Prescott, Card and Mankiw on income and substitution effects (applied to USA vs. EU)

Without holding either a Nobel, a John Bates Clark, a chair in Economics or even a PhD in Economics for that matter (yet!- working hard to finish my thesis soon), I will adventure to state that I am inclined to agree with the argument put forward in a recent post by Greg Mankiw (which is also Ed Prescotts’s position, but not so much David Card’s).
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The Economist’s 2006 Innovation Awards

I was mentioning in a previous post the Technology Quarterly section of the most recent Economist edition. In that same section The Economist is announcing this year’s innovation awards. Below the excerpts describing my favourites among the winners:

Computing and communications: Janus Friis and Niklas Zennström of Skype, for the development of internet file-sharing and telephony using peer-to-peer technology, which allows millions of computers to link up over the internet without central co-ordination.
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