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英语学习_（6-10）《经济学人》中英对照_必备

英语学习_（6-10）《经济学⼈》中英对照_必备弃我去者，昨⽇之⽇不可留乱我⼼者，今⽇之⽇多烦忧TEXT 6Travelling with baggage背着⾏囊去旅⾏Feb 16th 2006From The Economist print edition（1）FEW modern travel writers excite more hostility and awe than Sir ★Wilfred Thesiger[1], who died in 2003. Despising the “drab uniformity of the modern world”, Sir Wilfred ★slogged across [2] Africa and Asia, especially Arabia, on animals and on foot, immersing himself in tribal societies. He delighted in killing—lions in Sudan in the years before the second world war, Germans and Italians during it. He disliked “soft”living and “★intrusive[3]”women and revered murderous savages, to whom he gave guns. He thought educating the working classes a waste of good servants. He kicked his dog. His journeys were more notable as feats of ★masochistic[4] endurance than as exploration. Yet his first two books, “Arabian Sands”, about his crossing of the Empty Quarter, and “The Marsh Arabs”, about southern Iraq, have a ★terse[5] brilliance about them. As records of ancient cultures on the ★cusp[6] of ★oblivion[7], they are unrivalled.现代游记作家鲜有⼈能⽐2003年去世的威福瑞?塞西格爵⼠更令⼈敬畏。

10英语阅读-经济学人《Economics》双语版-Ominous

经济学家》读译参考（第10篇）：禽流感——不祥之兆第10篇Feb 23rd 2006From The Economist print editionOminousFOR most of the past three years, the highly pathogenic bird fluk________①as H5N1 has been found mainly in Asia. Suddenly it has arrived in many countries in Europe, triggering widespread alarm. The detection of the virus in wild birds across Europe is certainly a cause for concern, particularly to Europe's poultry farmers▲, wh o are rightfully worried that the presence of the virus in wild birds will increase the risk to their flocks. However, in the m_________②of a European debate about the benefits of vaccinating chickens and whether or not poultry should be brought indoors, there is a danger that far more significant events elsewhere will be ★overlooked[1].In particular, most attention should be f________③on the fact that bird flu is now widespread in the poultry flocks of two nations in Africa—Egypt and Nigeria—and in India. And on the fact that, in Nigeria, the disease is continuing to spread despite great efforts undertaken by the government. An outbreak in Afghanistan also appears to be inevitable.Arguably, these matter much more than the (also inevitable) arrival of the disease in Europe▲. Poor countries with large rural populations are in a far weaker position to handle, and ★stamp out[2], outbreaks of bird flu in poultry, through both ★culling[3] and the prevention of the movement of animals in the surrounding areas. In Africa and India, chickens and ducks are far more likely to be found ★roaming[4] in people's backyards, where they can mingle with humans, other d________④ animals and wildlife, thus spreading the disease. In Europe, by c_______⑤, most poultry are kept in regulated commercial farms.The opening up of a new African front for the bird-flu virus▲ is a problem because eradication there will be tremendously difficult. There is a high risk that the disease will spread to other countries on the continent and it could easily become endemic—as it has in Asia. This offers the virus huge new scope to mutate▲ and become a disease that can pass between humans. The virus is certainly mutating—genetic changes have already affected its biological behaviour, although apparently not yet its transmission between humans. Experts are unsure as to how much, and what kind, of genetic changes would be required for the virus to become a globalhealth threat. N_____⑥ do they know how long this process might take. But to ★dwell o n[5] the increased risk of a pandemic of influenza is to miss a serious point about the direct risks posed by the loss of a large numbers of chickens and ducks across Africa. For some time, the United Nations Food and Agriculture Organisation has been warning that if avian flu gets out of c_______⑦ in Africa, it will have a devastating impact on the livelihoods of millions of people. Poultry is a vital source of protein. For example, it provides almost 50% of the protein in the diet of Egyptians. The spread of a disease that is highly lethal to poultry, and requires culling, could have a ★dire[6] nutritional impact, there as elsewhere▲. Africa would also have to contend with huge economic losses. People who ★scratch out[7] a living in poor African nations simply cannot a_______⑧to lose their chickens. Most of the world's poor live in rural areas and depend on agriculture. In Africa, rather a lot of these poor people depend heavily on their poultry. It is easy to see why some believe that bird flu could turn out to be primarily a development—rather than just a health—issue for the whole African continent.No game of chickenWhat can be done? It is clear that the movement and trade of poultry is making a big contribution to the spread of the virus. That trade needs tighter regulation, as does the movement of live birds from countries with H5N1 infections. In such places trade should be suspended u_______⑨ flocks have been cleaned up.In addition, Nigeria and surrounding countries need seriouspublic-education campaigns about the danger of contact with dead birds. When outbreaks o______⑩, governments should immediately offer realistic compensation to farmers for birds lost to disease and culling▲. Without this, poor farmers will be tempted to hide bird-flu outbreaks and continue to sell poultry that should be culled. Farming practices that mix poultry species in farms or live animal markets are a danger too, and must be addressed—although that might take longer. The effort would be helped if those in the poultry industry and governments in poultry-exporting nations would stop simply pointing to the risks posed by wild birds and start paying more attention to the movement of animals, products and people from infected to un-infected regions and countries.Unusually for a complex probl em with international ★ramifications[8], money is available to make a serious attempt at tackling it▲—$1.9 billion was pledged by the world's wealthier nations last month in Beijing. There is no excuse for delay, unless we want more dead people to followlots more dead ducks.☆★注释☆★[1]overlook vt.(1)俯瞰，俯视The house on the hill overlooks the village.从小山上的房子可以俯视村庄。

《经济学人》英中对照翻译版(考研英语必备)

来源于/wordpress/（The Economist《经济学人》中文版）和/（《The Economist》《经济学人》中文版）11月10, 2008[2008.11.08] 美国大选：无限期望America's election：Great expectationsNO ONE should doubt the magnitude of what Barack Obama achieved this week. When the president-elect was born, in 1961, many states, and not just in the South, had laws on their books that enforced segregation, banned mixed-race unions like that of his parents and restricted voting rights. This week America can claim more credibly that any other western country to have at last become politically colour-blind. Other milestones along the road to civil rights have been passed amid bitterness and bloodshed. This one was marked by joy, white as well as black (see article).相信无人质疑奥巴马于本周取胜的重要意义。

这位新总统出生于1961年，那时美国很多州的法律都要求强化种族分离、禁止像奥巴马父母那样的跨族通婚、限制选举权利；这些不仅限于南部地区，而出现在全国范围内。

经济学人中英文

考研英语外刊《经济学家》读译参考之五十六：新意－中国日益关注创新Something new新意(陈继龙编译)Aug 3rd 2006 | BEIJINGFrom The Economist print editionAFTER years of prospering as the world's workshop, China now wants to be its laboratory as well. “Innovation”has become a national buzzword[1], and Chinese leaders have been tossing it into their speeches since the beginning of the year, when President Hu Jintao started an ambitious campaign to drive China's economy further up the value chain. (1)True, new campaigns and catchphrases[2] are declared by the government and the Communist Party in China all the time, and mostly end up fizzling out[3] in puddles[4] of rhetoric. But there are signs that the government i_______①to back its innovation campaign with more than just words.中国作为“世界工场”，多年来发展蒸蒸日上，但现在它也希望成为“世界实验室”。

“创新”已经成为举国上下一个时髦词儿。

今年年初，胡锦涛主席启动了一项雄心勃勃的规划，旨在推动中国经济进一步与价值链接轨。

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。

经济学人双语阅读：德国武器公司不和武器说再见

【经济学人】双语阅读：德国武器公司不和武器说再见Business商业报道German weapons firms德国武器公司No farewell to arms不和武器说再见Political pressure and bribery allegations are unlikely to hurt Germany's exporters of military equipment.看起来政治压力和受贿指控都不会影响德国的军事装备出口公司。

SINCE the second world war, Germany has rarely sent soldiers to combat zones.自二战以来，德国几乎不曾向战争地区派兵。

But it exports a lot of weapons: more than Britain, France or any other country besides America and Russia.然而它却出口了大量武器：超过英国、法国以及除美国、俄罗斯之外的所有其他国家。

Some German makers of military gear are part of civilian industrial giants, such as Airbus Group, and ThyssenKrupp, a steelmaker.德国的武器制造商中有些隶属于私有的工业巨头，比如空客集团，还有钢铁制造商蒂森克虏伯集团。

But the biggest German company known mainly for weapons, Rheinmetall, is just 26th in the world league of arms-exporting firms.然而，即使是德国著名的以武器业务为主的公司中最大的莱茵金属公司，在世界武器出口公司中也仅仅排在26位。

经济学人》杂志原版英文(The_Economist整理版4-5)

Digest Of The. Economist. 2006(4-5)Hot to trotA new service hopes to do for texting what Skype did for voice callsTALK is cheap—particularly since the appearance of voice-over-internet services such as Skype. Such services, which make possible very cheap (or even free) calls by routing part or all of each call over the internet, have forced traditional telecoms firms to cut their prices. And now the same thing could be about to happen to mobilephone text messages, following the launch this week of Hotxt, a British start-up.Users download the Hotxt software to their handsets, just as they would a game or a ringtone. They choose a user name, and can then exchange as many messages as they like with other Hotxt users for £1 ($1.75) per week. The messages are sent as data packets across the internet, rather than being routed through operators' textmessaging infrastructure. As a result, users pay only a tiny data-transport charge, typically of a penny or so per message. Since text messages typically cost 10p, this is a big saving—particularly for the cost-conscious teenagers at whom the service is aimed.Most teenagers in Britain, and elsewhere in Europe, pay for their mobile phones on a “pre-paid” basis, rather than having a monthly contract with a regular bill. Pre-paid tariffs are far more expensive: bundles of free texts and other special deals, which can reduce the cost of text messaging, are generally not available. For a teenager who sends seven messages a day, Hotxt can cut the cost of texting by 75%, saving £210 per year, says Doug Richard, the firm's co-founder. For really intensive text-messagers, the savings could be even bigger: Josh Dhaliwal of mobileYouth, a market-research firm, says that some teenagers—chiefly boys aged 15-16 and girls aged 14-15—are “supertexters” who send as many as 50 messages per day.While this sounds like good news for users, it could prove painful for mobile operators. Text-messaging accounts for around 20% of a typical operator's revenues. With margins on text messages in excess of 90%, texting also accounts for nearly half of an operator's profits. Mr Richard is confident that there is no legal way that operators can block his service; they could raisedata-transport costs, but that would undermine their own efforts to push new services. Hotxt plans to launch in other countries soon.“The challenge is getting that initial momentum,” says Mr Dhaliwal. Hotxt needs to persuade people to sign up, so that they will persuade their friends to sign up, and so on. Unlike Skype, Hotxt is not free, so users may be less inclined to give it a try. But as Skype has also shown, once a disruptive, low-cost communications service starts to spread, it can quickly become very big indeed. And that in turn can lead to lower prices, not just for its users, but for everyone.A discerning viewA new way of processing X-rays gives much clearer imagesX-RAYS are the mysterious phenomenon for which Wilhelm Röntgen was awarded the first Nobel prize in physics, in 1901. Since then, they have shed their mystery and found widespread use in medicine and industry, where they are used to revealthe inner properties of solid bodies.Some properties, however, are more easily discerned than others. Conventional Xray imaging relies on the fact that different materials absorb the radiation to different degrees. In a medical context, for example, bones absorb X-rays readily, and so show up white on an X-radiograph, which is a photographic negative. But Xrays are less good at discriminating between different forms of soft tissue, such as muscles, tendons, fat and blood vessels. That, however, could soon change. For Franz Pfeiffer of the Paul Scherrer Institute in Villigen, Switzerland, and his colleagues report, in the April edition of Nature Physics, that they have manipulated standard X-ray imaging techniques to show many more details of the inner body.The trick needed to discern this fine detail, according to Dr Pfeiffer, is a simple one. The researchers took advantage not only of how tissues absorb X-rays but also of how much they slow their passage. This slowing can be seen as changes in the phase of the radiation that emerges—in other words of the relative positions of the peaks and troughs of the waves of which X-rays are composed.Subtle changes in phase are easily picked up, so doctors can detect even small variations in the composition of the tissue under investigation, such as might be caused by the early stages of breast cancer. Indeed, this trick—known as phase-contrast imaging—is already used routinely in optical microscopy and transmission electron microscopy. Until now, however, no one had thought to use it for medical X-radiography.To perform their trick, the researchers used a series of three devices called transmission gratings. They placed one between thesource of the X-rays and the body under examination, and two between the body and the X-ray detector that forms the image. The first grating gathers information on the phases of the X-rays passing through it. The second and third work together to produce the detailed phase-contrasted image. The approach generates two separate images—the classic X-ray image and the phase-contrasted image—which can then be combined to produce a high-resolution picture.The researchers tested their technique on a Cardinal tetra, a tiny iridescent fish commonly found in fish tanks and aquariums. The conventional X-ray image showed the bones and the gut of the fish, while the phase-contrasted image showed details of the fins, the ear and the eye.Dr Pfeiffer's technique would thus appear to offer a way to get much greater detail for the same amount of radiation exposure. Moreover, since it uses standard hospital equipment, it should be easy to introduce into medical practice. X-rays may no l onger be the stuff of Nobel prizes, but their usefulness may just have increased significantly.Here be dragonsWith luck, you may soon be able to buy a mythological petPAOLO FRIL, chairman and chief scientific officer of GeneDupe, based in San Melito, California, is a man with a dream. That dream is a dragon in every home.GeneDupe's business is biotech pets. Not for Dr Fril, though, the mundane cloning of dead moggies and pooches. He plans a range of entirely new animals—or, rather, of really quite old animals, with the twist that even when they did exist, it was only in the imagination.Making a mythical creature real is not easy. But GeneDupe's team of biologists and computer scientists reckon they are equal to the task. Their secret is a new field, which they call “virtual cell biology”.Biology and computing have a lot in common, since both are about processing information—in one case electronic; in the other, biochemical. Virtual cell biology aspires to make a software model of a cell that is accurate in every biochemical detail. That is possible because all animal cells use the same parts list—mitochondria for energy processing, the endoplasmic reticulum for making proteins, Golgi body for protein assembly, and so on.Armed with their virtual cell, GeneDupe's scientists can customise the result so that it belongs to a particular species, by loading it with a virtual copy of that animal's genome. Then, if the cell is also loaded with the right virtual molecules, it will behave like a fertilised egg, and start dividing and developing—first into an embryo, and ultimately into an adult.Because this “growth” is going on in a computer, it happens fast. Passing from egg to adult in one of GeneDupe's enormous Mythmaker computers takes less than a minute. And it is here that Charles Darwin gets a look in. With such a short generation time, GeneDupe's scientists can add a little evolution to their products.Each computer starts with a search image (dragon, unicorn, gryphon, etc), and the genome of the real animal most closely resembling it (a lizard for the dragon, a horse for the unicorn and, most taxingly, the spliced genomes of a lion and an eagle for the gryphon). The virtual genomes of these real animals are then tweaked by random electronic mutations. When they have matured, the virtual adults most closely resembling the targets are picked and cross-bred, while the others are culled.Using this rapid evolutionary process, GeneDupe's scientists have arrived at genomes for a range of mythological creatures—in a computer, at least. The next stage, on which they are just embarking, is to do it for real.This involves synthesising, with actual DNA, the genetic material that the computer models predict will produce the mythical creatures. The synthetic DNA is then inserted into a cell that has had its natural nucleus removed. The result, Dr Fril and his commercial backers hope, will be a real live dragon, unicorn or what have you.Tales of the unexpectedWhy a drug trial went so badly wrongIN ANY sort of test, not least a drugs trial, one should expect the unexpected. Even so, on March 13th, six volunteers taking part in a small clinical trial of a treatment known as TGN1412 got far more than they bargained for. All ended up seriously ill, with multiple organ failure, soon after being injected with the drug at a special testing unit at Northwick Park Hospital in London, run by a company called Parexel. One man remains ill in hospital.Small, preliminary trials of this sort are intended to find out whether a drug is toxic. Nevertheless, the mishap was so seri ous that Britain's Medic ines and Healthcare products Regulatory Agency (MHRA), a government body, swiftly launched a full inquiry.On April 5th it announced its preliminary findings. These were that the trial was run correctly, doses of the drug were given as they were supposed to have been, and there was no contamination during manufacturing. In other words, it seems that despite extensive tests on animals and human-cell cultures, and despite the fact that the doses in the human trial were only a five-hundredth of those given to the animals, TGN1412 is toxic in people in a way that simply had not shown up.This is a difficult result for the drug business because it raises questions about the right way of testing medicines of this kind. TGN1412 is unusual in that it is an antibody. Most drugs are what are known as “small molecules”. Antibodies are big, powerful proteins that are the workhorses of the immune system. A mere 20 of them have been approved for human therapy, or are in latestage clinical trails, in America and Europe, but hundreds are in pre-clinical development, and will soon need to be tried out on people.Most antibody drugs are designed to work in one of three ways: by recruiting parts of the immune system to kill cancer cells; by delivering a small-molecule drug or a radioactive atom specifically to a cancer; or by blocking unwanted immune responses. In that sense, TGN1412 was unusual because it worked in a fourth way. It is what is called a “superagonistic” antibody, designed to increase the numbers of a type of immune cell known as regulatory T-cells.Reduced numbers, or impaired function, of regulatory T-cells has been implicated in a number of illnesses, such as type 1 diabetes, multiple sclerosis and rheumatoid arthritis. Boosting the pool of these antibodies seemed like a good treatment strategy. Unfortunately, that strategy fell disastrously to pieces and it will take a little longer to find out why.The result highlights concerns raised in a paper just published by the Academy of Medical Sciences, a group of experts based in London. It says there are special risks associated with novel antibody therapies. For example, their chemical specificity means that they might not bind to their targets in humans as they do in other species.Accidence and substanceTwo possible explanations for the bulk of realityTHE unknown pervades the universe. That which people can see, with the aid of various sorts of telescope, accounts for just 4% of the total mass. The rest, however, must exist. Without it, galaxies would not survive and the universe would not be gently expanding, as witnessed by astronomers. What exactly constitutes this dark matter and dark energy remains mysterious, but physicists have recently uncovered some more clues, about the former, at least.One possible explanation for dark matter is a group of subatomic particles called neutrinos. These objects are so difficult to catch that a screen made of lead a light-year thick would stop only half the neutrinos beamed at it from getting through. Yet neutrinos are thought to be the most abundant particles in the universe. Some ten thousand trillion trillion—most of them produced by nuclear reactions in the sun—reach Earth every second. All but a handful pass straight through the planet as if it wasn't there.According to the Standard Model, the most successful description of particle physics to date, neutrinos come in three varieties, called “flavours”. These are known as electron neutrinos, tau neutrinos and muon neutrinos. Again, according to the Standard Model, they are point-like, electrically neutral and massless. But in recent years, this view has been challenged, as physicists realised that neutrinos might have mass.The first strong evidence came in 1998, when researchers at an experiment called SuperKamiokande, based at Kamioka, in Japan, showed that muon neutrinos produced by cosmic rays hitting the upper atmosphere had gone missing by the time they should have reached an underground detector. SuperKamiokande's operators suspect that the missing muon neutrinos had changed flavour, becoming electron neutrinos or—more likely—tau neutrinos. Theory suggests that this process, called oscillation, can happen only if neutrinos have mass.Since then, there have been other reports of oscillation. Results from the Sudbury Neutrino Observatory in Canada suggest that electron neutrinos produced by nuclear reactions in the sun change into either muon or tau neutrinos on their journey to Earth. Two other Japanese experiments, one conducted at Kamioka and one involving the KEK partic le-accelerator laboratory in Tsukuba, near Tokyo, also hint at oscillation.Last week, researchers working on the MINOS experiment at Fermilab, near Chicago, confirmed these results. Over the coming months and years, they hope to produce the most accurate measurements yet. The researchers created a beam of muon neutrinos by firing an intense stream of protons into a block of carbon. On the other side of the target sat a particle detector that monitored the number of muon neutrinos leaving the Fermilab site. The neutrinos then traveled 750km (450 miles) through the Earth to a detector in a former iron mine in Soudan, Minnesota.Myths and migrationDo immigrants really hurt American workers' wages?EVERY now and again America, a nation largely made up of immigrants and their descendants, is gripped by a furious political row over whether and how it should stem the flood of people wanting to enter the country. It is in the midst of just such a quarrel now. Congress is contemplating the erection of a wall along stretches of the Mexican border and a crackdown on illegal workers, as well as softer policies such as a guest-worker programme for illegal immigrants. Some of the arguments are plain silly. Immigration's defenders claim that foreigners come to do jobs that Americans won't—as if cities with few immigrants had no gardeners. Its opponents say that immigrants steal American jobs—succumbing to the fallacy that there are only a fixed number of jobs to go around.One common argument, though not silly, is often overstated: that immigration pushes down American workers' wages, especially among high-school dropouts. It isn't hard to see why this might be. Over the past 25 years American incomes have become less equally distributed, typical wages have grown surprisingly slowly for such a healthy economy and the real wages of the least skilled have actually fallen. It is plausible that immigration is at least partly to blame, especially because recent arrivals have disproportionately poor skills. In the 2000 census immigrants made up 13% of America's pool of workers, but 28% of those without a high-school education and over half of those with eight years' schooling or less.In fact, the relationship between immigration and wages is not clear-cut, even in theory. That is because wages depend on the supply of capital as well as labour. Alone, an influx of immigrants raises the supply of workers and hence reduces wages. But cheaper labour increases the potential return to employers of building new factories or opening new valet-parking companies. In so doing, they create extra demand for workers. Once capital has fully adjusted, the final impact on overall wages should be a wash, as long as the immigrants have not changed the productivity of the workforce as a whole.However, even if wages do not change on average, immigration can still shift the relative pay of workers of different types. A large inflow of low-skilled people could push down the relative wages of low-skilled natives, assuming that they compete for the same jobs. On the other hand, if the immigrants had complementary skills, natives would be relatively better off. To gauge the full effect of immigration on wages, therefore, you need to know how quickly capital adjusts and how far the newcomers are substitutes for local workers.Roaming holidayThe EU hopes to slash the price of cross-border mobile calls“TODAY it is only when using your mobile phone abroad that you realise there are still borders in Europe,” lamented Viviane Reding, the European commissioner responsible for telecoms and media regulation, as she announced plans to slash the cost of mobile roaming last month. It is a laudable aim: European consumers typically pay €1.25 ($1.50) per minute to call home from another European country, and €1 per minute to receive calls from home while abroad. With roaming margins above 90%, European mobile operators make profits of around €10 billion a year from the trade, the commission estimates.Ms Reding's plan, unveiled on March 28th and up for discussion until May 12th, is to impose a “home pricing” scheme. Even while roaming, callers would be charged whatever they would normally pay to use their phones in their home countries; charges for incoming calls while roaming would be abolished. That may sound good. But, as the industry is understandably at pains to point out, it could have some curious knock-on effects.In particular, consumers could sign up with operators in foreign countries to take advantage of lower prices. Everyone would take out subscriptions to the cheapest supplier and bring them back home, says John Tysoe of the Mobile World, a consultancy. “You'd end up with a complete muddle. An operator might have a network, bu t no customers, because they've all migrated.”Another problem with Ms Reding's plan, he says, is that operators would compensate for the loss of roaming fees— thought to account for around 3% of their revenues and 5% of profits—by raising prices elsewhere. This would have the perverse effect of lowering prices for international business travellers, a big chunk of roaming traffic, while raising prices for most consumers.The commission's proposals are “economically incoherent”, says Richard Feasey of Vodafo ne, which operates mobile networks in many European countries. Imposing price caps on roaming is legally questionable, he says, and Vodafone has, in any case, been steadily reducing its roaming charges. (European regulators prevented it from doing so for three years on antitrust grounds after its takeover of Mannesmann in 2000.) Orange, another multinational operator, says it is planning to make price cuts,too. “Of course, now everybody's got price cuts,” says Stefano Nicoletti of Ovum, a consultancy.But perhaps Ms Reding's unspoken plan is to use the threat of regulation as a way to prompt action. Operators are right that her proposals make no sense, but they are charging too much all the same. So expect them to lobby hard against the proposals over the next couple of years, while quietly cutting their prices—an outcome that would, of course, allow both sides to claim victory.Devices and their desiresEngineers and chemists get togetherTHERE used to be a world of difference between treating a patient with a device—such as a fake hip or a pacemaker—and using biology and biochemistry. Different ailments required wholly different treatments, often with little in common. But that is changing as medical advances—such as those being trumpeted at the biotechnology industry's annual gathering this week in Chicago—foster combinations of surgical implants and other hardware with support from medicines. Drug-releasing stents were one of the first fruits of this trend, which increasingly requires vastly different sorts of health-care firms to mesh their research efforts.That will be a challenge. While pharmaceutical and biotech firms are always in search of the next big thing, devicemakers prefer gradual progress. Instead of hanging out with breathless entrepreneurs near America's east and west coasts, where most drug and biotechnology firms are based, many of the device-makers huddle in midwestern cities such as Minneapolis, Indianapolis and Kalamazoo. And unlike Big Pharma, which uses marketing blitzes to tell ailing consumers about its new drugs, medical-device sales teams act more as instructors, showing doctors how to install their latest creations.Several companies, however, are now trying to bring these two business cultures together. Earlier this year, for example, Angiotech Pharmaceuticals, a Canadian firm, bought American Medical Instruments (AMI). Angiotech's managers reckon their company has devised a good way to apply drug coatings to all sorts of medical paraphernalia, from sutures and syringes to catheters, in order to reduce the shock to the body. AMI makes just the sorts of medical supplies to which Angiotech hopes to apply its techniques.One of America's biggest makers of medical devices, Medtronic, has been doing joint research with Genzyme, a biotechnology company that is also keen on broader approaches to health care. Genzyme says that it was looking for better ways to treat ailments, such as coronary and kidney disease, and realised that it needed to understand better how electro-mechanical devices and information technology work. But combining its efforts with those of Medtronic “on a cultural level is very hard”, the company says. Biotechnology firms are used to much more risky projects and far longer development cycles.Another difference is that device-makers know that if a problem emerges with their hardware, the engineers will tinker around and try to resolve the glitch. Biotech and pharmaceutical firms have no such option. If a difficulty emerges after years of developing and testing a new pill, as with Merck's Vioxx, there may be little they can do about it. “You can't futz with a molecule”, says Debbie Wang, a health-care industry analyst.Strangely, says Ms Wang, some of the most promising engineering outfits were once divisions of pharmaceutical andhealth-care companies, which got rid of them precisely because they did not appear to offer the rapid growth that managers saw in prescription drugs. Guidant, a maker of various cardiovascular devices, was spun off by Eli Lilly in 1994 and a decade later became the prize in a bidding war between Johnson & Johnson and Boston Scientific, which Boston won earlier this year.Pfizer sold Howmedica, which makes joint replacements and prosthetics, to Kalamazoo-based Stryker in 1998. Anotherjoint-replacement maker, Zimmer, was spun off from Bristol-Myers Squibb in 2001. Now both those companies are looking for ways to add “anti-interactive coatings”—ie, drugs—to their business. One of the most troublesome complications in joint replacement is infection.The big drug companies might be tempted to reacquire the firms that they let go. But, given the potential for cultural and strategic clashes, it may make more sense for a few big and broad medical-device makers, such as Medtronic, Boston Scientific and St Jude Medical, to continue consolidating their own industry while co-operating, along the lines of the Medtronic-Genzyme venture, with biotech and pharmaceutical firms as they see fit. There would still be irritation; but probably less risk of wholesale rejection.Eat less, live moreHow to live longer—maybeDIETING, according to an old joke, may not actually make you live longer, but it sure feels that way. Nevertheless, evidence has been accumulating since the 1930s that calorie restriction—reducing an animal's energy intake below its energy expenditure—extends lifespan and delays the onset of age-related diseases in rats, dogs, fish and monkeys. Such results have inspired thousands of people to put up with constant hunger in the hope of living longer, healthier lives. They have also led to a search for drugs that mimic the effects of calorie restriction without the pain of going on an actual diet.Amid the hype, it is easy to forget that no one has until now shown that calorie restriction works in humans. That omission, however, changed this month, with the publication of the initial results of the first systematic investigation into the matter. This study, known as CALERIE (Comprehensive Assessment of Long-term Effects of Reducing Intake of Energy), was sponsored by America's National Institutes of Health. It took 48 men and women aged between 25 and 50 and assigned them randomly to either a control group or a calorie-restriction regime. Those in the second group were required to cut their calorie intake for six months to 75% of that needed to maintain their weight.The CALERIE study is a landmark in the history of the field, because its subjects were either of normal weight or only slightly overweight. Previous projects have used individuals who were clinically obese, thus confusing the unquestionable benefits to health of reducing obesity with the possible advantages of calorie restriction to the otherwise healthy.At a molecular level, CALERIE suggests these advantages are real. For example, those on restricted diets had lower insulin resistance (high resistance is a risk factor for type 2 diabetes) and lower levels of low-density lipoprotein cholesterol (high levels are a risk factor for heart disease). They showed drops in body temperature and blood-insulin levels—both phenomena that have been seen in long-lived, calorie-restricted animals. They also suffered less oxidative damage to their DNA.Eric Ravussin, of Louisiana State University in Baton Rouge, who is one of the study's authors, says that such results provide support for the theory that calorie restriction produces a metabolic adaptation over and above that which would be expected from weight loss alone. (He also points out that it will be a long time before such work reveals whether calorie restriction actually extends life.) Nevertheless, such metabolic adaptation could be the reason why calorie restriction is associated with longer lifespans in other animals—and that is certainly the hope of those who, for the past 15 years, have been searching for ways of triggering that metabolic adaptation by means other than semi-starvation.The search for a drug that will stave off old age is itself as old as the hills—as is the wishful thinking of the suckers who finance such efforts. Those who hope to find it by mimicking the effect of calorie restriction are not, however, complete snake-oil salesmen, for there is known to be a family of enzymes called sirtuins, which act both as sensors of nutrient availability and as regulators of metabolic rate. These might provide the necessary biochemical link between starving and living longer.Universal service?Proponents of “software as a service” say it will wipe out traditional softwareSOMETHING momentous is happening in the software business. Bill Gates of Mi crosoft calls it “the next sea change”. Analysts call it a “tectonic shift” in the industry. Trade publications hail it as “the next big thing”. It is software-as-a-service (SaaS)—the delivery of software as an internet-based service via a web browser, rather than as a product that must be purchased, installed and maintained. The appeal is obvious: SaaS is quicker, easier and cheaper to deploy than traditional software, which means technology budgets can be focused on providing competitive advantage, rather than maintenance.This has prompted an outbreak of iconoclasm. “Traditional software is dead,” says Jason Maynard, an analyst at Credit Suisse. Just as most firms do not own generators, but buy electricity from the grid, so in future they will buy software on the hoof, he says. “It's the end of software as we know it. All software is becoming a service,” declares Marc Benioff of , thebest-known proponent of the idea. But while SaaS is growing fast, it still represents only a tiny fraction of the overall software industry—a mere $3.35 billion last year, estimates Mr Maynard. Most observers expect it to be worth around $12 billion by 2010—but even that is equal only to Microsoft's quarterly sales today. There is no denying that SaaS is coming. But there is much debate, even among its advocates, about how quickly it will grow, and how widely it will be adopted.At the moment, small and medium-sized businesses are the most enthusiastic adopters of SaaS, since it is cheaper and simpler than maintaining rooms of server computers and employing staff to keep them running. Unlike the market for desktop software,。

经济学人双语阅读：电动汽车充电进入美国

【经济学人】双语阅读：电动汽车充电进入美国Business商业报道Electric cars电动汽车Charging into America充电进入美国Chinese firms are keen on America's battery-vehicle market中国公司致力于美国电动车公司市场TESLA, an American electric-car manufacturer, is the darling of investors and the most visible success in a business more notable for its failures.美国电动车制造商TESLA是投资者们的宠儿，相比较该行业的失败之处，它也是最显著的成功。

The praise it has attracted is encouraging Chinese firms to try to enter the American market. 它所赢得的赞赏激励中国公司试图进入美国市场。

A Hong Kong company and a mainland firm are battling for control of Fisker, a failed maker of hybrid-electric cars based in California; a court hearing due on January 10th will consider creditors' calls for an open auction.一家香港公司和大陆公司正在为Fisker的管理控制权而争夺不休。

Fisker是加利福尼亚一家倒闭的混合动力汽车制造商。

1月10日的庭审将考虑债权人所要求的公开拍卖。

And BYD, another Chinese mainland firm, said this week it would start selling its own electric cars in America next year.另一家中国公司BYD本周表示明年起将在美国出售自己的电动车。

经济学人科技类文章中英双语（5篇范例）

经济学人科技类文章中英双语（5篇范例）第一篇：经济学人科技类文章中英双语The Brain Activity Map绘制大脑活动地图Hard cell 棘手的细胞An ambitious project to map the brain is in the works.Possibly too ambitious 一个绘制大脑活动地图的宏伟计划正在准备当中，或许有些太宏伟了 NEWS of what protagonists hope will be America’s next big science project continues to dribble out.有关其发起人心中下一个科学大工程的新闻报道层出不穷。

A leak to the New York Times, published on February 17th, let the cat out of the bag, with a report that Barack Obama’s administration is thinking of sponsoring what will be known as the Brain Activity Map.2月17日，《纽约时报》刊登的一位线人报告终于泄露了秘密，报告称奥巴马政府正在考虑赞助将被称为“大脑活动地图”的计划。

And on March 7th several of those protagonists published a manifesto for the project in Science.3月7日，部分发起人在《科学》杂志上发表声明证实了这一计划。

The purpose of BAM is to change the scale at which the brain is understood.“大脑活动地图”计划的目标是改变人们在认知大脑时采用的度量方法。

The_Economist整理版(《经济学人》原版英文,有4000词汇即可,练习阅读绝好资料)

Digest Of The. Economist. 2006(2-3)Moving marketsShifts in trading patterns are making technology ever more importantAN INVESTOR presses a button, sending 1,000 small “buy” orders to a stock exchange. The exchange's computer system instantly kicks in, but a split second later, 99% of the orders are cancelled. Having found the best price, the investor makes his trade discreetly, leaving no visible trace on the market—all in less time than it takes to blink. His stealth strategy remains intact.Events like this happen many times a day, as floods of orders from active hedge funds and “algorithmic” traders—who use automated programs to buy and sell—rush through the information-technology systems of the world's exchanges. The average transaction size on leading stock exchanges has fallen from about 2,000 shares in the mid-1990s to fewer than 400 today, although total trading volume has soared. But exchanges' systems have to cope with more than just a growing onslaught of “buy” and “sell” messages. Customers want to trade in more complicated ways, combining different types of assets on different exchanges at once. Then, as always, there is regulation. All this is pushing technology further to the fore.Recent embarrassments at the Tokyo Stock Exchange have illustrated what can happen when systems fail to keep up with the times. In just the past few months, the importance of technology has been plain in mergers (those of the New York Stock Exchange and Archipelago, and NASDAQ and INET); collaborations (the decision by the New York Board of Trade to use the Chicago Board of Trade's trading platform); and the creation of off-exchange trading networks (including one unveiled recently by Citigroup).Technology is hardly a new element in financial markets: the advent of electronic trading in the 1980s (first in Europe, later in America) helped to globalise financial markets and drove up trading volumes. But having slowed after the dotcom bubble it is now demanding ever more of exchanges' and intermediaries' attention. Investors can now deal more easily with exchanges or each other, bypassing traditional routes. As customers' demands and bargaining power have increased, so the exchanges have had to ramp up their own systems. “Technology created the monster that has to be ad dressed by more technology,” says Leslie Sutphen of Calyon Financial, a big futures broker.Aite Group, a research firm, reckons that in America alone the securities and investment industry spent $26.4 billion last year on IT (see chart), and may spend $30 billion in 2008. Sell-side firms spend most: J.P. Morgan Chase and Morgan Stanley each splashed out more than $2 billion in 2004, while asset-management firms such as State Street Global Advisors, Barclays Global Investors and Fidelity Investments spent between $250m and $350m apiece. With brokerage fees for trades whittled down, many have concluded that better technology is one way to cut trading costs and keep customers.Testing all enginesGlobal growth is looking less lopsided than for many yearsLARR Y SUMMERS, a Treasury secretary under Bill Clinton, once said that “the world economy is flying on one engine” to describe its excessive reliance on American demand. Now growth seems to be becoming more even at last: Europe and Japan are revving up, as are most emerging economies. As a result, if (or when) the American engine stalls, the global aeroplane will not necessarily crash.For the time being, America's monetary policymakers think that their economy is still running pretty well. This week, as Alan Greenspan handed over the chairmanship of the Federal Reserve to Ben Bernanke, the Fed marked the end of Mr Greenspan's18-year reign by raising interest rates for the 14th consecutive meeting, to 4.5%. The central bankers also gave Mr Bernanke more flexibi lity by softening their policy statement: they said that further tightening “may be needed”rather than “is likely to be needed”, as before.Most analysts expect the Fed to raise rates once or twice more, although the economy slowed sharply in late 2005. Real GDP growth fell to an annual rate of only 1.1% in the fourth quarter, the lowest for three years. Economists were quick to ascribe this disappointing number to special factors, such as Hurricane Katrina and a steep fall in car sales—the consequence of generous incentives that had encouraged buyers to bring purchases forward to the third quarter. The consensus has it that growth will bounce back to an annual rate of over 4% in the first quarter and stay strong thereafter.This sounds too optimistic. A rebound is indeed likely in this quarter, but the rest of the year could prove disappointing, as a weakening housing market starts to weigh on consumer spending. In December sales of existing homes fell markedly and the stock of unsold homes surged. Economists at Goldman Sachs calculate that, after adjusting for seasonal patterns, the median home price has fallen by almost 4% since October. Experience from Britain and Australia shows that even a soft landing for house prices can cause an acute slowdown in consumer spending.American consumers have been the main engine not just of their own economy but of the whole world's. If that engine fails, will the global economy nose-dive? A few years ago, the answer would probably have been yes. But the global economy may now be less vulnerable. At the World Economic Forum in Davos last week, Jim O'Neill, the chief economist at Goldman Sachs, argued convincingly that a slowdown in America need not lead to a significant global loss of power.Start with Japan, where industrial output jumped by an annual rate of 11% in the fourth quarter. Goldman Sachs has raised its GDP growth forecast for that quarter (the official number is due on February 17th) to an annualized 4.2%. That would pushyear-on-year growth to 3.9%, well ahead of America's 3.1%. The bank predicts average GDP growth in Japan this year of 2.7%. It thinks strong demand within Asia will partly offset an American slowdown.Japan's labour market is also strengthening. In December the ratio of vacancies to job applicants rose to its highest since 1992 (see chart 1). It is easier to find a job now than at any time since the bubble burst in the early 1990s. Stronger hiring by firms is also pushing up wages after years of decline. Workers are enjoying the biggest rise in bonuses for over a d ecade.Pass the parcelOnline shoppers give parcels firms a new lease of lifeTHINGS must be going well in the parcels business. At $2.5m for a 30-second TV commercial during last weekend's Super Bowl, an ad from FedEx was the one many Americans found the most entertaining. It showed a caveman trying to use a pterodactyl for an express delivery, only to watch it be gobbled up on take-off by a tyrannosaur. What did the world do before FedEx, the ad inquired? It might have asked what on earth FedEx did before the arrival of online retailers, which would themselves be sunk without today's fast and efficient delivery firms.Consumers and companies continue to flock in droves to the internet to buy and sell things. FedEx reported its busiest period ever last December, when it handled almost 9m packages in a single day. Online retailers also set new records in America. Excluding travel, some $82 billion was spent last year buying things over the internet, 24% more than in 2004, according to comScore Networks, which tracks consumer behaviour. Online sales of clothing, computer software, toys, and home and garden products were all up by more than 30%. And most of this stuff was either posted or delivered by parcel companies.The boom is global, especially now that more companies are outsourcing production. It is becoming increasingly common for products to be delivered direct from factory to consumer. In one evening just before Christmas, a record 225,000 international express packages were handled by UPS at a giant new air-cargo hub, opened by the American logistics firm at Cologne airport in Germany. “The internet has had a profound effect on our business,” says David Abney, UPS's international president. UPS now handles more than 14m packages worldwide every day.It is striking that postal firms—once seen as obsolete because of the emergence of the internet—are now finding salvation from it. People are paying more bills online and sending more e-mails instead of letters, but most post offices are making up for that thanks to e-commerce. After four years of profits, the United States Postal Service has cleared its $11 billion of debt.Firms such as Amazon and eBay have even helped make Britain's Royal Mail profitable. It needs to be: on January 1st, the Royal Mail lost its 350-year-old monopoly on carrying letters. It will face growing competition from rivals, such as Germany's Deutsche Post, which has expanded vigorously after partial privatisation and now owns DHL, another big international delivery company.Both post offices and express-delivery firms have developed a range of services to help ecommerce and eBay's traders—who listed a colossal 1.9 billion items for sale last year. Among the most popular services are tracking numbers, which allow people to follow the progress of their deliveries on the internet.A question of standardsMore suggestions of bad behaviour by tobacco companies. MaybeANOTHER round has just been fought in the battle between tobacco companies and those who regard them as spawn of the devil. In a paper just published in the Lancet, with the provocative title “Secret science: tobacco industry research on smoking behaviour and cigarette toxicity”, David Hammond, of Waterloo University in Canada and Neil Collishaw and Cynthia Callard, two members of Physicians for a Smoke-Free Canada, a lobby group, criticise the behaviour of British American Tobacco (BAT). They say the firm considered manipulating some of its products in order to make them low-tar in the eyes of officialdom while they actually delivered high tar and nicotine levels to smokers.It was and is no secret, as BAT points out, that people smoke low-tar cigarettes differently from high-tar ones. The reason is that they want a decent dose of the nicotine which tobacco smoke contains. They therefore pull a larger volume of air through the cigarette when they draw on a low-tar rather than a high-tar variety. The extra volume makes up for the lower concentration of the drug.But a burning cigarette is a complex thing, and that extra volume has some unexpected consequences. In particular, a bigger draw is generally a faster draw. That pulls a higher proportion of the air inhaled through the burning tobacco, rather than through the paper sides of the cigarette. This, in turn, means more smoke per unit volume, and thus more tar and nicotine. The nature of the nicotine may change, too, with more of it being in a form that is easy for the body to absorb.According to Dr Hammond and his colleagues, a series of studies conducted by BAT's researchers between 1972 and 1994 quantified much of this. The standardised way of analysing cigarette smoke, as laid down by the International Organisation for Standardisation (ISO), which regulates everything from computer code to greenhouse gases, uses a machine to make 35-millilitre puffs, drawn for two seconds once a minute. The firm's researchers, by contrast, found that real smokers draw 50-70ml per puff, and do so twice a minute. Dr Hammonds's conclusion is drawn from the huge body of documents disgorged by the tobacco industry as part of various legal settlements that have taken place in the past few years, mainly as a result of disputes with the authorities in the United States.Dr Hammond suggests, however, the firm went beyond merely investigating how people smoked. A series of internal documents from the late 1970s and early 1980s shows that BAT at least thought about applying this knowledge to cigarette design.A research report from 1979 puts it thus: “There are three major design featur es which can be used either individually or in combination to manipulate delivery levels; filtration, paper permeability, and filter-tip ventilation.” A conference paper from 1983 says, “The challenge would be to reduce the mainstream nicotine determined by standard smoking-machine measurement while increasing the amount that would actually be absorbed by the smoker”. Another conference paper, from 1984, says: “We should strive to achieve this effect without appearing to have a cigarette that cheats the league table. Ideally it should appear to be no different from a normal cigarette...It should also be capable of delivering up to 100% more than its machine delivery.”Thanks to the banksCollege students learn more about market ratesA GOOD education may be priceless, but in America it is far from cheap—and it is not getting any cheaper. On February 1st Congress narrowly passed the Deficit Reduction Act, which aims to slim America's bulging budget deficit by, among other things, lopping $12.7 billion off the federal student-loan programme. Interest rates on student loans will rise while subsidies fall.Family incomes, grant aid and federal loans have all failed to keep pace with the growth in the cost of tuition. “The funding gap between what students can afford and what higher education costs has got wider and wider,” says Claire Mezzanotte of Fitch, a ratings agency. Lenders are rushing to bridge the gap with “private” student loans—loans that are free of government subsidies and guarantees.Virtually non-existent ten years ago, private student loans in the 2004-05 school year amounted to $13.8 billion—a compound annual growth rate of almost 30%—and they are expected to double in the next three years. According to the College Board, an association of schools and colleges, private student loans now make up nearly 22% of the volume of federal student loans, up from a mere 5% in 1994-95.The growth shows little sign of slowing. Education costs continue to climb while pressure on Congress to pare down the budget deficit means federal aid will, at best, stay at current levels. Meanwhile, the number of students attending colleges and tradeschools is expected to soar as the children of post-war baby-boomers continue matriculating.Private student loans are popular with lenders because they are profitable. Lenders charge market rates for the loans (the rates on federal student loans are capped) before adding up-front fees, which can themselves be around 6-7% of the loan. Sallie Mae, a student-loan company and by far the biggest dispenser of private student loans, disclosed in its most recent report that the average spread on its private student lending was 4.75%, more than three times the 1.31% it made on its federally backed loans.All of this is good news when lenders are hungry for new areas of growth in the face of a cooling mortgage market. Private student loans, says Matthew Snowling of Friedman, Billings, Ramsey, an investment bank, are probably “the fastest-growing segment of consumer finance—and by far the most profitable one—at a time when finding asset growth is challenging.” Last December J.P. Morgan, which already had a sizeable education-finance unit, snapped up Collegiate Funding Services, a Virginia-based provider of federal and private student loans. Companies from Bank of America to GMAC, the financing arm of General Motors, have jumped in. Other consumer-finance companies, such as Capital One, are whispered to be eyeing the market.In the beginning...How life on Earth got going is still mysterious, but not for want of ideasNEVER make forecasts, especially about the future. Samuel Goldwyn's wise advice is well illustrated by a pair of scientific papers published in 1953. Both were thought by their authors to be milestones on the path to the secret of life, but only one has so far amounted to much, and it was not the one that caught the public imagination at the time.James Watson and Francis Crick, who wrote “A structure for deoxyribose nucleic acid”, have become as famous as rock stars for asking how life works and thereby starting a line of inquiry that led to the Human Genome Project. Stanley Miller, by contrast, though lauded by his peers, languishes in obscurity as far as the wider world is concerned. Yet when it appeared, “Production of amino acids under possible primitive Earth conditions” was expected to begin a scientific process that would solve a problem in some ways more profound than how life works at the moment—namely how it got going in the first place on the surface of a sterile rock 150m km from a small, unregarded yellow star.Dr Miller was the first to address this question experimentally. Inspired by one of Charles Darwin's ideas, that the ingredients of life might have formed by chemical reactions in a “warm, little pond”, he mixed the gases then thought to have formed the atmosphere of the primitive Earth— methane, ammonia and hydrogen—in a flask half-full of boiling water, and passed electric sparks, mimicking lightning, through them for several days to see what would happen. What happened, as the name of the paper suggests, was amino acids, the building blocks of proteins. The origin of life then seemed within grasp. But it has eluded researchers ever since. They are still looking, though, and this week several of them met at the Royal Society, in London, to review progress.The origin question is really three sub-questions. One is, where did the raw materials for life come from? That is what Dr Miller was asking. The second is, how did those raw materials spontaneously assemble themselves into the first object to which the term “alive” might reasonably be applied? The third is, how, having once come into existence, did it survive conditions in the early solar system?The first question was addressed by Patrick Thaddeus, of the Harvard-Smithsonian Centre for Astrophysics, and Max Bernstein, who works at the Ames laboratory, in California, part of America's space agency, NASA. As Dr Bernstein succinctly put it, the chemical raw materials for life, in the form of simple compounds that could then be assembled into more complex biomolecules, could come from above, below or beyond.Full to burstingRising levels of carbon dioxide will dump even more water into the oceansTHE lungs of the planet, namely green-leafed plants that breathe in carbon dioxide and breathe out oxygen, also put water vapour into the atmosphere. Just as people lose water through breathing (think of the misted mirror used to check for vital signs), so, too, do plants. The question is, what effect will rising concentrations of carbon dioxide have on this? The answer, published in this week's Nature by Nicola Gedney of Britain's Meteorological Office and her colleagues, would appear to be, less water in the atmosphere and more in the oceans.Measurements of the volume of water that rivers return to the oceans show that, around the world, rivers have become fuller over the past century. In theory, there are many reasons why this could be so, but some have already been discounted. Research has established, for example, that it is not, overall, raining—or snowing, hailing or sleeting—any more than it used to. But there are other possibilities. One concerns changes in land use, such as deforestation and urbanisation. The soil in rural areas soaks up the rain and trees breathe it back into the atmosphere, whereas the concrete in urban areas transfers rainwater into drains and hence into rivers. Another possibility is “solar dimming”, in which aerosol particles create a hazy atmosphere that holds less water. And then there is the direct effect of carbon dioxide on plant transpiration.Dr Gedney used a statistical technique called “optimal fingerprinting” or “detection and attribution” to identify which of these four factors matter. Her team carried out five simulations of river flow in the 20th century. In the first of these they allowed all four explanations to vary: rainfall, haze, atmospheric carbon dioxide and land use. They then held one of them constant in each of the next four simulations. By comparing the outcome of each of these with the first simulation, the team gained a sense of its part in the overall picture. So, for example, they inferred the role of land use by deducting the simulation in which it was fixed from the simulation in which it varied.As with any statistical analysis, the results are only as good as the model, the experimental design and the data. Dr Gedney and her colleagues acknowledge that their model does not fully take into account the use of water to irrigate crops—particularly important in Asia and Europe—nor the question of urban growth. They argue, however, that these aspects, taken together, would remove water from rivers, which makes their conclusion all the more striking. And it is this: fuller rivers cannot be explained by more rainfall or haze or changes in land use, but they can be explained by higher concentrations of atmospheric carbon dioxide.The mechanism is straightforward. A plant breathes through small holes, called stomata, found in its leaves. Plants take in carbon dioxide, and when the atmosphere is relatively rich in this gas, less effort is needed. The stomata stay closed for longer, and less water is lost to the atmosphere. This means that the plant doesn't need to draw as much moisture from the soil. The unused water flows into rivers.The great tech buy-out boomWill the enthusiasm of private-equity firms for investing in technology and telecoms end in tears, again?PRIME COMPUTERS, Rhythm NetConnections and XO Communications—all names to drain the blood from the face of a private-equity investor. Or so it was until recently, when investing in technology and telecoms suddenly became all the rage for private-equity companies. These investment firms—labelled “locusts” by unfriendly Europeans—generally make their money by buying big controlling stakes in companies, improving their efficiency, and then selling them on.In the late 1980s, Prime Computers became private equity's first great “tech wreck”, humiliating investors who thought they understood the technology business and could nurture the firm back to health away from the shorttermist pressures of the public stockmarket. After Prime failed, private-equity firms spent the best part of a decade focusing solely on the old economy. Only in the late 1990s, when the new economy was all the rage, did they pluck up the courage to return to tech and telecoms—a decision some of the grandest names in the industry were soon to regret. Hicks, Muse, Furst and Tate (Rhythm NetConnections) and Forstmann Little (XO) have both been shadows of their old selves since losing fortunes on telecoms.Now, investing in technology and telecoms is once again one of the hottest areas in the super-heated privateequity market. The multi-billion-dollar question is: will this round of investment end any less horribly than the previous two?Last month TDC, a Danish phone company, was finally acquired after a bid of $15.3 billion by a consortium including European giants Permira Advisors and Apax Partners, and American veterans Kohlberg Kravis Roberts (KKR), Blackstone Group and Providence Equity Partners. In the past five years, there has been private-equity involvement in about 40% of telecoms deals in Europe.On the other side of the Atlantic, the action has focused mainly on technology, rather than telecoms. Last summer, a consortium including Silver Lake Partners and KKR completed the biggest private-equity tech deal to date, buying SunGard Data Systems, a financial-technology firm, for $11.3 billion. Since then the deals have continued to flow. The $1.2 billion acquisition of Serena Software by Silver Lake is due to be completed by the end of March. Blackstone and others are said to be circling two IT outsourcing firms—Computer Sciences and ACS.There are reasons to hope that this time will be different. In telecoms, for instance, private-equity firms are mostly trying to buy established firms—often former national monopolists—that, while they might be threatened by internet telephony, have strong cash flow, physical assets and plenty of scope to improve the quality of management. These are the sorts of characteristicsprivate-equity investors thrive on. By contrast, the disastrous investments in the late 1990s were in new telecoms firms that were building their operations.In technology, private-equity interest has grown as the industry has matured, and cash-flow and profitability have become more predictable. Until recently, it has been the norm for tech firms to plough back all their profit and cashflow into investing in the business. They have carried no debt and paid no dividends. Now private-equity firms see the opportunity to pursue their classic strategy of buying firms by borrowing against cashflow, and then returning money to shareholders. Glenn Hutchins of Silver Lake thinks the tech sector is now in a similar condition to the old economy in America in the early 1980s, which is when private equity first started to have an impact, by restructuring and consolidating many industries.How to live for everThe latest from the wacky world of anti-senescence therapyDEATH is a fact of life—at least it has been so far. Humans grow old. From early adulthood, performance starts to wane. Muscles become progressively weaker, cognition fails. But the point at which age turns to ill health and, ultimately, death is shifting—that is, people are remaining healthier for longer. And that raises the question of how death might be postponed, and whether it might be postponed indefinitely.Humans are certainly living longer. An American child born in 1970 could expect to live 70.8 years. By 2000, that had increased to 77 years. Moreover, an adult still alive at the age of 75 in 2002 could expect a further 11.5 years of life.Much of this change has been the result of improved nutrition and better medicine. But to experience a healthy old age also involves maintaining physical and mental function. Age-related non-pathological changes in the brain, muscles, joints, immune system, lungs and heart must be minimised. These changes are called “senescence”.Research shows that exercise can help to maintain physical function late in life and that exercising one's brain can limit the progression of senescence. Other work—on the effects of caloric restriction, consuming red wine and altering genes in yeast, mice and nematodes—has shown promise in slowing senescence.The approach advocated by Aubrey de Grey of the University of Cambridge, in England, and presented at last week's meeting of the American Association for the Advancement of Science, is rather more radical. As an engineer, he favours intervening directly to repair the changes in the body that are caused by ageing. This is an approach he dubs “strategies for engineered negligible senescence”. In other words, if ageing humans can be patched up for 30 years, he argues, science will have developed sufficiently to make further repairs more effective, postponing death indefinitely.Dr de Grey's ideas, which are informed by literature surveys rather than experimental work, have been greeted with scorn by those working at developing such repair kits. Steven Austad, a gerontologist based at the University of Texas, warns that such therapies are many years away and may never arrive at all. There are also the side effects to consider. While mice kept onlow-calorie diets live longer than their fatter friends, the skinny mice are less fertile and are sometimes sterile. Humans wishing both to prolong their lives and to procreate might thus wish to wait until their child-bearing years were behind them before embarking on such a diet, although, by then, relatively more age-related damage will have accumulated.No one knows exactly why a low-calorie diet extends the life of mice, but some researchers think it is linked to the rate at which cells divide. There is a maximum number of times that a human cell can divide (roughly 50) before it dies. This is because the ends of chromosomes, structures called telomeres, shorten each time the cell divides. Eventually, there is not enough left for any further division.Cell biologists led by Judith Campisi at the Lawrence Berkeley National Laboratory in California doubt that every cell has this dividing limit, and believe that it could be only those cells that have stopped dividing that cause ageing. They are devising an experiment to create a mouse in which senescent cells—those that no longer divide—are prevented from accumulating. They plan to activate a gene in the mouse that will selectively eliminate senescent cells. Such a mouse could demonstrate whether it is。

3英语阅读-经济学人《Economics》双语版-Foodfirmsandfat-fighters

（2）：食品公司与减肥斗士【翻译交流】Feb 9th 2006From The Economist Global AgendaFood firms and fat-fighters食品公司与减肥斗士Five leading food companies have introduced a labelling scheme for their products in the British market, in an attempt to assuage critics who say they encourage obesity. But consumer groups are unhappy all the same. Is the food industry, like tobacco before it, about to be *engulfed[1]by a wave of lawsuits brought on health grounds?五家业内领先的食品公司采取了一项方案，就是在其投入英国市场的食品上作出标注，力图堵住那些说他们鼓励肥胖的批评人士的嘴。

不过，消费者团体仍然不开心。

食品业会像之前的烟草一样，被卷入一场关乎健康的诉讼之中吗？KEEPING fit requires a combination of healthy eating and regular exercise. On the second of these at least, the world’s food companies can claim to be setting a good example :they have been working up quite a sweat in their attempts to fend off assaults by governments, consumer groups and lawyers who accuse them of peddling products that encourage obesity. This week saw the unveiling of another industry initiative :five leading food producers—Danone, Kellogg, Nestlé, Kraft and PepsiCo—introduced a labelling scheme for the British market which will show “guideline daily amounts” for calories, fats, sugar and salt on packaging. The new labels will start to appear on the firms’ crisps, chocolate bars, cheese slices *and the like[2] over the next few months. A number of other food giants, such as Cadbury Schweppes and Masterfoods, have already started putting guideline labels on their products.将健康的饮食习惯和经常性的锻炼二者结合才可以让身体保持健康。

economist（经济学人）精品文章中英对照（合集五篇）

economist（经济学人）精品文章中英对照（合集五篇）第一篇：economist(经济学人)精品文章中英对照Whopper to go 至尊汉堡，打包带走Will Burger King be gobbled up by private equity? 汉堡王是否会被私人股本吞并？Sep 2nd 2010 | NEW YORKSHARES in Burger King(BK)soared on September 1st on reports that the fast-food company was talking to several private-equity firms interested in buying it.How much beef was behind these stories was unclear.But lately the company famous for the slogan “Have It Your Way” has certainly not been having it its own way.There may be arguments about whether BK or McDonald’s serves the best fries, but there is no doubt which is more popular with stockmarket investors: the maker of the Big Mac has supersized its lead in the past two years.有报道披露，快餐企业汉堡王（BK）正在与数个有收购意向的私人股本接洽，9月1日，汉堡王的股值随之飙升。

这些报道究竟有多少真材实料不得而知。

汉堡王的著名口号是“我选我味”，但如今显然它身不由己，心中五味杂陈。

汉堡王和麦当劳哪家薯条最好吃，食客们一直争论不休，但股票投资人更喜欢哪家股票，却一目了然：过去两年里，巨无霸麦当劳一直在扩大自己的优势。

经济学人中英双语阅读精选(每日一篇)

The truth hurts 真相伤人Mar 31st 2010 | WASHINGTON, DC | From The Economist print editionWill the Treasury call China a currency manipulator?财政部会定义中国为货币操纵国吗？TO MOST people, to say that China holds down the value of its currency to boost its exports is to state the obvious. Not, though, to America’s Treasury Department. By law it must report twice a year on which countries fiddle their exchange rates at the world’s expense. China was last fingered in 1994. Ever since then, the Treasury has concluded that the designation would do more harm than good. Speculation is growing that it may decide differently in its next report, due on April 15th.对大多数人来说，说中国通过抑制人民币的价值，刺激出口，等于在陈述一个明显的事实。

然而对美国财政部来说，却不是这么简单。

法律规定它每隔两年对其它国家干涉汇率，危害他国的行为进行汇报。

中国曾在1994年列入汇率操纵国。

自那时候起，财政部得出结论：罗列中国，更多的是带来坏处。

外界猜测财政部可能将在4月15日的报告中推翻原先的结论。

The mood in America resembles that in 2005, when the Senate voted to hit China with tariffs of 27.5% and the Treasury ratcheted up its rhetoric. China abruptly moved to a managed float for the yuan. It was allowed to appreciate by 20% over the next three years before a halt was called during the banking panic of 2008.现在美国的感受类似2005年。

1英语阅读-经济学人《Economics》双语版-Rebuilding the American dream machine

（1）：重建美国梦机器From The Economist print editionRebuilding the American dream machine重建美国梦机器FOR America's colleges, January is a month of reckoning. Most applications for the next academic year beginning in the autumn have to be made by the end of December, so a university's popularity is put to an objective standard :how many people want to attend. One of the more unlikely offices to have been flooded with mail 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 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。

5英语阅读-经济学人《Economics》双语版-Stuff of dreams

Stuff of dreams梦想的精粹（译者注：本文是关于画展的评论。

）Two exhibitions show how a pair of 18th-century painters, James Barry and Henry Fuseli, inspired the modern visual ★romance with[1] the gothic两个画展展示的是，两位18世纪画家——詹姆斯•巴里和亨利•富塞利——如何唤起了现代人从视觉上对哥特式艺术的憧憬。

THIS spring the bad boys of British art are ★making a comeback[2]. Not Damien Hirst and his friends, but the original ★enfants terribles[3]—★Henry Fuseli[4] (1741-1825) and James Barry (1741-1806)—who aimed, above all, to depict extremes of passion and terror in what they called the new art of the Sublime.今春，英国艺术界的坏孩子再次粉墨登场了。

我们说的不是达米恩•赫斯特和他的朋友们，而是亨利•富塞利（1741-1825）和詹姆斯•巴里（1741-1806），这两位“莽撞少年”的始作俑者，他们的首要目标就是要用所谓的“新派高尚艺术”去描绘极度激情与恐怖。

Barry and Fuseli are hardly household names; indeed since Victorian times they have been virtually ignored. But in the late 18th century, Fuseli, and for a short time Barry also, were prominent members of the young Royal Academy of Arts (RA) and influential professors of painting there. Barry's ★fall from grace[5] was the most dramatic, but there is much to admire in this irascible Irish artist who, like Fuseli, once taught William Blake. Barry's prolific historical paintings demonstrate his ambition to rival the painters of antiquity and the Renaissance and to practise what the then president of the RA, Sir Joshua Reynolds, always preached—that history painting was the noblest form of art. （1）But Barry found it hard to be bound by rules, and he turned history and myth into a series of ★tableaux[6] that were at once oddly expressionistic and deeply personal.巴里和富塞利这两个名字算不上家喻户晓，实际上自维多利亚时代以来，世人对他们已经不闻不问。

12英语阅读-经济学人《Economics》双语版-Not science fiction

经济学家》读译参考（第12篇）:并非科幻小说——《直觉》畅销书书评From The Economist print edition[size=4][b]Not science fictionTHE recent stem-cell scandal in South Korea may have made front-page news across the world, but（1）few readers are likely to bet that a literary novel set in a laboratory and based on scientific research might end up being a ★page-turner[1]. Readers of “Intuition”, however, will battle with themselves over whether to savour Allegra Goodman's exquisite★filleting[2] of character, as the scientists are themselves dissected like their experimental mice, or to rush ★headlong[3] to find out what h________① next.In an under-funded Harvard laboratory, the ★dogged[4], unglamorous★slog[5] towards finding a cure for cancer is u_______② way. Suddenly one research assistant's experiment ★bears [6]fruit. After mice infected with human breast-cancer cells are injected with Cliff's R-7 virus, their tumours melt away in 60% of the population. But are Cliff's results too good to be true? （2）The question of whether the R-7 results were★fiddled[7] powers the remainder of the book.Ms Goodman follows the good novelist's ★credo[8] that plot ★proceeds from[9] character; and （3）she follows the good scientist's credo that objective truth is inexorably ★coloured[10] by whoever ★stands[11] to lose or gain by it. All the researchers in “Intuition” are sympathetic, and they are all ★screwed up[12]. Sandy, co-director of the lab, is a ★charismatic[13] dynamo[14], but too enamoured with worldly glory. His brilliant, shy partner Marion has ★impeccable[15] research standards, but is undermined by chronic self-doubt. By contrast, Cliff is ★glibly[16] over-c_________③. Robin, R-7's ★whistle-blower[17] (also Cliff's former girlfriend), is a natural scientist, but her determination to uncover fraud may be driven by romantic disappointment. Robin is heeding her intuition, and “young researchers had their intuition ★tamped down[18] lest, like the ★sorcerer's[19] apprentice, they flood the lab with their conceits.”What a relief to find a novel that does not take place in the literary salons of London or New York. （4）Ms Goodman manages fully to inhabit another profession's world. Her characters so live and breathe on the page that they could get up and m_______④you a cup of coffee while you finish another chapter. （5）Her writing is rich, so rich it would be easy tomiss how skilful is the prose itself. Exciting and, for most, exotic as well, “Intuition” is a ★stunning[20] achieve ment.参考译文（TRANSLATED BY CHENJILONG）并非科幻小说韩国最近发生的干细胞丑闻或许已成为世界各地的头条新闻，不过几乎没有读者会相信，一本以实验室为背景、基于科学研究的小说到头来竟然让他们爱不释手。

《经济学人》中英双语报道：纪念中国的辛亥革命

过去，官员们讳莫如深，试图阻止人们讨论辛亥革命。2010年11月，《潇湘晨报》，南部省份湖南的一份报纸，因发行辛亥革命增刊，而被审查。报纸引用了1975年当时捷克持不同政见者Vaclav Havel，写给该国信奉共产主义的总统，Gustav Husa的一句话：“历史再一次，需要人们倾听。” 报纸并没有解释他为什么要这么说，这句话是Have对该国共产党给历史清洁消毒，肃清历史表示痛惜。不必如此。报纸所传递的明确信息就是，辛亥革命的民主需求，永远不能被压抑约束住。
近几个月来，阿拉伯世界的暴动让官员们更加紧张。今年4月，官员禁止了由北京几所顶尖学府的学生组织的辛亥革命研讨会，一家负责宣传本次活动的网站称，这次活动既是在回望“振奋人心的革命成果”，也是在探索与民主有关的更深层次的东西。
Two weeks ago the authorities suddenly cancelled the world premier of an opera, “Dr Sun Yat-sen”, which was due to be performed by a Hong Kong troupe at the National Centre for the Performing Arts close to Tiananmen Square in Beijing. “Logistical reasons” were cited, but Hong Kong media speculated that some of its content—including its portrayal of Sun’s love life—was deemed to be out of line.
In the past year, officials have tried to stop discussion of the 1911 revolution straying into such realms. In November 2010 the Xiaoxiang Morning Herald, a newspaper in south China’s Hunan Province, got into trouble with the censors after publishing a supplement on the revolution. It quoted from a letter written by Vaclav Havel in 1975, when he was still a Czech dissident, to the country’s communist president, Gustav Husak: “history again demands to be heard”. The newspaper did not explain the context, which was Mr Havel’s lament about the Communist Party’s sanitisation of history. It did not need to. Its clear message was that the democratic demands of 1911 could not be repressed forever.

《经济学人》双语精读 NO.1

原文：Speech is silver, silence is goldDONALD TRUMP and Joe Biden are not merely the two oldest candidates to contest a presidential election. They also may be the most prolix. Their speaking styles differ—Mr Trump riffs while Mr Biden rambles; Mr Trump nurses personal grievances and Mr Biden tells stories — but they both love to talk. However, in the run-up to last night’s debate, the campaign’s second and last, both campaigns signalled that they wanted their candidates to allow the other more speaking time.||译文：特朗普和拜登不只是两位年龄最大的总统候选人，他们有可能是最啰嗦的。

他们讲话风格不同——特朗普喜欢重复，而拜登则东拉西扯；特朗普心怀不满，而拜登则讲述故事——但他们都有一个共同特点：能说。

然而，在昨晚辩论的准备阶段（这是竞选活动的第二场也是最后一场辩论），双方竞选团队都表示，希望各自候选人能给对方更多的发言时间。

Mr Trump’s campaign believed that the more Mr Biden spoke, the likelier he was to ramble and lose his train of thought, which would give credence to their charge that he has lost his mental acuity. Mr Biden’s camp—judging by the first debate’s aftermath, in which Mr Biden’s polling lead grew after Trump repeatedly interrupted, hectored and insulted him—reasoned that the more airtime Mr Trump gets, the less voters like him.||译文：特朗普的竞选团队认为，拜登讲的越多，就越有可能胡言乱语、失去思路，从而使他们的“拜登精神敏锐度下降”这一说法更加可信。

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Europe's debt crisis欧洲债务危机Spot the pattern看变化模式Jul 5th 2011, 18:55 by R.A. | WASHINGTON2011年7月5日18：55 R.A./华盛顿HERE'S a chart showing the yields on 10-year Greek debt over the past three months. See the pattern?本图显示的是在过去3个月10年期希腊债券的收益率。

变化模式看清楚了吧？There's a spike, followed by a decline, followed by a higher spike, followed by a decline to a higher trough, and so on. European leaders keep taking steps to avert disaster, and each time markets are less assuaged.有个尖峰，接着是下跌，然后又是稍高一些的尖峰，接着跌入一个较高的波谷，如此反复。

欧洲国家的领导人一直在采取措施避免灾难，而每一次市场都没有大的起色。

The latest spike corresponds to the stalemate over the IMF's willingness to continue making bail-out payments without a new, long-term rescue package in place (and the corresponding disagreement over how to rollover Greek debt, plus the drama surrounding the passage of Greece's new austerity plan). The IMF agreed to keep paying, French and German banks seemed willing to sign on to a rollover plan, and Greece got its new austerity programme through parliament. But it wasn't long before trouble kicked up again.最近的尖峰反映了这样一个困境：国际货币基金组织愿意继续救助，但又没有制定出一个长期的一揽子救助计划（同时也反映出如何缓解希腊债务各方存在分歧，以及希腊的新紧缩计划能否通过依然有变数）。

国际货币基金组织同意继续提供支付，法国和德国的银行似乎愿意签署资金周转计划书，希腊国会通过了新的紧缩计划。

但是，没过多久，麻烦又来了。

Moody's and Standard and Poor's have both suggested that the agreed-upon rollover plan might well constitute a default. Since that's precisely the outcome European leaders were hoping to avoid, this news has sent everyone scurrying to come up with a new and better deal. Meanwhile, Moody's has cut Portugal's debt rating to junk. Portugal may well need a new rescue package, which will surely include debate over the fate of creditors, which will mean more questions about bank finances and more brinksmanship. And the European economy continues to slow, even as the European Central Bank continues to tighten policy.穆迪和标准普尔都暗示，商定好的周转计划很可能得不到执行。

因为这种结果正是欧洲国家的领导人们想避免的，所以这条消息让每个人都急不可待地要制定出一个新的、更好的解决办法。

与此同时，穆迪公司已经将葡萄牙的债务评级降至垃圾级。

葡萄牙很可能需要一个新的一揽子救援计划，这必将包括对债权人命运的辩论，而辩论的内容将更多的是关于银行财政方面的问题和边缘政策。

欧洲经济增长速度持续放缓，尽管欧洲央行继续收紧货币政策。

I don't know that there's any broad lesson here, other than: for all the steps already taken by European leaders, the euro zone hasn't really gotten any closer to solving the underlying issues of insolvency and institutional weakness.除了以下教训，我不知道还有什么更大的了：虽然欧洲国家的领导人们已经采取了各种措施，但是，欧元区要解决当前国家破产危机和体制上不健全的根本问题，确确实实还有很长的路要走。

Global house prices全球房价Rooms with a view一览全球楼市Asia’s frothiest housing markets are calming down. Is America’s bottoming?亚洲泡沫最多的楼市不再蒸蒸日上。

美国的楼市触底了吗？Jul 7th 2011 | WASHINGTON, DC | from the print editionTHE bubble that caused a global recession has been a long time deflating. The American housing market began to decline half a decade ago and hasn’t stopped yet. Prices dropped by 5.1% from the year before, according to the latest S&P/Case-Shiller national index. Among markets tracked by The Economist, only Irish homes have fallen further since 2006. Robert Shiller, one of the fathers of the Case-Shiller index, says more hard times lie ahead. Prices may slide another 10-25%, he reckons, as the economy wrings out the excess supply of the bubble years.引发全球经济衰退的泡沫一直在破灭，已经历时已久。

5年前，美国的楼市就开始衰退了，目前还未停止衰退。

根据最新的标普凯斯•席勒全国指数，与一年前相比，房价下跌了5.1%。

在《经济学人》追踪的市场中，自2006年以来只有爱尔兰的房价跌得还要厉害。

凯斯•席勒指数创始人之一的罗伯特•席勒表示，艰难时期还在后头。

他估计，随着经济逐渐耗尽泡沫时期过剩的供应量，房价可能还要再下跌10%-25%。

By our calculations, however, America’s h ousing market has overshot the fair-value mark, as measured by the long-run average ratio of house prices to rents. Rents are rising: an increase in the cost of rental housing contributed to May’s robust American inflation data. With home ow nership looking a better deal, prices should stabilise. The Case-Shiller index posted a month-on-month increase in April for the first time since July 2010. It was not alone in showing gains. The Federal Housing Finance Agency (FHFA) price series ticked up in April for the first time since May 2010, and the CoreLogic index of home prices, a favourite of the Federal Reserve, notched price rises in both April and May. The pace of sales has been sluggish but an index of pending home sales posted a surprisingly large gain in May.然而，据我们的统计，通过长期的房价和租金的平均比率来衡量，美国的楼市已经超过合理价值的标准。

租金正在上涨：租房成本上升带来了5月份美国强劲的通胀数据。

随着拥有住房看起来是更好的选择，房价应该会稳定下来。

自2010年7月以来，4月凯斯•席勒指数首次出现了环比上扬。

并非只有凯斯•席勒指数呈现了上行趋势。

自2010年5月以来，联邦住房金融局的价格系列指数在4月份也出现了首次上升。

此外，CoreLogic房价指数（美联储最喜欢参照的指数）在4、5月份都有所上升。

尽管销售速度一直相当缓慢，但是住房销售的预期指数在5月份大幅上升，令人吃惊。