After dedicating most of 2009 to jump-starting financial markets through stimulus packages, developed countries are now turning their attention to reforming the basic architecture of those markets, especially the incentives for risk-taking. In a major step towards regulating systemic risks, the United Kingdom last week announced a one-off 50 per cent “super-tax” on bankers’ discretionary bonuses exceeding £25,000. The move could raise £550 milli on, which would be used to...

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline...

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline from...

The Copenhagen summit on global warming and climate change has commenced. Instead of a leadership role, we will now be playing a followers’ role. We fell behind the emerging consensus curve. We held on for too long to outmoded positions of merely harping on per capita emission and common-differentiated obligation while disregarding many other significant factors. The recent decision of China, announcing a 40 per cent cut in its energy...

The same exclusive report, with different bylines, in three rival dailies. Swathes of advertising dolled up as news stories. Is ‘paid news’ getting institutionalised? “Young dynamic leadership: Ashokrao Chavan,” read the headline of a prominent news item in the Marathi daily Lokmat (October 10). That was 72 hours before the people of Maharashtra went to vote in the State Assembly polls. The item was attributed to the newspaper’s "Special Correspondent,"...