitive to emotion than women, with one important and suggestiveexception. Men are acutely sensitive to the anger of other men.Mark Williams and Jason Mattingley, whose study has just been published in Current Biology, looked at the way aperson's sex affects his or her response to emotionally charged facial expressions. People from all cultures agreeon what six basic expressions of emotion look like. Whether the face before you is expressing anger, disgust, fear,joy, sadness or surprise seems to be recognised universally—which suggests that the expressions involved areinnate, rather than learned.Dr Williams and Dr Mattingley showed the participants in their study photographs of these emotional expressions inmixed sets of either four or eight. They asked the participants to look for a particular sort of expression, andmeasured the amount of time it took them to find it. The researchers found, in agreement with previous studies,that both men and women identified angry expressions most quickly. But they also found that anger was morequicklyidentified on a male face than a female one.Moreover, most participants could find an angry face just as quickly when it was mixed in a group of eightphotographs as when it was part of a group of four. That was in stark contrast to the other five sorts of expression,which took more time to find when they had to be sorted from a larger group. This suggests that something in thebrain is attuned to picking out angry expressions, and that it is especially concerned about angry men. Also, thishighly tuned ability seems more important to males than females, since the two researchers found that men pickedout the angry expressions faster than women did, even though women were usually quicker than men to recognizeevery other sort of facial expression.Dr Williams and Dr Mattingley suspect the reason for this is that being able to spot an angry individual quickly hasa survival advantage—and, since anger is more likely to turn into lethal violence in men than in women, the abilityto spot angry males quickly is particularly valuable.As to why men are more sensitive to anger than women, it is presumably because they are far more likely togetkilled by it. Most murders involve men killing other men—even today the context of homicide is usually aspontaneous dispute over status or sex.The ability to spot quickly that an alpha male is in a foul mood would thus have great survival value. It would allowthe sharp-witted time to choose appeasement, defence or possibly even pre-emptive attack. And, if it is right, thisstudy also confirms a lesson learned by generations of bar-room tough guys and schoolyard bullies: if you wantattention, get angry.The shareholders' revoltA turning point in relations between company owners and bosses?SOMETHING strange has been happening this year at company annual meetings in America:shareholders have been voting decisively against the recommendations of managers. Until now, mostshareholders have, like so many sheep, routinely voted in accordance with the advice of the people theyemploy to run the company. This year managers have already been defeated at some 32 companies,including household names such as Boeing, ExxonMobil and GeneralMotors.This shareholders' revolt has focused entirely on one issue: the method by which members of the boardof directors are elected. Shareholder resolutions on other subjects have mostly been defeated, as usual.The successful resolutions called for directors to be elected by majority voting, instead of by thetraditional method of “plurality”—which in practice meant that only votes cast in favour were counted,and that a single vote for a candidate would be enough to get him elected.Several companies, led by Pfizer, a drug giant, saw defeat looming and pre-emptively adopted a formalmajority-voting policy that was weaker than in the shareholder resolution. This required any director whofailed to secure a majority of votes to tender his resignation to the board, which would then be free todecide whether or not to accept it. Under the shareholder resolution, any candidate failing to secure amajority of the votes cast simply would not be elected. Intriguingly, the shareholder resolution wasdefeated at four-fifths of the firms that adopted a Pfizer-style majority voting rule, whereas it succeedednearly ninetimes out of ten at firms retaining the plurality rule.Unfortunately for shareholders, their victories may prove illusory, as the successful resolutions wereall“precatory”—meaning that they merely advised management on the course of action preferred byshareholders, but did not force managers to do anything. Several resolutions that tried to imposemajority voting on firms by changing their bylaws failed this year.Even so, wise managers should voluntarily adopt majority voting, according to Wachtell, Lipton, Rosen&Katz, a Wall Street law firm that has generally helped managers resist increases in shareholder power butnow expects majority voting eventually to “become universal”. It advises that, at the very least,managers should adopt the Pfizer model, if only to avoid becoming the subject of even greater scrutinyfrom corporate-governance activists. Some firms might choose to go further, as Dell and Intel have donethis year, and adopt bylaws requiring majority voting.Shareholders may have been radicalised by the success last year of a lobbying effort by managersagainst a proposal from regulators to make it easier for shareholders to put upcandidates in boardelections. It remains to be seen if they will be back for more in 2007. Certainly, some of the activistshareholders behind this year's resolutions have big plans. Where new voting rules are in place, they plancampaigns to vote out the chairman of the compensation committee at any firm that they think overpaysthe boss. If the 2006 annual meeting was unpleasant for managers, next year's could be far worse. Intangible opportunitiesCompanies are borrowing against their copyrights, trademarks and patentsNOT long ago, the value of companies resided mostly in things you could see and touch. Today it liesincreasingly in intangible assets such as the McDonald's name, the patent for Viagra and the rights toSpiderman. Baruch Lev, a finance professor at New York University's Stern School of Business, puts theimplied value of intangibles on American companies' balance sheets at about $6 trillion, or two-thirds ofthe total. Much of this consists of intellectual property, the collective name for copyrights, trademarksand patents. Increasingly, companies and their clever bankers are usingthese assets to raise cash.The method of choice is securitisation, the issuing of bonds based on the various revenues thrown off byintellectual property. Late last month Dunkin' Brands, owner of Dunkin' Donuts, a snack-bar chain, raised$1.7 billion by selling bonds backed by, among other things, the royalties it will receive from itsfranchisees. The three private-equity firms that acquired Dunkin' Brands a few months ago have used thecash to repay the money they borrowed to buy the chain. This is the biggest intellectual-propertysecuritisation by far, says Jordan Yarett of Paul, Weiss, Rifkind, Wharton & Garrison, a law firm that hasworked on many such deals.Securitisations of intellectual property can be based on revenues from copyrights, trademarks (such aslogos) or patents. The best-known copyright deal was the issue in 1997 of $55m-worth of “Bowie Bonds”supported by the future sales of music by David Bowie, a British rock star. Bonds based on the films ofDreamWorks, Marvel comic books and the stories of John Steinbeck have also been sold. As well asDunkin' Brands, several restaurant chains andfashion firms have issued bonds backed by logos andbrands.Intellectual-property deals belong to a class known as operating-asset securitisations. These differ fromstandard securitisations of future revenues, such as bonds backed by the payments on a 30-yearmortgage or a car loan, in that the borrower has to make his asset work. If investors are to recoup theirmoney, the assets being securitised must be “actively exploited”, says Mr Yarett: DreamWorks mustcontinue to churn out box-office hits.The market for such securitisations is still small. Jay Eisbruck, of Moody's, a rating agency, reckons thataround $10 billion-worth of bonds are outstanding. But there is “big potential,” he says, pointing out thatlicensing patented technology generates $100 billion a year and involves thousands of companies.Raising money this way can make sense not only for clever private-equity firms, but also for companieswith low (or no) credit ratings that cannot easily tap the capital markets or with few tangible assets ascollateral for bank loans. Some universities have joined in, too. Yale built a new medical complex withsome of the roughly $100m it。
功能对等理论视角下财经新闻英汉翻译研究——以《经济学人》为例
功能对等理论视角下财经新闻英汉翻译研究——以《经济学人》为例一、引言当今世界，经济全球化不断深入，各国在政治、经济等领域交流日益密切，了解国际市场、掌握国际经济形势成为广大群众一大诉求，因此英语财经类新闻的翻译显得尤为重要。
《经济学人》作为一本财经类杂志，具有较高的国际知名度，其新闻报道兼具权威性与实效性，该杂志的准确翻译可成为了解国际金融信息的高质量渠道之一。
奈达的功能对等理论强调信息的准确传递和强调读者反应，即在准确传递信息的基础上，原文读者与译文读者应有一致的阅读体验。
文章以功能对等理论为基础，试图探讨财经类新闻在翻译中如何实现原文与译文读者取得一致的阅读体验。
二、功能对等理论动态对等的概念是尤金•奈达于20 世纪60 年代在《翻译科学探索》一书中提出的。
动态对等指出，译者不能仅仅关注源语与目的语间的对应关系，而该关注一种动态的关系，即目的语读者和目的语信息间的关系应与源语读者和源语信息间的关系保持一致[1]。
后来，为避免公众对“动态”一词的误解，在《从一种语言到另一种语言》一书中，奈达将动态对等替换为功能对等，进一步完善了理论内容[2]。
功能对等理论强调读者反应，即目的语读者对译文的阅读反应需与源语读者对源语的阅读反应保持基本一致，这就要求译文与原文在功能上达到最贴近的对等。
然而，在翻译实践中译者不可避免地会遇到无法跨越的障碍，例如源语中的文化表述、语言形式等很难再现，根据功能对等理论，这时应首先保证信息的准确传递，即最自然的对等。
可见，功能对等理论的两大核心即是信息的准确传递与读者反应[3]。
国内对功能对等理论的研究与应用涉及广泛，包括新闻、广告、文学、影视字幕等诸多翻译领域。
而新闻具有面向大众、真实准确、及时简明的特点，因此新闻翻译应具有更高的可读性与交际性。
财经类新闻同时具有专业性与民生性，二者的对立统一关系需要译者在翻译中更需要坚持功能对等，以最大限度让目的语读者获得与源语读者相同的阅读体验。
《经济学人》中英对照
（15）《经济学人》中英对照TEXT 1 Rebuilding the American dream chine 重建美国梦机器 Jan 19th xx | NEW YORK From The Economist print edition FOR America's colleges, January is a month of reckoning. Most applications for the next academic year beginning in the autumn have to be de by the end of De mber, so a university's popularity is put to an objective standard: how ny people want to attend. One of the more unlikely offi s to have been flooded with il is that of the City University of New York (CUNY), a public college that lacks, among other things, a famous sports team, bucolic campuses and raucous parties (it doesn't even have dorms), and, until re ntly, academic credibility. 对美国的大学而言，一月是一个清算的月份。
大多数要进入将于秋季开学的下一学年学习的申请必须在12月底前完成，因此一所大学的声望就有了客观依据：申请人的多少。
纽约城市大学，一所公立学院，与其他学校相比，它没有一支声名显赫的运动队，没有田园诗一般的校园，也没有喧嚣嘈杂的派对——甚至连宿舍都没有，而且，直到最近也没取得学术上的可信度，可就是这所大学的办公室塞满了学生们寄来的申请函，这简直有些令人难以置信。
TheEconomist经济学人高频词汇详解汇总
TheEconomist经济学人高频词汇详解汇总1、绝对优势(Absolute advantage)如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
2、逆向选择(Adverse choice)在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
3、选择成本(Alternative cost)如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
4、需求的弧弹性( Arc elasticity of demand)如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于 -(Q1-Q2)(P1，P2)/(P1-P2)(Q1，Q2)5、非对称的信息(Asymmetric information)在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
6、平均成本(Average cost)平均成本是总成本除以产量。
也称为平均总成本。
7、平均固定成本( Average fixed cost)平均固定成本是总固定成本除以产量。
8、平均产品(Average product)平均产品是总产量除以投入品的数量。
9、平均可变成本(Average variable cost)平均可变成本是总可变成本除以产量。
10、投资的β(Beta)β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
11、债券收益(Bond yield)债券收益是债券所获得的利率。
12、收支平衡图(Break,even chart)收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
13、预算线(Budget line)预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
《经济学人》常用词汇
《经济学人》常用词汇总结1、Absolute advantage 绝对优势2、Adverse choice 逆向选择3、Alternative cost 选择成本4、Arc elasticity of demand 需求的弧弹性5、Asymmetric information 非对称的信息6、Average cost 平均成本7、Average fixed cost 平均固定成本8、Average product 平均产品9、Average variable cost 平均可变成本10、Beta 投资的β11、Bond yield 债券收益12、Break-even chart 收支平衡图13、Budget line 预算线14、Bunding 捆绑销售15、Capital 资本16、Capital gain 资本收益17、Capitalism 资本主义18、Cardinal utility 基数效应19、Cartel 卡特尔20、Cobb-Douglas production function 科布-道格拉斯生产函数21、Collision 勾结22、Comparative advantage 比较优势23、Complements 互补品24、Constant-cost industry 成本不变行业25、Constant returns to scale 规模收益不变26、Consumer surplus 消费者剩余27、Contestable market 可竞争市场28、Contract curve 契约曲线29、Corner solution 角点解30、Cross elasticity of demand 需求的交叉弹性31、Deadweight loss of monopoly垄断的无谓损失32、Deadweight loss of monopsony 买方垄断的无谓损失33、Decreasing-cost industry 成本递减行业34、Decreasing return to scale 规模收益递减35、Demand curve 需求曲线36、Demand curve of loanable funds 可贷资金的需求曲线37、Discount rate 贴现率38、Diversifiable risk 可分散风险39、Dominant firm 主导厂商40、Dominant strategy 优势策略41、Duopoly 双头垄断42、Economic efficiency 经济效率43、Economic profit 经济利润44、Economic region of production 生产的经济区域45、Economic resource 经济资源46、Economies of scope 围经济47、Efficient markets hypothesis 有效市场假说48、Endowment position 财富状况49、Engel curve 恩格尔曲线50、Equilibrium 均衡51、Excess capacity 过剩生产能力52、Expansion path 扩路径53、Expected monetary vale期望货币价值54、Expected profit 预期利润55、Expected value of perfect information56、Explicit costs 显成本57、External diseconomy 外部不经济58、External economy 外部经济59、First-mover advantages 先动优势60、Fixed cost 固定成本61、Fixed input 不变投入品62、General equilibrium analysis 一般均衡分析63、Giffen’s paradox 吉芬反论64、Implicit cost 隐成本65、Income-compensated demand curve 收入补偿的需求曲线66、Income-consumption curve 收入-消费曲线67、Income effect 收入效应68、Income elasticity of demand 需求的收入弹性69、Increasing-cost industry成本递增的产业70、Increasing returns to scale 规模收益递增71、Indifference curve 无差异曲线72、Inferior good 劣质商品73、Innovation 创新74、Input 投入品75、Interest rate 利率76、Intermediate good 中间品77、Internal rate of return 部收益率78、Investment 投资79、Investment demand curve 投资需求曲线80、Isocost curve 等成本曲线81、Isoprofit curve 等利润曲线82、Isoquant 等产量曲线83、Isorevenue line 等收益线84、Kinked demand curve 折弯的需求曲线85、Labor 劳动86、Land 土地87、Law of diminishing marginal returns 边际收益递减率88、Lerner index 勒纳指数89、Learning curve 学习曲线90、Limit pricing 限制性定价91、Long run 长期92、Marginal cost 边际成本93、Marginal cost pricing 边际成本定价94、Marginal expenditure curve 边际支出曲线95、Marginal product 边际产品96、Marginal rate of product transformation 边际产品转换率97、Marginal rate of substitution 边际替代率98、Marginal revenue 边际收益99、Marginal revenue product 边际收益产品100、Marginal utility 边际效用101、Market 市场102、Market demand curve 市场需求曲线103、Market period 市场周期104、.Market structure 市场结构105、Market supply schedule 市场供给表106、Markup pricing加成定价107、Maximin strategy 最大最小策略108、Microeconomics 微观经济学109、Minmum efficient size of plant 工厂的最小有效规模110、Model模型111、Money income 货币收入112、Monopolistic competition 垄断竞争113、Monopoly 垄断114、Monopsony 买方垄断115、Moral hazard 道德风险116、Multinational firm 跨国公司117、Multiplant monopoly 多厂垄断118、Multiproduct firm 多产品厂商119、Mutual fund 共同基金120、Nash equilibrium 纳什均衡121、Natural monopoly 自然垄断122、Net-Present-Value Rule 净现值规则123、Nondiversifiable risk 不可分散的风险124、Nonprice competition 非价格竞争125、Normal goods 正常商品126、Oligopoly寡头垄断127、Oligopsony 买方寡头垄断128、Opportunity cost 机会成本129、Optimal input combination 最优投入品组合130、Ordinal utility 序数效用131、Pareto criterion 帕累托标准132、Partial equilibrium analysis 局部均衡分析133、Pecuniary benefits 货币收益134、Perfect Competition 完全竞争135、Perpetuity 不可兑换的公司债券136、Predatory pricing 掠夺性定价137、Present value 现值138、Price ceiling 最高限价139、Pric-consumption curve 价格-消费曲线140、Price discrimination 价格歧视141、Price elastic 富有价格弹性142、Price elasticity of demand 需求的价格弹性143、Price elasticity of supply 供给的价格弹性144、Price floor 最低限价145、Price inelastic缺乏价格弹性146、Price leader 价格领导者147、Price system 价格系统148、Principal-agent problem 委托-代理问题149、Prisoner`s dilemma 囚犯困境150、Private cost 私人成本151、Probability 概率152、Producer surplus 生产者剩余153、Production possibilities curve 生产可能性曲线154、Production function 生产函数156、Profit 利润157、Public good 公共物品158、Quasi-rent 准租金159、Quota 配额160、Ray 射线161、Reaction curve 反应曲线162、Real benefits 真实收益163、Rent 租金164、Ridge lines 脊线165、Risk 风险166、Risk averter 风险厌恶者167、Risk lover 风险爱好者168、Risk neutral 风险中性169、Saving 储蓄170、Second-degree Price discrimination 二级价格歧视171、Selling expenses 销售费用172、Short run 短期173、Social cost 社会成本174、Static efficiency 静态效率175、Strategic move 策略举措176、Substitutes 替代品177、Substitution effect 替代效应178、Supply curve 供给曲线179、Supply curve of loanable funds 可贷资金的供给曲线180、Target return 目标收益181、Tariff 关税182、Technological changes 技术进步183、Technology 技术184、Third－degree price discrimination 三级价格歧视185、Tit for tat 针锋相对186、Total cost 总成本187、Total cost function 总成本函数188、Total cost 总固定成本189、Total revenue 总收益190、Total surplus 总剩余191、Total utility 总效用192、Total variable cost 总可变成本193、Trading possibilities curve 贸易可能性曲线194、Transaction cost 交易成本门195、Transferable emissions permits 可转让的排放许可证196、Two-part tariff 双重收费197、Tying 搭售198、Unitary elasticity 单位弹性199、Utility 效用200、Utility of possibility curve 效用可能性曲线201、Value of marginal product 边际产品价值202、Variable cost 可变成本203、Variable input 可变投入品204、von Neumann-Morgenstern utility function •纽曼--摩根斯坦效用函数204、Winners curse 赢者的诅咒205、Ability－to－pay principle（of taxation）（税收的）支付能力原则206、Absolute advantage(in international trade）(国际贸易中的）绝对优势207、Accelerator principle 加速原理208、Actual,cycical and structual budget 实际预算、周期预算和结构预算209、Adaptive expectations 适用性预期210、Adjustable peg 可调整钉住211、Administered（or inflexible）prices 管理（或非浮动）价格212、Adverse selection 逆向选择213、Aggregate demand 总需求214、Aggregate demand（AD）curve 总需求曲线215、Aggregate supply 总供给216、Aggregate suppy(AS) curve 总供给曲线217、Allocative efficiency 配置效率218、Antitrust legislation 反托拉斯法219、Appreciation（of a currency）（通货）升值220、Appropriable 可分拨221、Arbitrage 套利222、Asset 资产223、Asset demand for money 货币的资产需求224、Automatic（or built－in）stabilizers 自动（或在）稳定器225、Average cost 平均成本226、verage cost curve，long－run（ LRAC或 LAC）长期平均成本曲线227、Average cost curve， short－run（ SRAC或 SAC）短期平均成本曲线228、Average fixed cost 平均固定成本229、Average product 平均产品230、Average propensity to consume 平均消费倾向231、Average revenue 平均收益232、Average variable cost 平均可变成本233、Balance of international payment 国际收支平衡表234、Balance of trade 贸易余额235、Balance of current account经常项目余额236、Balance sheet 资产负债表237、Balanced budget 平衡预算238、Bank，commercial 商业银行239、Bank money 银行货币240、bank reserves 银行准备会241、进入壁垒Barriers to entry242、Barter 易货贸易243、Benefit principle（of taxation）（税收的）受益原则244、Bond 债券245、Break－even point（in macroeconomics）（宏观经济学中的）收支相抵点246、Bretton woods System 布雷顿森林体系247、Broad money 广义货币248、Budget 预算249、Budget,balanced 平衡预算250、Budget constraint 预算约束251、Budget deficit 预算赤字252、Budget,government 政府预算253、Budget line 预算线254、Budget surplus 预算盈余255、Built-in stabilizers 在稳定器见自动稳定器（automatic stabilizers）256、Business cycles 商业周期257、C＋I,C＋I＋G,or C＋I＋G＋X schedule C＋I,C＋I＋G或 C＋I＋G＋X表258、Capital(capital goods,capital equipment）资本（资本商品，资本设备）259、Capital consumption allowance 资本消耗补偿见折旧（depreciation）260、Capital deepening 资本深化261、Capital gains 资本利得262、Capital markets 资本市场263、Capital－output ratio 资本-产出比率264、Capital widening 资本广化265、Capitalism 资本主义266、Cardinal utility 基数效用267、Cartel 卡特尔268、Central bank 中央银行269、Change in demand vs．change in quantity demanded 需求变化与需求量的变化270、Change in supply vs．supply in quantity 供给变动与供给且的变动271、Checking account（or bank money）支票（或银行货币）272、Chicago School of Economics （经济学）芝加哥学派273、Classical approach 古典理论274、Classical economics 古典经济学275、Classical theories（in macroeconomics）（宏观经济学中的）古典理论276、Clearing market 市场出清277、Closed economy 封闭经济见开放经济（open economy）278、Coase theorem 科斯定理279、Collective bargaining 集体谈判280、Collusion 勾结281、Collusive oligopoly 寡头勾结垄断282、Command economy 指令经济283、Commodity money 商品货币284、Common stock 普通股票285、Communism 共产主义286、Comparative advantage（in international trade）（国际贸易中的）比较优势287、Compensating differentials 补偿性（工资）差异288、Competition，imperfect 不完全竞争289、Competion，perfect 完全竞争290、Competitve equilibrium 竞争均衡291、Competitive market 竞争性市场292、Complements 互补品293、Compound interest 复利294、Concentration ratio 集中度295、Conglomerate 混合联合企业296、Conglomerate merger 混合兼并见兼并（merger）297、Constant returns to scale 规模报酬不变见规模报酬（returns to scale）298、Consumer price index 消费者价格指数（CPI）299、Consumer surplus 消费者剩余300、Consumption 消费301、Consumption function 消费函数302、Consumption-possibility line消费可能线见预算线（budget line）303、Cooperative equilibrium 合作性均衡304、Corporate income tax 公司所得税305、Corporation 公司306、Correlation 相关307、Cost，average 平均成本308、Cost，average fixed 平均固定成本309、Cost，average variable 平均可变成本310、Cost，fixed 固定成本311、Cost，marginal 边际成本312、Cost，minimum 最低成本313、Cost-push inflation 成本推动的通货膨胀314、Cost，total 总成本315、Cost，variable 可变成本316、Crawling（or sliding）peg 爬行（滑动）钉住317、Credit 信贷318、Cross elasticity of demand 需求的交叉弹性319、Crowding-out hypothesis 挤出（效应）假说320、Currency 通货321、Currency appreciation（or depreciation ）通货升值（或贬值）322、Current account 经常见贸易余额（balance of trade）323、Cyclical budget 周期预算324、Cyclical unemployment 周期性失业325、Deadweight loss 净损失326、Debit 借方327、Decreasing returns to scale 规模报酬递减328、Deficit spending 赤字性支出329、Deflating（of economic data）（经济数据）紧缩330、Deflation 通货紧缩331、Demand curve（or demand schedule）需求曲线（或需求表）332、Demand for money 货币需求333、Demand-pull inflation 需求拉动型通货膨胀334、Demography 人口学335、Depreciation（of an asset）（资产）折旧336、Depreciation（of a currency）（通货）贬值337、Depression 萧条338、Derived demand 派生需求339、Devaluation 降值340、Developing country 发展中国家见欠发达国家(less developed country)341、Differentiated products 差异产品342、Diminishing marginal utility，law of 边际效用递减规律343、Diminishing returns，law of 收益递减规律344、Direct taxes 直接税345、Discount rate 贴现率346、Discounting（of future income）（未来收人）折现347、Discrimination 歧视348、Disequilibrium 非均衡349、Disinflation 反通货膨胀350、Disposable income 可支配收入（DI）351、Disposable personal income 个人可支配收入352、Dissaving 负储蓄354、Division of labor 劳动分工355、Dominant equilibrium 占优均衡见占优战略（dominant strategy）356、Dominant strategy 占优战略357、Downward－sloping demand，law of 需求向下倾斜规律358、Duopoly 双头垄断359、Duopoly price war 双头垄断价格战360、Easy－money policy 宽松的货币政策361、Econometrics 经济计量学362、Economic goods 经济物品363、Economic growth 经济增长364、Economic reguation 经济管制365、Economic rent 经济租金见"经济租金"（rent， economic）366、Economic surplus 经济剩余367、Economics of information 信息经济学368、Economies of scale 规模经济369、Economies of scope 广度经济370、Effective tax rate 有效税率371、Efficiency 效率372、Efficiency－wage theory 有效工资理论373、Efficient market 有效市场374、Elasticity 弹性375、Employed 就业者参见"失业"（unemployment）376、Equal－cost line 等成本线377、Equal－product curve（or isoquant）等产量线378、Equilibrium 均衡379、Equilibrum（for a business firm）厂商均衡380、Equilibrium（for the individual consumer）单个消费者的均衡381、Equilibrium，competitive 竞争均衡见竟争均衡（competitive equilibrium）382、Equilibrium，general 一般均衡见一般均衡分析（general－equilibrium analysis）383、Equilibrium，macroeconomic 宏观经济均衡384、Equimarginal principle 等边际法则385、Exchange rate 汇率见外汇汇率（foreign exchange rate）386、Exchange-rate system 汇率制度387、Excise tax vs．sales tax 消费税和销售税388、Exclusion principle 排他原则389、Exogenous vs．induced variables 外生变量和引致变量390、Expectations 预期391、Expenditure multiplier 支出乘数参见乘数（multiplier）392、Exports 出口393、External diseconomies 外部不经济394、External economies 外部经济395、External variables 外部变量同外生变量（exogenous variables）396、Externalities 外部性397、Factors of production 生产要素398、Fallacy of composition 合成谬误399、Federal Reserve System 联邦储备系统美国的中央银行（centra bank）400、Fiat money 法定货币没有在价值（intrinsic value）401、Final goods 最终产品402、Financial economics 金融经济学403、Financial intermediary 金融中介404、Firm（business firm）厂商405、Fiscal-monetary mix 财政-货币政策组合406、Fiscal policy 财政政策407、Fiscal cost 固定成本见固定成本（cost，fixed）408、Fixed exchange rate 固定汇率见外汇汇率（foreign exchangs rate）409、Flexible exchange rates 弹性汇率制410、Floating exchange rates 浮动汇率制见弹性汇率制（flexibleexchange rates）411、Flow vs. stock 流量与存量412、Foreign exchange 外汇413、Foreign exchange market 外汇市场414、Foreign exchange rate 外汇汇率415、Fourfirm concentration rate 四企业集中度见集中度（concentration ratio）416、Fractional-reserve banking 部分准备金417、Free goods 免费品不属于经济品（economic goods）418、Free trade 自由贸易419、Frictional unemployment 磨擦性失业420、Full employment 充分就业421、Gains from trade 贸易利得422、Galloping inflation 急剧的通货膨胀见通货膨胀（inflation）423、Game theory 博弈论424、General-equilibrium analysis 一般均衡分析425、GDP deflator GDP紧缩指数426、GDP gap GDP缺口427、GNP 国民生产总值见国民生产总值（gloss national product）428、Gold standard 全本位制429、Government debt 政府债务430、Goverment expenditure multiplier 政府支出乘数431、Graduated income tax 累进所得税见个人所得税（income tax，personal）432、Gresham`s Law 格雷欣法则433、Gross domestic product，nominal（or nominal GDP）名义国生产总值(或名义GDP）434、Gross domestic product，real 实际国生产总值（实际GDP）435、Gross national product，nominal 名义国民生产总值（或名义GNP）436、Gross national product，real 实际国民生产总值（实际GNP）437、Growth accounting 增长核算438、Hedging 套期保值439、High-powered money 高能货币见基础货币（monetary base）440、Horizontal equity vs．vertical equity 横向平等与纵向平等441、Horizontal integration 横向整合见纵向整合与横向整合（integration， vertical vs．horizontal）442、Horizontal merger 横向兼井见兼并（merger）443、Human capital 人力资本444、Hyperinflation 恶性通货膨胀见通货膨胀（inflation）445、Imperfect competition 不完全竞争见不完全竞争（competition，imperfect）446、Imperfect competitor 不完全竞争者447、Implicit－cost elements 隐性成本要素显性货币成本（explicit money costs）448、Imports 进口见出口（exports）449、Inappropriability 不可分拨性见不可分拨（inappropriable）450、Inappropriable 不可分拨451、Incidence（or tax incidence）归宿，或税赋归宿452、Income 收入453、Income effect（of a price change）（价格变动的）收入效应454、Income elasticity of demand 需求的收入弹性455、Income statement 收益表456、Income tax，negative 负所得税见负所得税（egative income tax）457、Income tax，personal 个人所得税458、Income velocity of money 货币的收入周转率459、Incomes policy 收入政策460、Increasing returns to scale 递增的规模报酬见规模报酬（returns to scale）461、Independent goods 独立品462、Indexing（or indexation）指数化463、Indifference curve 无差异曲线464、indifference map 无差异曲线图465、Indirect taxes 间接税见直接税（direct taxes）466、Induced variables 引致变量467、Industry 产业468、Inertial rate of inflation 惯性通货膨胀率469、Infant industry 幼稚产业470、Inferior goods 低档品或劣等品471、Inflation（or inflation rate）通货膨胀（或通货膨胀率）472、Inflation targeting 通货膨胀目标473、Innovation 创新474、Inputs 投入475、Insurance 保险476、Integration，vertical vs．horizontal 纵向整合和横向整合477、Intellectual property rights 知识产权478、Interest 利息479、Interest rate 利率480、Intermediate goods 中间产品481、International monetary system（also International financial system）国际货币制度（国际金融体系）482、Intervention 干预483、Intrinsic value（of money）（货币的）在价值484、Invention 发明485、Investment 投资487、Invisible hand 看不见的手488、Involuntarily unemployed 非自愿失业见失业（unemployment）489、Iron law of wages 工资铁律490、Isoquant 等产量见等产量曲线（equal product curve）491、Keynesian economics 凯恩斯经济学492、Keynesian school 凯恩斯学派见凯恩斯主义经济学(Keynesian economics)493、Labor force 劳动力494、Labor－force participstion rate 劳动力参与率495、Labor productivity 劳动生产率见生产率（productivity）496、Labor supply 劳动供给497、Labor theory of value 劳动价值论498、Laissez－faire（"leave us along"）自由放任（“别来管我”）499、Land 土地500、Least－cost rule（of production）（生产的）最低成本法则501、Legal tender 法定清偿物502、Less developed country（LDC）欠发达国家503、Liabilities 负债504、Libertarianism 自由放任主义505、Limited Liability 有限责任506、Long run 长期507、Long－run aggregate supply schedule 长期总供给表508、Lorenz curve 洛伦茨曲线509、Lowest sustainable rate of unemployment（or LSUR）最低可持续失业率510、Lump－of－labor fallacy 劳动合成谬误511、M1、 M2参见货币供应(money supply）。
经济学人观后感
经济学人观后感最近看了不少期的《经济学人》，感触还真是挺多的。
这《经济学人》啊，就像是一个知识的大宝藏，每次翻开它，都感觉自己像是走进了一个充满智慧和新奇观点的世界。
我印象特别深的是其中有一期关于全球贸易格局变化的分析。
那详细的图表、精准的数据，还有深入浅出的解读，让我这个原本对贸易问题一知半解的人，也仿佛开了窍似的。
它可不是那种干巴巴地罗列事实和数据，而是通过一个个具体的案例和故事，把复杂的贸易关系讲得明明白白。
比如说，它提到了某个非洲小国，原本只是依赖单一的农产品出口，经济一直不温不火。
但后来，由于政府出台了一系列鼓励制造业和技术创新的政策，吸引了不少外国投资，慢慢地建立起了自己的轻工业体系，不仅出口的产品种类丰富了，质量也提高了不少，经济一下子就有了起色。
这个小国的例子让我深刻地理解到，政策的引导和创新的推动对于一个国家经济发展的重要性。
还有一次，《经济学人》里有一篇关于新兴市场消费趋势的文章。
它讲了在印度的一个小镇上，随着智能手机的普及，当地的年轻人购物方式发生了巨大的变化。
以前，他们只能在街边的小店里买东西，选择有限，价格还不便宜。
但现在，有了手机和网络，他们可以轻松地在各种电商平台上挑选来自世界各地的商品，从时尚的服装到最新的电子产品，应有尽有。
这不仅改变了他们的消费习惯，还刺激了当地的物流和支付行业的发展。
看着文章里对这些年轻人兴奋地讨论网购经历的描述，我仿佛能感受到他们那种对新鲜事物的热情和对美好生活的向往。
另外，有一篇关于中国乡村经济振兴的报道也让我特别触动。
文章里讲述了一个偏远山村的故事，过去那里交通不便，年轻人都外出打工，村子里只剩下老人和孩子，田地荒芜，经济萧条。
但是后来，在政府的支持下，村里修了路，通了网，还引入了特色农业项目，鼓励年轻人回乡创业。
有一对年轻夫妇，原本在大城市里打工，日子过得紧巴巴的。
听说家乡有了新的发展机会，毅然决定回去。
他们承包了几十亩地，种上了有机蔬菜和水果，通过网络直播和电商平台，把产品卖到了全国各地。
8位经济学人
之后的中共十四届三中全会、十五大、十五届四中全会报告的拟定，吴敬琏均保持了极高的国策影响力，成为当之无愧的政府经济学家，他本人也不断通过对比较制度学的研究，对“市场经济论”与“整体改革论”的论证，对政府越位的批评，对权贵资本主义和重商主义倾向的反击，对经济增长方式转变的呼唤与引导，对坏的市场经济的防治等，推进中国的市场化改革。
颇有横刀立马之势的吴敬琏一不做二不休，他批驳“计划与市场调节相结合”的称谓不妥，要求改回十二届三中全会的“社会主义商品经济”提法，而商品经济也就是市场经济。
当时与吴敬琏持同一立场的只有刘国光与已经年迈的薛暮桥，讨论会很快变成了三英辩群儒。也正是在这一场极具政治导向的经济辩论会后，吴敬琏被扣上了“市场”的帽子，只是当时颜色是黑的，因为当时主流舆论仍认为“市场”姓资，“吴”与“资”同姓，其凶险不言而喻。
1993年，作为政府安徽农村调查组的成员，温铁军在《经济日报》上公开发表了题为“汝果欲支农，功夫在农外”的文章，认为农村问题主要受宏观政策影响，而不是简单的农业问题。1995年，温铁军又提出以“三农问题”取代“农业问题”的政策建议，得到中央主要领导肯定并成为国家重大政策，“三农问题”就是在这段时期作为一个概念进入公众的视野。
在论文中，张维迎系统地提出了双轨制价格改革思路：价格体制改革的具体办法，可以参照农副产品价格改革的办法，实行双轨制价格，旧价格用旧办法管理，新价格用新办法管理，最后建立全新的替代价格制度。与价格调整相比，价格体制的改革是一个连续的逼近过程。问题不在于第一步是否就完全合理，问题在于它是不是趋向于合理。
作为一个特立独行的人尤其是弱势群体——农民的代言人，温铁军受过不少质疑和攻击，但他义无返顾。
温铁军简介：
温铁军，管理学博士。现任中国人民大学学术委员会副主任、中国人民大学农业与农村发展学院院长兼乡村建设中心主任、晏阳初乡村建设学院理事长兼院长。1999年获农业部颁发的部级“科技进步奖”一等奖；2003年获CCTV颁发的“中国年度经济人物奖”；2004年获杜润生基金会颁发的“农村发展研究奖”。
英文期刊《经济学人》汉译英时政词语点评
英文期刊《经济学人》汉译英时政词语点评As one of the most influential English-language periodicals, The Economist not only provides insightful analysis and commentary on economics, business, and finance, but also offers comprehensive coverage of global politics and current affairs. With its unique perspective and distinctive style, The Economist has been a valuable source ofinformation and inspiration for people around the world, especially for those who are interested in understanding the latest developments and trends in the ever-changing world.In recent years, the translation of political terms and phrases from Chinese to English has become a hot topic in the academic and professional circles. Many scholars, translators, and language experts have devoted considerable efforts to studying and analyzing the challenges and opportunities of translating political discourse from Chinese to English, as well as exploring the cultural and linguistic factors thatmay influence the translation process and the reception ofthe translated texts.Against this backdrop, this paper aims to provide acritical review and analysis of the translation of political terms and phrases from English to Chinese in The Economist, with a focus on the linguistic and cultural difficulties and the strategies and techniques adopted by the translators to overcome them. Specifically, the paper will examine five selected articles from The Economist that cover various aspects of global politics and current affairs, and analyzethe translation of the key terms and phrases in thesearticles from English to Chinese.The five articles selected for this study are: "The Rise of Populist Nationalism in Europe", "The North Korean Nuclear Crisis", "The Future of the Trans-Pacific Partnership", "The Rohingya Refugee Crisis", and "The Catalan Independence Referendum". These articles touch upon some of the most pressing and complex issues facing the world today, such as the rise of populism and nationalism in Western Europe, the nuclear threat posed by North Korea, the challenges and opportunities of the Trans-Pacific Partnership, the humanitarian crisis in Myanmar, and the political turbulence in Catalonia. By examining the translation of these articles, we can gain a deeper understanding of the linguistic and cultural difficulties involved in translating political discourse, as well as the strategies and techniques that can be used to produce effective and accurate translations.One of the most important challenges of translating political discourse from English to Chinese is the linguistic and cultural gap between the two languages and cultures. English is a highly idiomatic and metaphorical language that often uses complex and abstract terms and phrases to convey its meanings. Chinese, on the other hand, is a relatively more literal and concrete language that relies more on context and syntax to convey its meanings. As a result, translating political discourse from English to Chinese requires a deep understanding of both languages and cultures, as well as a great deal of creativity and flexibility.In the article "The Rise of Populist Nationalism in Europe", the translator faces the challenge of translating the key phrase "populist nationalism" into Chinese. Thetranslator decides to use the term "民粹主义"(min4cui4zhu3yi4), which combines the Chinese words for "people" (民) and "pure" (粹), and the English word "ism". This translation effectively conveys the meaning of the term and captures its connotations in English. However, the use of the term "minzhu" (民主), which means "democracy" in Chinese, may cause confusion among Chinese readers who are notfamiliar with the concept of "populist nationalism" in the Western context.In the article "The North Korean Nuclear Crisis", the translator faces the challenge of translating the key term "denuclearization" into Chinese. The translator decides to use the term "无核化" (wu2he2hua4), which literally means "removal of nuclear weapons". This translation effectively conveys the meaning of the term and captures its connotations in English. However, the use of the term "he" (核), which means "nuclear" in Chinese, may cause confusion among Chinese readers who are not familiar with the context of the North Korean nuclear crisis.In the article "The Future of the Trans-Pacific Partnership", the translator faces the challenge of translating the key term "free trade" into Chinese. The translator decides to use the term "自由贸易"(zi4you2mao4yi4), which combines the Chinese words for "freedom" (自由) and "trade" (贸易). This translation effectively conveys the meaning of the term and captures its connotations in English. However, the use of the term "maoyi" (贸易), which means "trade" in Chinese, may not fully capture the complexity and depth of the term "free trade" in the Western context.In the article "The Rohingya Refugee Crisis", thetranslator faces the challenge of translating the key term "ethnic cleansing" into Chinese. The translator decides to use the term "种族清洗" (zhong3zu2qing1xi3), which combines the Chinese words for "ethnic group" (种族) and "cleaning" (清洗). This translation effectively conveys the meaning of the term and captures its connotations in English. However, the use of the term "qingxi" (清洗), which means "cleaning" in Chinese, may not fully capture the brutality and violence of the term "ethnic cleansing" in the Western context.In the article "The Catalan Independence Referendum", the translator faces the challenge of translating the key phrase "illegal referendum" into Chinese. The translator decides to use the term "非法公投" (fei1fa3gong1tou2), which combines the Chinese words for "illegal" (非法) and "referendum" (公投). This translation effectively conveys the meaning of the term and captures its connotations in English. However, the use of the term "gongtou" (公投), which means "referendum" in Chinese, may not fully capture the political significance and implications of the term "referendum" in the Western context.In conclusion, the translation of political terms and phrases from English to Chinese is a complex and challenging task that requires a deep understanding of both languages and cultures, as well as a great deal of creativity and flexibility. The five articles selected for this study provide a comprehensive and diverse sample of the political discourse in English and Chinese, and offer valuable insights and lessons for translators, scholars, and language learners who are interested in bridging the linguistic and cultural gap between the two languages and cultures.。
考研英语《经济学人》选读
考研英语《经济学人》选读在考研英语的备考过程中，阅读部分的重要性不言而喻。
而《经济学人》作为一份具有广泛影响力和高质量内容的英文刊物，成为众多考研学子提升阅读能力和积累语言素材的重要资源。
《经济学人》涵盖了政治、经济、科技、文化等多个领域的内容，其文章不仅语言地道、表达精准，还具有深刻的见解和独特的视角。
通过阅读《经济学人》，考生可以接触到丰富多样的话题，从而拓宽自己的知识面和思维广度。
首先，从语言层面来看，《经济学人》中的词汇丰富且用法灵活。
很多考研英语词汇在《经济学人》的文章中都能找到生动的运用实例。
比如，“proliferation”（激增；扩散）这个相对较难的词汇，在一篇关于新兴技术快速发展的文章中可能就会出现“the proliferation of artificial intelligence”这样的表述。
再比如，“mitigate”（减轻；缓和）这个词，可能会在讨论环境问题的文章里被用到，如“measures to mitigate climate change”。
除了词汇，《经济学人》中的句子结构也十分多样，既有简单明了的短句，也有复杂冗长的长句。
长句的分析和理解对于提升考研英语阅读中的长难句分析能力至关重要。
例如：“Despite the challenges posed by the economic downturn and the uncertainties brought about by geopolitical tensions, the company managed to maintain a steady growth rate by implemen ting innovative strategies and leveraging its core competencies”这样的长句包含了多种从句和短语，通过对其结构的剖析和理解，能够帮助考生更好地应对考研英语阅读中的类似句子。
(1-5)《经济学人》中英对照
TEXT 1Rebuilding the American dream machine重建美国梦机器Jan 19th 2006 | NEW YORKFrom The Economist print editionFOR America's colleges, January is a month ofreckoning. Most applications for the next academicyear beginning in the autumn have to be made by theend of December, so a university's popularity is put toan objective standard: how many people want toattend. One of the more unlikely offices to have beenflooded with mail is that of the City University ofNew Y ork (CUNY), a public college that lacks,among other things, a famous sports team, bucoliccampuses and raucous parties (it doesn't even havedorms), and, until recently, academic credibility.对美国的大学而言，一月是一个清算的月份。
大多数要进入将于秋季开学的下一学年学习的申请必须在12月底前完成，因此一所大学的声望就有了客观依据：申请人的多少。
纽约城市大学，一所公立学院，与其他学校相比，它没有一支声名显赫的运动队，没有田园诗一般的校园，也没有喧嚣嘈杂的派对——甚至连宿舍都没有，而且，直到最近也没取得学术上的可信度，可就是这所大学的办公室塞满了学生们寄来的申请函，这简直有些令人难以置信。
外刊总结的分析报告范文
报告摘要：本报告通过对《经济学人》的近期文章进行总结和分析，旨在揭示当前全球热点问题、经济趋势以及社会变革。
通过对《经济学人》文章的深入解读，本报告旨在为读者提供全面、客观的全球视野。
一、背景介绍《经济学人》是一本国际性新闻和评论杂志，自1843年创刊以来，以其独特的视角和深入的分析著称。
杂志内容涵盖政治、经济、商业、科技、文化等多个领域，是了解全球动态的重要窗口。
二、内容分析1. 全球热点问题（1）乌克兰危机：近期，《经济学人》多次报道乌克兰危机，分析其背后的国际关系和地缘政治因素。
文章指出，乌克兰危机不仅影响欧洲安全格局，也对全球经济产生负面影响。
（2）气候变化：针对全球气候变化问题，《经济学人》持续关注各国应对措施和减排成效。
文章强调，应对气候变化是全球性挑战，需要各国共同努力。
2. 经济趋势（1）全球经济复苏：文章指出，全球经济正在逐步复苏，但复苏速度不均衡。
发达国家经济表现优于发展中国家，新兴市场国家面临诸多挑战。
（2）贸易战：近期，中美贸易战持续发酵，《经济学人》对此进行了深入分析。
文章认为，贸易战对全球经济产生负面影响，各方应寻求合作共赢。
3. 社会变革（1）科技发展：随着科技日新月异，《经济学人》关注人工智能、区块链等新兴技术对社会的影响。
文章认为，科技进步将深刻改变人类生活方式，同时也带来伦理和就业等挑战。
（2）教育改革：针对全球教育现状，《经济学人》分析了各国教育改革措施。
文章指出，教育改革是提升国家竞争力的重要途径，但改革过程中需关注公平性和质量。
三、结论通过对《经济学人》近期文章的总结和分析，本报告得出以下结论：1. 全球热点问题、经济趋势和社会变革是《经济学人》关注的重点。
2. 各国在应对全球性挑战时，需要加强合作，共同推进全球治理体系改革。
3. 科技发展对社会产生深远影响，各国应积极应对，推动科技创新与人类福祉相结合。
四、建议1. 加强对《经济学人》等外刊的跟踪研究，深入了解全球热点问题和发展趋势。
经济学人专业词汇
经济学人专业词汇一、宏观经济学词汇1. GDP（Gross Domestic Product，国内生产总值）GDP是指一个国家或地区在一定时间内生产的所有最终产品和服务的总价值。
它是衡量一个国家经济发展水平的重要指标。
2. 通货膨胀（Inflation）通货膨胀指物价普遍上涨的现象，导致货币购买力下降。
高通胀会对经济产生负面影响，如导致人民的购买力下降，企业的成本上升等。
3. 供给与需求（Supply and Demand）供给与需求是经济学中最基本的概念之一。
供给指生产者愿意出售的商品或服务的数量，而需求指消费者愿意购买的商品或服务的数量。
供需关系决定了市场上商品价格的形成。
4. 货币政策（Monetary Policy）货币政策是指政府或央行通过调整货币供给量和利率等手段来影响经济活动的政策。
货币政策的目标通常是保持物价稳定和促进经济增长。
5. 国际收支（Balance of Payments）国际收支是指一个国家与其他国家之间的经济交往的统计记录。
它包括国际贸易、国际投资、国际旅游等方面的收入和支出。
二、微观经济学词汇1. 市场结构（Market Structure）市场结构指市场中存在的竞争程度和市场参与者数量的情况。
常见的市场结构包括垄断、寡头垄断、完全竞争和垄断竞争等。
2. 机会成本（Opportunity Cost）机会成本指选择某项活动时，放弃的最高价值的替代活动。
它是经济学中关于选择的重要概念，帮助人们在资源有限的情况下做出最优决策。
3. 边际效应（Marginal Effect）边际效应指增加或减少一单位产品或活动对总效果的影响。
边际效应的理论在经济学中被广泛应用，用于分析决策的边际成本和边际收益。
4. 弹性（Elasticity）弹性指市场中对价格变动或收入变动的敏感程度。
常见的弹性概念包括需求弹性和供给弹性，它们用于衡量市场对价格变动的响应程度。
5. 价格歧视（Price Discrimination）价格歧视是指生产者或销售者在不同的消费者或市场之间设置不同价格的行为。
经济学人
经济学人经济学人（The Economist）是一家国际知名的经济学与商业杂志，由英国皇家经济学家出版社（The Economist Group）出版。
创办于1843年，内容涵盖全球经济、政治、科技、文化等各个领域，以客观公正、权威独立的报道而闻名于世。
该杂志以其深入剖析问题的独到见解和高质量的调查报告而备受读者青睐。
经济学人的发行周期为每周一期，全年约有50期，每一期都围绕特定的主题进行深入研究。
杂志的各个版块包括国际新闻、财经、科技、商业、金融、文化等，涵盖了全球范围内的经济与商业问题。
经济学人以其独特的编辑风格而广为人知。
在撰写文章时，经济学人特别注重事实准确、分析深入和观点中立。
文章风格简洁明了，条理清晰，语言严谨，充满了经济学的思维方式和逻辑思维。
经济学人的读者群也是其独特性的体现。
经济学人的读者主要是来自商界、政界、学界和金融界的专业人士，以及对经济与商业问题感兴趣的广大读者。
很多政商要人通过阅读经济学人来获取最新的全球经济动态和商业趋势，以帮助他们做出决策。
经济学人作为一家国际化的杂志，在内容策划和报道方面非常注重全球视野。
无论是报道国际政治、全球经济形势还是科技创新发展，经济学人都能提供丰富的信息和独到的观点。
除了纸质杂志以外，经济学人还运营着一个全球性的网站和移动应用，为读者提供更为多样化和实时的资讯。
通过这些数字平台，读者可以随时随地获取经济学人的最新内容，并参与到有关经济与商业的讨论与辩论中。
总之，经济学人以其独特的品牌形象、高质量的报导和权威的分析，成为了经济与商业领域中不可或缺的声音之一。
无论是在政治经济、国际关系、科技创新还是商业趋势等领域，经济学人都始终保持着高度的影响力和价值。
它为读者呈现了一个全球的经济与商业画卷，为读者带来了关于全球经济格局和商业竞争的深刻思考。
《经济学人》杂志原版英文(整理完整版)之欧阳术创编
Digest Of The. Economist. 2006(6-7)Hard to digestA wealth of genetic information is to be found in the human gutBACTERIA, like people, can be divided into friend and foe. Inspired by evidence that the friendly sort may help with a range of ailments, many people consume bacteria in the form of yogurts and dietary supplements. Such a smattering of artificial additions, however, represents but a drop in the ocean. There are at least 800 types of bacteria living in the human gut. And research by Steven Gill of the Institute for Genomic Research in Rockville, Maryland, and his colleagues, published in this week's Science, suggests that the collective genome of these organisms is so large that it contains 100 times as many genes as the human genome itself.Dr Gill and his team were able to come to this conclusion by extracting bacterial DNA from the faeces of two volunteers. Because of the complexity of the samples, they were not able to reconstruct the entire genomes of each of the gut bacteria, just the individual genes. But that allowed them to make an estimate of numbers.What all these bacteria are doing is tricky to identify—the bacteria themselves are difficult to cultivate. So the researchers guessed at what they might be up to by comparing the genes theydiscovered with published databases of genes whose functions are already known.This comparison helped Dr Gill identify for the first time the probable enzymatic processes by which bacteria help humans to digest the complex carbohydrates in plants. The bacteria also contain a plentiful supply of genes involved in the synthesis of chemicals essential to human life—including two B vitamins and certain essential amino acids—although the team merely showed that these metabolic pathways exist rather than proving that they are used. Nevertheless, the pathways they found leave humans looking more like ruminants: animals such as goats and sheep that use bacteria to break down otherwise indigestible matter in the plants they eat.The broader conclusion Dr Gill draws is that people are superorganisms whose metabolism represents an amalgamation of human and microbial attributes. The notion of a superorganism has emerged before, as researchers in other fields have come to view humans as having a diverse internal ecosystem. This, suggest some, will be crucial to the success of personalised medicine, as different people will have different responses to drugs, depending on their microbial flora. Accordingly, the next step, says Dr Gill, is to see how microbial populations vary between people of different ages, backgrounds and diets.Another area of research is the process by which these helpful bacteria first colonise the digestive tract. Babies acquire their gut flora as they pass down the birth canal and take a gene-filled gulp of their mother's vaginal and faecal flora. It might not be the most delicious of first meals, but it could well be an important one. Zapping the bluesThe rebirth of electric-shock treatmentELECTRICITY has long been used to treat medical disorders. As early as the second century AD, Galen, a Greek physician, recommended the use of electric eels for treating headaches and facial pain. In the 1930s Ugo Cerletti and Lucio Bini, two Italian psychiatrists, used electroconvulsive therapy to treat schizophrenia. These days, such rigorous techniques are practised less widely. But researchers are still investigating how a gentler electric therapy appears to treat depression.Vagus-nerve stimulation, to give it its proper name, was originally developed to treat severe epilepsy. It requires a pacemaker-like device to be implanted in a patient's chest and wires from it threaded up to the vagus nerve on the left side of his neck. In the normal course of events, this provides an electrical pulse to the vagus nerve for 30 seconds every five minutes.This treatment does not always work, but in some cases whereit failed (the number of epileptic seizures experienced by a patient remaining the same), that patient nevertheless reported feeling much better after receiving the implant. This secondary effect led to trials for treating depression and, in 2005, America's Food and Drug Administration approved the therapy for depression that fails to respond to all conventional treatments, including drugs and psychotherapy.Not only does the treatment work, but its effects appear to be long lasting. A study led by Charles Conway of Saint Louis University in Missouri, and presented to a recent meeting of the American Psychiatric Association, has found that 70% of patients who are better after one year stay better after two years as well.The technique builds on a procedure called deep-brain stimulation, in which electrodes are implanted deep into the white matter of patients' brains and used to “reboot” faulty neural circuitry. Such an operation is a big undertaking, requiring a full day of surgery and carrying a risk of the patient suffering a stroke. Only a small number of people have been treated this way. In contrast, the device that stimulates the vagus nerve can be implanted in 45 minutes without a stay in hospital.The trouble is that vagus-nerve stimulation can take a long time to produce its full beneficial effect. According to Dr Conway, scanstaken using a technique called positron-emission tomography show significant changes in brain activity starting three months after treatment begins. The changes are similar to the improvements seen in patients who undergo other forms of antidepression treatment. The brain continues to change over the following 21 months. Dr Conway says that patients should be told that the antidepressant effects could be slow in coming.However, Richard Selway of King's College Hospital, London, found that his patients' moods improved just weeks after the implant. Although brain scans are useful in determining the longevity of the treatment, Mr Selway notes that visible changes in the brain do not necessarily correlate perfectly with changes in mood.Nobody knows why stimulating the vagus nerve improves the mood of depressed patients, but Mr Selway has a theory. He believes that the electrical stimulation causes a region in the brain stem called the locus caeruleus (Latin, ironically, for “blue place”) to flood the brain with norepinephrine, a neurotransmitter implicated in alertness, concentration and motivation—that is, the mood states missing in depressed patients. Whatever the mechanism, for the depressed a therapy that is relatively safe and long lasting is rare cause for cheer. The shape of things to comeHow tomorrow's nuclear power stations will differ from today'sTHE agency in charge of promoting nuclear power in America describes a new generation of reactors that will be “highly economical” with “enhanced safety”, that “minimise wastes” andwill prove “proliferation resistant”. No doubt they will bake a mean apple pie, too.Unfortunately, in the world of nuclear energy, fine words are not enough. America got away lightly with its nuclear accident. When the Three Mile Island plant in Pennsylvania overheated in 1979 very little radiation leaked, and there were no injuries. Europe was not so lucky. The accident at Chernobyl in Ukraine in 1986 killed dozens immediately and has affected (sometimes fatally) the health of tens of thousands at the least. Even discounting the association of nuclear power with nuclear weaponry, people have good reason to be suspicious of claims that reactors are safe.Yet political interest in nuclear power is reviving across the world, thanks in part to concerns about global warming and energy security. Already, some 441 commercial reactors operate in 31 countries and provide 17% of the planet's electricity, according to America's Department of Energy. Until recently, the talk was of how to retire these reactors gracefully. Now it is of how to extend their lives. In addition, another 32 reactors are being built, mostly in India, China and their neighbours. These new power stations belong towhat has been called the third generation of reactors, designs that have been informed by experience and that are considered by their creators to be advanced. But will these new stations really be safer than their predecessors?Clearly, modern designs need to be less accident prone. The most important feature of a safe design is that it “fails safe”. Fo r a reactor, this means that if its control systems stop working it shuts down automatically, safely dissipates the heat produced by the reactions in its core, and stops both the fuel and the radioactive waste produced by nuclear reactions from escaping by keeping them within some sort of containment vessel. Reactors that follow such rules are called “passive”. Most modern designs are passive to some extent and some newer ones are truly so. However, some of the genuinely passive reactors are also likely to be more expensive to run.Nuclear energy is produced by atomic fission. A large atom (usually uranium or plutonium) breaks into two smaller ones, releasing energy and neutrons. The neutrons then trigger further break-ups. And so on. If this “chain reaction” can be controlled, the energy released can be used to boil water, produce steam and drive a turbine that generates electricity. If it runs away, the result is a meltdown and an accident (or, in extreme circumstances, a nuclearexplosion—though circumstances are never that extreme in a reactor because the fuel is less fissile than the material in a bomb). In many new designs the neutrons, and thus the chain reaction, are kept under control by passing them through water to slow them down. (Slow neutrons trigger more break ups than fast ones.) This water is exposed to a pressure of about 150 atmospheres—a pressure that means it remains liquid even at high temperatures. When nuclear reactions warm the water, its density drops, and the neutrons passing through it are no longer slowed enough to trigger further reactions. That negative feedback stabilises the reaction rate.Can business be cool?Why a growing number of firms are taking global warming seriously RUPERT MURDOCH is no green activist. But in Pebble Beach later this summer, the annual gathering of executivesof Mr Murdoch's News Corporation—which last year led to a dramatic shift in the media conglomerate's attitude tothe internet—will be addressed by several leading environmentalists, including a vice-president turned climatechangemovie star. Last month BSkyB, a British satellite-television company chaired by Mr Murdoch and run by hisson, James, declared itself “carbon-neutral”, having taken various steps to cut or offset its discharges of carboninto the atmosphere.The army of corporate greens is growing fast. Late last year HSBC became the first big bank to announce that itwas carbon-neutral, joining other financial institutions, including Swiss Re, a reinsurer, and Goldman Sachs, aninvestment bank, in waging war on climate-warming gases (of which carbon dioxide is the main culprit). Last yearGeneral Electric (GE), an industrial powerhouse, launched its “Ecomagination” strategy, aiming to cut its output ofgreenhouse gases and to invest heavily in clean (ie, carbon-free) technologies. In October Wal-Mart announced aseries of environmental schemes, including doubling the fuel-efficiency of its fleet of vehicles within a decade.Tesco and Sainsbury, two of Britain's biggest retailers, are competing fiercely to be the greenest. And on June 7thsome leading British bosses lobbied Tony Blair for a more ambitious policy on climate change, even if that involvesharsher regulation.The greening of business is by no means universal, however. Money from Exxon Mobil, Ford and General Motorshelped pay for television advertisements aired recently in America by the Competitive Enterprise Institute, with thedaft slogan “Carbon dioxide: they call it pollution; we call it life”. Besides, environmentalist critics say, some firmsare engaged in superficial “greenwash” to boost the image of essentially climate-hurting businesses. Take BP, themost prominent corporate advocate of actionon climate change, with its “Beyond Petroleum” ad campaign, highprofileinvestments in green energy, and even a “carbon calculator” on its website that helps consumers measuretheir personal “carbon footprint”, or overall emissions of carbon. Yet, critics complain, BP's recent record profits arelargely thanks to sales of huge amounts of carbon-packed oil and gas.On the other hand, some free-market thinkers see the support of firms for regulation of carbon as the latestattempt at “regulatory capture”, by those who stand to profit from new rules. Max Schulz of the ManhattanInstitute, a conservative think tank, notes darkly that “Enron was into pushing the idea of climate change, becauseit was good for its business”.Others argue that climate change has no more place in corporate boardrooms than do discussions of other partisanpolitical issues, such as Darfur or gay marriage. That criticism, at least, is surely wrong. Most of the corporateconverts say they are acting not out of some vague sense of social responsibility, or even personal angst, butbecause climate change creates real business risks and opportunities—from regulatory compliance to insuringclients on flood plains. And although these concerns vary hugely from one company to the next, few firms can besure of remaining unaffected. Testing timesResearchers are working on ways to reduce the need for animal experiments, but new laws mayincrease the number of experiments neededIN AN ideal world, people would not perform experiments on animals. For the people, they are expensive. For theanimals, they are stressful and often painful.That ideal world, sadly, is still some way away. People need new drugs and vaccines. They want protection fromthe toxicity of chemicals. The search for basic scientific answers goes on. Indeed, the European Commission isforging ahead with proposals that will increase the number of animal experiments carried out in the EuropeanUnion, by requiring toxicity tests on every chemical approved for use within the union's borders in the past 25years.Already, the commission has identified 140,000 chemicals that have not yet been tested. It wants 30,000 of theseto be examined right away, and plans to spend between €4 billion-8 billion ($5 billion-10 billion) doing so. Thenumber of animals used for toxicity testing in Europe will thus, experts reckon, quintuple from just over 1m a yearto about 5m, unless they are saved by some dramatic advances in non-animal testing technology. At the moment,roughly 10% of European animal tests are for general toxicity, 35% for basic research, 45% for drugs andvaccines, and the remaining 10% avariety of uses such as diagnosing diseases.Animal experimentation will therefore be around for some time yet. But the hunt for substitutes continues, and lastweekend the Middle European Society for Alternative Methods to Animal Testing met in Linz, Austria, to reviewprogress.A good place to start finding alternatives for toxicity tests is the liver—the organ responsible for breaking toxicchemicals down into safer molecules that can then be excreted. Two firms, one large and one small, told themeeting how they were using human liver cells removed incidentally during surgery to test various substances forlong-term toxic effects.PrimeCyte, the small firm, grows its cells in cultures over a few weeks and doses them regularly with the substanceunder investigation. The characteristics of the cells are carefully monitored, to look for changes in theirmicroanatomy.Pfizer, the big firm, also doses its cultures regularly, but rather than studying individual cells in detail, it counts cellnumbers. If the number of cells in a culture changes after a sample is added, that suggests the chemical inquestion is bad for the liver.In principle, these techniques could be applied to any chemical. In practice, drugs (and, in the case of PrimeCyte,food supplements) are top of the list. But that might change if the commission has itsway: those 140,000screenings look like a lucrative market, although nobody knows whether the new tests will be ready for use by2009, when the commission proposes that testing should start.Other tissues, too, can be tested independently of animals. Epithelix, a small firm in Geneva, has developed anartificial version of the lining of the lungs. According to Huang Song, one of Epithelix's researchers, the firm'scultured cells have similar microanatomy to those found in natural lung linings, and respond in the same way tovarious chemical messengers. Dr Huang says that they could be used in long-term toxicity tests of airbornechemicals and could also help identify treatments for lung diseases.The immune system can be mimicked and tested, too. ProBioGen, a company based in Berlin, is developing anartificial human lymph node which, it reckons, could have prevented the near-disastrous consequences of a drugtrial held in Britain three months ago, in which (despite the drug having passed animal tests) six men sufferedmultiple organ failure and nearly died. The drug the men were given made their immune systems hyperactive.Such a response would, the firm's scientists reckon, have been identified by their lymph node, which is made fromcells that provoke the immune system into a response. ProBioGen's lymph node could thus work better than animaltesting.Another way of cutting the number of animal experiments would be tochange the way that vaccines are tested, according to CoenraadHendriksen of the Netherlands Vaccine Institute. At the moment, allbatches of vaccine are subject to the same battery of tests. DrHendriksen argues that this is over-rigorous. When new vaccine culturesare made, belt-and-braces tests obviously need to be applied. But if abatch of vaccine is derived from an existing culture, he suggests that itneed be tested only to make sure it is identical to the batch from which itis derived. That would require fewer test animals.All this suggests that though there is still some way to go before drugs,vaccines and other substances can be tested routinely on cells ratherthan live animals, useful progress is being made. What is harder to see ishow the use of animals might be banished from fundamental research.Anger managementTo one emotion, men are more sensitive than womenMEN are notoriously insensitive to the emotional world around them. At least, that is the stereotype peddled by athousand women's magazines. And a study by two researchers at the University of Melbourne, in Australia,confirms that men are, indeed, less sensitive to emotion than women, with one important and suggestiveexception. Men are acutely sensitive to the anger of other men.Mark Williams and Jason Mattingley, whose study has just been published in Current Biology, looked at the way aperson's sex affects his or her response to emotionally charged facial expressions. People from all cultures agreeon what six basic expressions of emotion look like. Whether the face before you is expressing anger, disgust, fear,joy, sadness or surprise seems to be recognised universally—which suggests that the expressions involved areinnate, rather than learned.Dr Williams and Dr Mattingley showed the participants in their study photographs of these emotional expressions inmixed sets of either four or eight. They asked the participants to look for a particular sort of expression, andmeasured the amount of time it took them to find it. The researchers found, in agreement with previous studies,that both men and women identified angry expressions most quickly. But they also found that anger was morequickly identified on a male face than a female one.Moreover, most participants could find an angry face just as quickly when it was mixed in a group of eightphotographs as when it was part of a group of four. That was in stark contrast to the other five sorts of expression,which took more time to find when they had to be sorted from a larger group. This suggests that something in thebrain is attuned to picking out angry expressions, and that it isespecially concerned about angry men. Also, thishighly tuned ability seems more important to males than females, since the two researchers found that men pickedout the angry expressions faster than women did, even though women were usually quicker than men to recognizeevery other sort of facial expression.Dr Williams and Dr Mattingley suspect the reason for this is that being able to spot an angry individual quickly hasa survival advantage—and, since anger is more likely to turn into lethal violence in men than in women, the abilityto spot angry males quickly is particularly valuable.As to why men are more sensitive to anger than women, it is presumably because they are far more likely to getkilled by it. Most murders involve men killing other men—even today the context of homicide is usually aspontaneous dispute over status or sex.The ability to spot quickly that an alpha male is in a foul mood would thus have great survival value. It would allowthe sharp-witted time to choose appeasement, defence or possibly even pre-emptive attack. And, if it is right, thisstudy also confirms a lesson learned by generations of bar-room tough guys and schoolyard bullies: if you wantattention, get angry.The shareholders' revoltA turning point in relations between company owners and bosses?SOMETHING strange has been happening this year at company annual meetings in America:shareholders have been voting decisively against the recommendations of managers. Until now, mostshareholders have, like so many sheep, routinely voted in accordance with the advice of the people theyemploy to run the company. This year managers have already been defeated at some 32 companies,including household names such as Boeing, ExxonMobil and General Motors.This shareholders' revolt has focused entirely on one issue: the method by which members of the boardof directors are elected. Shareholder resolutions on other subjects have mostly been defeated, as usual.The successful resolutions called for directors to be elected by majority voting, instead of by thetraditional method of “plurality”—which in practice meant that only votes cast in favour were counted,and that a single vote for a candidate would be enough to get him elected.Several companies, led by Pfizer, a drug giant, saw defeat looming and pre-emptively adopted a formalmajority-voting policy that was weaker than in the shareholder resolution. This required any director whofailed to secure a majority of votes to tender his resignation to the board, which would then be free todecide whether or not to accept it. Under the shareholder resolution, any candidatefailing to secure amajority of the votes cast simply would not be elected. Intriguingly, the shareholder resolution wasdefeated at four-fifths of the firms that adopted a Pfizer-style majority voting rule, whereas it succeedednearly nine times out of ten at firms retaining the plurality rule.Unfortunately for shareholders, their victories may prove illusory, as the successful resolutions were all“precatory”—meaning that they merely advised management on the course of action preferred byshareholders, but did not force managers to do anything. Several resolutions that tried to imposemajority voting on firms by changing their bylaws failed this year.Even so, wise managers should voluntarily adopt majority voting, according to Wachtell, Lipton, Rosen &Katz, a Wall Street law firm that has generally helped managers resist increases in shareholder power butnow expects majority voting eventually to “become universal”. It advises th at, at the very least,managers should adopt the Pfizer model, if only to avoid becoming the subject of even greater scrutinyfrom corporate-governance activists. Some firms might choose to go further, as Dell and Intel have donethis year, and adopt bylaws requiring majority voting.Shareholders may have been radicalised by the success last year of a lobbying effort by managersagainst a proposal from regulatorsto make it easier for shareholders to put up candidates in boardelections. It remains to be seen if they will be back for more in 2007. Certainly, some of the activistshareholders behind this year's resolutions have big plans. Where new voting rules are in place, they plancampaigns to vote out the chairman of the compensation committee at any firm that they think overpaysthe boss. If the 2006 annual meeting was unpleasant for managers, next year's could be far worse.Intangible opportunitiesCompanies are borrowing against their copyrights, trademarks and patentsNOT long ago, the value of companies resided mostly in things you could see and touch. Today it liesincreasingly in intangible assets such as the McDonald's name, the patent for Viagra and the rights toSpiderman. Baruch Lev, a finance professor at New York University's Stern School of Business, puts theimplied value of intangibles on American companies' balance sheets at about $6 trillion, or two-thirds ofthe total. Much of this consists of intellectual property, the collective name for copyrights, trademarksand patents. Increasingly, companies and their clever bankers are using these assets to raise cash.The method of choice is securitisation, the issuing of bondsbased on the various revenues thrown off byintellectual property. Late last month Dunkin' Brands, owner of Dunkin' Donuts, a snack-bar chain, raised$1.7 billion by selling bonds backed by, among other things, the royalties it will receive from itsfranchisees. The three private-equity firms that acquired Dunkin' Brands a few months ago have used thecash to repay the money they borrowed to buy the chain. This is the biggest intellectual-propertysecuritisation by far, says Jordan Yarett of Paul, Weiss, Rifkind, Wharton & Garrison, a law firm that hasworked on many such deals.Securitisations of intellectual property can be based on revenues from copyrights, trademarks (such aslogos) or patents. The best-known copyright deal was the issue in 1997 of $55m-worth of “Bowie Bonds”supported by the future sales of music by David Bowie, a British rock star. Bonds based on the films ofDreamWorks, Marvel comic books and the stories of John Steinbeck have also been sold. As well asDunkin' Brands, several restaurant chains and fashion firms have issued bonds backed by logos andbrands.Intellectual-property deals belong to a class known as operating-asset securitisations. These differ fromstandard securitisations of future revenues, such as bonds backed by the payments on a 30-yearmortgage or a car loan, in that the borrower has to make his asset work. If investors are to recoup theirmoney, theassets being securitised must be “actively exploited”, says Mr Yarett: DreamWorks mustcontinue to churn out box-office hits.The market for such securitisations is still small. Jay Eisbruck, of Moody's, a rating agency, reckons thataround $10 billion-worth of bonds ar e outstanding. But there is “big potential,” he says, pointing out thatlicensing patented technology generates $100 billion a year and involves thousands of companies.Raising money this way can make sense not only for clever private-equity firms, but also for companieswith low (or no) credit ratings that cannot easily tap the capital markets or with few tangible assets ascollateral for bank loans. Some universities have joined in, too. Yale built a new medical complex withsome of the roughly $100m it raised securitising patent royalties from Zerit, an anti-HIV drug.It may be harder for investors to decide whether such deals are worth their while. They are, after all,highly complex and riskier than standard securitisations. The most obvious risk is that the investorscannot be sure that the assets will yield what borrowers promise: technology moves on, fashions changeand the demand for sugary snacks may collapse. Valuing intellectual property—an exercise based onforecasting the timing and amount of future cashflows—is more art than science.。
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Time Warner's spin out plans时代华纳的资产剥离方案Timed out挥别一个“时代”Mar 7th 2013, 8:33 by A.E.S.JEFF BEWKES, the boss of Time Warner, a large media conglomerate, rarely utters the word “magazine”. Before becoming boss of Time Warner, he oversaw its highly pro fitable premium television channel, HBO. His passion is TV, not text. Therefore few who know Mr Bewkes were surprised when he announced on March 7th that Time Warner would spin off Time Inc, its magazine unit, by the end of 2013.传媒巨头时代华纳的掌门杰夫•比克斯很少会提到“杂志”这个词。
在接掌时代华纳之前，他负责的是该集团的利润大户——付费电视频道HBO。
他热衷的是电视，而不是文字。
所以当他在3月7日宣布，时代华纳将在年底之前剥离杂志部门时代公司时，了解他的人并没有几个感到意外。
Magazines are not where money in media is today. Time Inc, which publishes magazines such as Time, People and Entertainment Weekly, is one of America’s oldest and most iconic magazine companies, but it has become a drag on Time Warner’s bottom line. Last year revenue for Time Inc was $3.4 billion, down 7% from a year earlier and down more than 26% from 2008.杂志并非当今媒体行业的“金矿”。
作为《时代周刊》、《人物》和《娱乐周刊》等杂志的出版商，时代公司是美国杂志行业中历史最悠久、最具标志性的企业。
但在时代华纳的账簿上，它却成了一种累赘。
去年，其收入为34亿美元，较之2011年下跌了7%，而较之2008年则下跌超过26%。
Time Inc has been hit by a difficult economy, ailing advertising and uninspired leadership. Laura Lang, Time Inc’s boss who formerly ran Digitas, a digital advertisi ng agency, took over after Jack Griffin was fired. Few felt Ms Lang ever had a real vision for what Time Inc should become. She will step down when Time Inc becomes its own public company.时代公司的苦难来自举步维艰的经济形势、每况愈下的广告业务和缺乏创见的领导层。
劳拉·朗是在杰克·格里芬被解雇之后接任掌门一职的，此前她管理的是数字广告公司迪吉特斯。
绝大多数人都认为，对于时代公司的未来道路，她从来就没有真正的愿景。
时代公司单独上市之后，她就将卸任。
The decision to spin off Time Inc came after negotiations with Meredith, another magazine publisher, which specialises in women’s magazines, collapsed. Time Warner originally wanted to keep control of titles that had synergies with its cable properties, such as Time and Sports Illustrated, but later rethought that strategy.剥离时代公司这一决定，是在与梅瑞狄斯公司的谈判破裂后做出的（后者是专注于女性杂志的出版商）。
时代华纳原本打算继续掌控与一些与有线电视资产有协同效应的刊物，比如《时代周刊》和《体育画报》等，但后来对这一策略有了新的想法。
A deal with Meredith would have been “an elegant solution”, says Peter Kreisky, a media consultant and former advisor to Time Inc. Meredith had synergies with many of Time Inc’s titles. The combined companies could have consolidated some of their magazines, editorial staffs and advertising sales teams. Earlier this year Time Inc already announced it would lay off 6% of its work force.时代公司前顾问、媒体咨询师皮特·克莱斯基认为，与梅瑞狄斯公司的交易原本会是“一个很好的解决办法”。
因为它与时代公司的许多刊物都有协同效应。
两家公司合并后，还可以整合旗下部分杂志、编辑部门和销售团队。
今年早些时候，时代公司已经宣布将会裁员6%。
Now Time Inc must face the world, and shareholders, alone. Time Inc has been buttressed by Time Warner’s flush TV divisions. That is not unlike what has happened at News Corporation, a rival media conglomerate that is controlled by Rupert Murdoch. In June News Corp will split into two companies and separate its publishing assets from its film and TV business. Other media companies are also looking to offload print. The Tribune Company is trying to sell its newspapers to focus on its TV assets. Divorce is hard, especially when it is spelled out in print.现在，时代公司必须独自面对这个世界和公司股东。
此前一直支持它的是时代华纳财力雄厚的电视部门。
这一点很像竞争对手新闻集团的情况（后者是由鲁伯特·默多克掌控的大型传媒集团）。
今年6月，新闻集团将把旗下的出版业务和影视业务分拆为两家公司。
而其他的传媒企业也正打算剥离纸媒业务。
比如，论坛报业集团就正试图出售旗下几家报纸，以便专注于电视业务。
分手总是痛苦的，尤其是白纸黑字的分手。
America’s cheap gas美国的廉价天然气Bonanza or bane是福，是祸？Natural-gas prices are sure to rise—eventually天然气涨价已成定局，但尚需时日Mar 2nd 2013 |From the print editionTHE shale gas billowing out of American soil is a source of concern as well as cheap energy. Environmentalists worry that fracking, the technique for dislodging gas from shale beds, may pollute the air and local water supplies. The glut of natural gas has a less likely set of victims, too. Instead of banking handsome profits, many of the oil and gas firms that drill for shale gas aresuffering from the boom.从美国地下滚滚涌出的页岩气不单是便宜的能源，也引发了担忧。
环保人士担心水力压裂技术可能会污染空气以及当地水资源。
该技术被用来从页岩中开采天然气。
而天然气供过于求则产生了令人意想不到的一批受害者。
非但没能获得可观的利润，许多开发页岩气的油气公司实际正在这场盛宴中痛苦度日。
Abundant supplies and slow growth in demand have sent gas prices crashing. In 2008 shale gas fetched $12 per million BTU (British thermal units) at Henry Hub, a crossroads of pipelines in Louisiana that serves as the main pricing point for the gas in America. Since then the frackers have been hard at work. From next to nothing shale now provides a quarter of supplies. The rapid rush of gas onto the market has sent prices tumbling (see chart). After falling to below $2 per mBTU in early 2012, prices have now nudged back to $3.40. But for many drillers this is still not enough. Most gas wells require $4 or more to cover costs.供给充足加上需求增长缓慢令天然气价格猛跌。