Links 1/19/08

Stop Thinking about Tomorrow: the DGA and NYT agree that the Internet isn’t Important Ken Houghton, Marginal Utlity

The new (financial) world order Brad Setser. An enumeration of how everyone is racking up foreign currency reserves (besides the US and the UK, of course). And despite the new high profile of some sovereign wealth funds, t vast majority of the holdings are still held by central banks.

Pentagon Explores ‘Human Fear’ Chemicals; Scare-Sensors, ‘Contagious’ Stress in the Works? Wired. Your tax dollars at work.

Financial Times. Note that Spitzer is interested in both principles-based regulation and having a single overseer, rather than separate bodies for banks, brokerage firms, and insurers. Moves like this by states may pressure the feds.

Inequality and Growth: Challenges to the Old Orthodoxy Erwan Quintin and Jason L. Saving, FRB Dallas (hat tip Mark Thoma). “In cross-country comparisons, for example, researchers have generally found a negative relationship between income inequality and subsequent economic growth. These empirical findings, taken at face value, suggest that more equality could, in fact, foster growth.”

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