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Peace comes from within. Do not seek it without
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One should give up anger; one should abandon pride; one should overcome all fetters
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One should give up anger; one should abandon pride; one should overcome all fetters
Peace comes from within. Do not seek it without
The cause of suffering is selfish desire, whether it is the desire for pleasure, desire for revenge, or simply desire for a long life.
2021年《经济学人》杂志原版英文(整理完整版)
Digest Of The. Economist. 2006(6-7)欧阳光明（2021.03.07）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 withpublished 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 asthey 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 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 DrugAdministration 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” f aulty 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. 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's THE 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 immediatelyand 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 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”. For a re actor, 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 onesare 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 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 mediaconglomerate'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 CompetitiveEnterprise Institute, with thedaft slogan “Carbon dioxide: they call it pollution; we call it life”. Besides, environmentalist critics say, some firmsare eng aged in superficial “greenwash” to boost the image of essentially climate-hurting businesses. Take BP, themost prominent corporate advocate of action on climate change, with its “Beyond Petroleum” ad campaign, highprofileinvestments in green energy, andev en 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, not es 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 theseconcerns 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 forgeneral 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 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 its way: those 140,000screenings look like a lucrative market, although nobody knowswhether 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 liningof 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 themoment, 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 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 inwomen, 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, asusual.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 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 powerbutnow 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 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 Americancompanies' 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 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 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, 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 outs tanding. 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。
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TheEconomisit经济学人常用词汇-161页word资料
西方经济学名词解释汇编（1-50）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。
人力资本与经济发展
增加。据统计，1950－1980年，发展中国 家
（除中国和北朝鲜）的小学入学人数从0.93
亿增加到了4.43亿，增加4.8倍；中学入学 人
数从800万增加到了1.55亿，增加19.4倍； 大
学入学人数从100万增加到了1700万，增加
PPT文档演模板
人力资本与经济发展
3.3.1公共教育费用增长迅速，但人 均占有水平仍然很低
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人力资本与经济发展
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n 美国经济学家，1979年诺贝尔经济学奖获得者。 1902年生于南达科他州。1930年毕业于威斯康 星大学，获博士学位；后任教于艾奥瓦州立学院。 1943年后任教于芝加哥大学，1972年退休后被 聘为芝加哥大学荣誉教授。舒尔茨早期研究美国 农业经济问题，后将研究范围扩大到发展中国家， 并以学者身份担任美国农业部、商业部、联合国 粮农组织、世界建设开发银行等机构的顾问，参 与经济咨询工作。他使农业经济学成为一般经济 理论中不可分割的部分，并提出"农民的行为是合 乎理性的"论点，指出"经济发展主要取决于人的 质量，而不是自然资源的丰瘠或资本存量的多少"， 从而建立"人力资本"理论，被誉为"人力资本概念 之父"，对农业经济、现代农业乃至整个经济的发 展做出了突出的贡献。
人力资本与经济发展
贝克尔的人力资本理论
n 对人类资源和人力资本作出重要理论贡献的又一 代表人物是加利.S.贝克尔。他的理论最大贡献在 于对已经存在的人力资本理论构造了该理论的微 观经济基础，并使之数学化；把人力资本观点发 展为确定劳动收入分配的一般理论。他对人力资 本的成本和效益提出的概念是：效益包括文化、 其他非货币利益，以及收入和职业的改善；成本 是花在这些方面的投入和因投入而被放弃的时间 价值。他说：人力资本的概念被人们认为是堕落 的，因为它把人作为机器处理；把上学学习看成 是一项投资，而不是一种文化体验，被认为缺乏 感情，而且显得极为狭隘。
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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。
经济学人
France's new president Now for the hard part法国新总统现在面临的困难IT WAS quite a night for the Socialist Party. After a first victory speech in his rural constituency of Corrèze, François Hollande landed back in Paris after midnight to address cheering crowds who had gathered symbolically at the capital’s Place de la Bastille—birthplace of the 1789 revolution, and site of the victory celebrations in 1981 of François Mitterrand, France’s only other modern Socialist president.昨晚是一个完全属于社会党的夜晚。
在科雷兹省乡村选民面前发表首个胜选演讲之后，弗朗索瓦·奥朗德搭机午夜返回巴黎，向这里的庆祝人群发表讲话。
庆祝者们象征性地聚集在首都巴士底广场，因为这里是1789年法国大革命的发源地，也是此前唯一一位法国社会党籍总统弗朗索瓦·密特朗1981年胜选后的庆祝场所。
The atmosphere was hugely festive, with a sound system pumping out music, Yannick Noah (a tennis champion turned singer) performing on stage, and supporters perched all around the base of the column that dominates the square. Cars honked horns as they drove around the streets of central Paris that weren’t closed off to traffic. “Change is coming,” declared a hoarse MrHollande, announcing an “end to austerity” and a new era of “youth and justice”.这里成了欢乐的海洋，音响设备里播放着音乐，雅尼克·诺阿（前网球冠军，现转做歌手）在舞台上演奏着，支持者们全都围坐在位于广场中心的七月圆柱底座上。
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BECAUSE CHILDREN CONSTANTLY TEACHER FRIENDS
because other children constantly made fun of her, and sadly, even a teacher teased her. When the tics were especially bad, Kendall had to wear a neck brace6. She only had one or two friends, but that was okay because they were -- and continue to be -- real, the kind who stick by her, no matter what. Through all this, Kendall continued to sing and entertain. Remarkably7, her tics disappeared when she sang.
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when kendall was five, we began to notice that she was blin a lot and clearing her throat frequently. we had her tested for allergies2, but the doctor said she wasn't allergic3 to anything at all. after the problem worsened
BECAUSE CHILDREN CONSTANTLY TEACHER FRIENDS WERE NATTER
《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。
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Supporters say that the ease of use of presentation software can save a lot of time for people who otherwise would have used other types.
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Supporters say that the ease of use of presentation software can save a lot of time for people who otherwise would have used other types.
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The Economist 经济学人常用词汇总结
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。
经济学人精选版
经济学人精选版第二课、证券化市场FOR most capital markets, the financial crisis resembled a stomach-churning bungee jump: a precipitous fall followed by a sharp rebound, albeit not to the heights enjoyed before the turmoil. The big exception was securitisation, large parts of which are still dangling near the ground. Even as it struggles to recover, the market that brought the world the joys of collateralised-debt obligations faces two stern tests: the phasing-out of central-bank support and a raft of tougher rules.Securitis ation’s boom and bust was spectacular. The packaging of mortgages, car loans, credit-card receivables and other debt to sell to capital-markets investors began to take off in the 1980s. By 2006 it was being used to channel around two-thirds of all residential mortgages and half of all consumer credit in America. By distributing loans, banks could cut their capital needs, allowing them to lend more. Hedge funds, insurers and the like gained access to a broader range of credit risks.As the boom reached fever pitch, however, the quality of the loans being pooled into securities dived, especially in mortgages. When losses started to mount, asset-backed issuance dried up (see chart), forcing governments to take up the slack. In some parts of the market, they are now stepping aside again. The Federal Reserve is winding down its liquidity support for credit-card and car-loan transactions. Some $5 billion of prime, private-label car deals were priced in February. Structured vehicles for risky corporate loans are making a comeback, too.By contrast, housing markets remain almost wholly reliant on government-backed agencies to package and guaranteemortgage-backed securities (MBSs). No residential MBSs have been sold in America without such backing for more than two years. Europe has seen a few private deals, but these were structured to be highly attractive to investors and acceptable as collateral at the European Central Bank’s discount wi ndow. No wonder Ralph Daloisio, chairman of the American Securitisation For um, talked of an “existential” crisis in his speech to the industry group’s annual conference last month. He even wondered what Jean-Paul Sartre would make of it.The prosaic reason for the dearth of private issuance is the wide gap between what investors demand and what borrowers will pay. “Jumbo prime” mortgages, decent-quality loans above the price threshold that Fannie Mae and Freddie Mac can buy at, are likely to be the first part of the new-origination market to come back. But it is currently non-economic to securitise these loans, says Laurie Goodman of Amherst Securities. To place a new issue, given the yields demanded by investors, the interest rate payable by borrowers must be 6.85%, a full percentage point higher than current levels. This differ ential is “the fundamental issue” for MBS markets, argues Tim Ryan of SIFMA, a securities-industry association. Rating agencies’ belated tightening of their methodologies has made this gap even harder to close.The market for mortgage securities issued by Fannie and Freddie is also about to be tested. The Fed’s purchases of almost $1.25 trillion-worth of such MBSs since last year have helped keep rates near record lows. But this programme is due to expire at the end of March. Most think the effect of the Fed’s withdrawal will be muted, because the move has been telegraphed and because there is money on the sidelines waiting to take the Fed’s place. But rates are still expected to riseat a time when housing demand remains muted: sales of new homes hit a record low in February.Investors also want the future shape of the industry to be clearer. On both sides of the Atlantic, lawmakers are struggling to strike the right balance between encouraging a revival of securitisation and protecting the financial system from the instability it can produce. Take the bill currently being debated in America’s Senate. Few would argue with its tightening of disclosure requirements, including more information on loan repurchases so that investors can better identify shoddy lenders. Similar calls are coming from central bankers, who want more data on the securities that they accept as collateral.The benefits of the bill’s requirement that securitisers ret ain 5% of a deal’s credit risk are less clear. Toughening up the warranties that securitisers sign, agreeing to buy back duff loans, would have the same effect without tying up precious capital. And forced asset-retention could constitute “control” under new accounting rules. If so—no one seems sure either way—issuers would have to hold capital against the entire deal, not just the retained slice.Another turn-off is the uncertainty surrounding “safe harbour” rules, which were created to reassure investors in securitised assets that they would continue to receive payments if a sponsoring bank failed. Revisions proposed by the Federal Deposit Insurance Corporation (FDIC)—on hold for now—would punch holes in this ring fence, say industry groups.A more immediate worry is the cacophony of competing interests exposed by the downturn. Banks that service mortgages, for instance, are reluctant to forgive principal, even if that would benefit borrowers and investors, because it would trigger write-downs of second-lie n loans on the banks’ own books. One investor likens mortgage securit isation to “class warfare” (although Bank of America’s decision to forgive some principal on a limited number of loans may herald a wider ceasefire).For many, the most off-putting factor is the question-mark hanging over Fannie and Freddie, which have been in government conservatorship since September 2008. Until their role is clarified, the future shape of the market, and the opportunities for private competitors, are unknowable. In tes timony this week Timothy Geithner, America’s treasury secretary, sai d that he was committed to encouraging private capital back into the market and to shaking up the two agencies. But no details were offered. Amid such uncertainty “only a madman would ram p up securitisation efforts now,” says one ba nker.纵观大多数的资本市场，金融危机有点类似于让人反胃的蹦极跳：先是陡降，继而迅速反弹，虽然反弹的高度不及危机前。
The Economist 《经济学人》常用词汇总结
The Economist《经济学人》常用词汇总结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。
简约黑红三角通用汇报上课演讲总结PPT模板
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经济学人
Science and Technology Mental well-being A New York state of mind科技心理幸福感都市心理Urban brains behave differently from rural ones都市人和乡村人大脑的不同活动中国的对外投资China’s outward investment第二波投资来袭The second wave促使中国企业最新一轮海外购买行为的推动力What to make of Chinese firms’ latest foreign purchases中国达到了它的洛克菲勒中心时刻吗？20世纪80年代末，日本经济奇迹般飞速增长，三菱房地产公司买下了曼哈顿的洛克菲特中心，它是由齐名的石油和银行业家族建造的一个具有里程碑意义的复杂体。
可惜，在日本泡沫经济破灭后，三菱不得不以极大亏损价将其出售。
如今，中国公司像是正在纽约寻求此类胜利。
Oct 26th 2013 | SHANGHAI |From the print editionHAS China arrived at its Rockefeller Centre moment? In the late 1980s as Japan’s miracle economy was soaring, the Mitsubishi Estate Company bought the Rockefeller Centre in Manhattan, a landmark complex built by the eponymous oil and banking clan. Alas, Mitsubishi had to sell, at a big loss, after Japan’s asset bubble popped. Now it is Chinese firms that are seeking such trophies in New York.In a paper just published in Nature Geoscience, Sarah Ineson of Britain's Meteorological Office and her colleagues compared the way that the Met Office's new and putatively improved climate model dealt with winters at times of high UV and at times of low UV, using data on the amount of ultraviolet the sun gives off that were collected by a satellite called SORCE."HELL is a city much like London," opined Percy Bysshe Shelley in 1819.Modern academics st year Dutch researchers showed that city dwellers have a 21% higher risk of developing anxiety disorders than do their calmer rural countrymen, and a 39% higher risk of developing mood disorders.But exactly how the inner workings of the urban and rural minds cause this difference has remained obscure—until now.A study just published in Nature by Andreas Meyer-Lindenberg of the University of Heidelberg and his colleagues has used a scanning technique called functional magnetic-resonance imaging (fMRI) to examine the brains of city dwellers and country bumpkins when they are under stress.1819年，波比?雪莱曾说道："伦敦就像地狱。