Oliver Willamson and Elinor Ostrom will share the sum of 1.4 million dollars or 10 million Swedish kronor as they have been jointly honored as the recipient of 2009 Nobel Prize in the field of Economics. The Nobel Prize Committee has honored the two economists of the United States for their outstanding achievement in their respective fields.
In a speech, the Royal Swedish Academy of Sciences in Stockholm, stated that Elinor Ostrom has given the demonstration on the ways by which the associations can make use of the common property. Referring to Oliver Willamson’s works, the Academy stated he has, “developed a theory where business firms serve as structures for conflict resolution.” Nobel laureate Elinor Ostrom and Oliver E. Williamson will now share the stand with other world famous economists who had received the Nobel Prize in the past years. Oliver E. Williamson was a professor at California Berkley University. The other recipient of the same award Elinor Ostrom is a professor of Indiana University.
The gross domestic product is a poor way to measure economic health, since it ignores the benefits of unpaid work and incentivizes some social problems, say Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen. They led a panel that produced a report for the French government on alternatives to the GDP, suggesting that countries file annual reports the way corporations do, measuring their health along several different lines. While growth would still be part of the picture, so would measures of health, happiness and community interaction. TIME (source: smartbrief)
Many of the Federal Reserve Banks have significant educational outreach programs, and the Federal Reserve Bank of New York is no exception. Their "Financial Education for All" site produces a wide range of publications and fact sheets that are designed for the general public and for students of financial services, economics, and related fields. These documents are divided into sections that include "Banking", "Federal Reserve System", "Foreign Exchange", and "Home Ownership". Perhaps the most useful area is the "Monetary and Fiscal Policy" section, which includes documents such as "Understanding the Federal Budget", "U.S. Monetary Policy and Financial Markets", and a helpful overview of how open market operations function. Finally, visitors can also sign up for their RSS feed and contact members of their educational outreach team. (source: scout report)
For anyone looking for a vast cornucopia of economic statistics culled from all over the world, they need look no further than the EconStats website. The homepage is a bit visually cluttered, but one couldn't ask for better and more complete data, as visitors can quickly access a wide range of economic data from the United States, such as information about inflation, unemployment levels, productivity, new factory orders, and the price of crude oil. The homepage also contains links to economic data from Canada, Britain, Germany, the European Union, France, Italy, Russia, and China. On the right-hand side of the page, visitors can click through to interest rates for dozens of countries, check in on various stock markets, and look up commodity and futures prices. Those individuals looking for quick help with pressing questions can post queries to the "Econ Chat" section of the homepage.
NEW
MACROECONOMIC DATA SERIES FOR THE UNITED STATES
One of the best sources is obtainable from the Fed. Reserve Bank of St. Louis called "Federal Reserve Economic Data":http://research.stlouisfed.org/fred2/
Detailed macro data are available from the Bureau of Economic Analysis (BEA):http://www.bea.gov/
Labour market data (and much more) are collected by the Bureau of Labor Statistics (BLS):http://bls.gov/
The Telegraph website has a useful interactive guide to a selection of data on member countries inside the European Union. Our chart shows indices for GDP and there is also information the allocation of EU spending by country, population size and density.
Here you find a list of my favorite statistical resources on the Web:
A. W. Phillips' original article "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957", Economica 25 (100), 283–299 (which laid the foundation for the Phillips curve) can be read here:
Adam Smith published the famous book "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776. It shows that the wealth of a nation lies not in the amount of gold in its treasury, but in the productive enterprise of its people. It argues for an end to restrictions on trade, competition and commerce. Highly influential, the book laid the intellectual foundations of the great Nineteenth-Century era of liberal free trade.
Professor Frank W. Elwell's list of great social theorists brings together Karl Marx, Herbert Spencer, Max Weber, Emile Durkheim and other intellectual heavyweights. The purpose of bringing together these luminaries and their writings is "to promote greater understanding of classical macro-social theory." Professor Elwell has devoted sections to each of these authors, and several others, including Auguste Comte and W.E.B. Dubois. In each section, visitors can read selections from their major works and also click through to other relevant online resources. Finally, visitors can also learn about Professor Elwell's own scholarly endeavors, including his book "Macrosociology: Four Modern Theorists". (SR)
I strongly recommend to read : www.ft.com at least five days a week
"Teachers of undergraduate macro could hand out the article and ask students: Is national income accounting as counterintuitive as this article makes it seem?
My suggested answer: No.
The article makes a lot out of the fact that imports are subtracted to get GDP. That is true, but there is nothing odd about it.
Recall the identity:
Y = C + I + G + X - M.
Imports M are subtracted to obtain domestic production Y because they are already included in consumption C, investment I, or government purchases G.
To me, it is not especially illuminating to say that inflation is low because imported oil prices are surging. A better description is more prosaic. The prices of domestically produced goods are rising more slowly than the prices of imported goods. So the GDP deflator, which reflects the prices of domestic goods, is rising more slowly than price indexes that include imports.
The national income accounting here is straightforward and unobjectionable. The more interesting question is which measure of the inflation rate policymakers, such as those at the Fed, should be focused on."
The Organisation for Economic Co-operation and Development (OECD) has partnered with Linköping University to create this rather powerful analytical tool which they call the OECD Factbook eXplorer. First-time visitors can start using the site by going over to the "Dashboard" area on the right-hand side of the page and clicking one of the thematic "stories". These "stories" contain brief introductions to several key issues: labor market policies and labor participation fertility. Visitors can read through these themes to learn about the scatter plot screen, the time-series data, and the interactive map on the far left-hand side of the screen. After that, visitors can use the "Indicators" tab on the top of the homepage to load up one of the data files from the OECD and display it via the interactive map and the scatter plot screen. There's also a "Help" feature that can help users navigate the various options presented on this site. Overall, the eXplorer site will take time getting used to, but it will be most useful to policy analysts and others with an interest in development issues.(from Scout Report)
The Economist-Article 
On the definition of a recession.docx
The General Theory of Employment, Interest and Money by John Maynard Keynes.mht
J. M. Keynes
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