Thursday, 24 February 2011

How developing countries are adapting to the impacts of global climate change

Ironically, the worst culprits of global climate change are the larger countries, while the worst affected are the smallest ones who hardly have a say in determining their own fate!

While the world fights and fumes over the question of sharing responsibility and cost, and while the politicians display their usual grit in creating noise and blocking action, there are several initiatives being taken by the people, within and outside the governments in developing countries that try to improve things. 

Role of Expectations in Economics

Expectations play a very important role in economics. One of the major limitations of our understanding about real world economic phenomena arise from our inability to deal with expectations in an efficient manner and incorporate them in our empirical analysis. Our overdependence on the rational expectations assumption has only worsened this limitation.