Success often depends on timing. Though Mr Blyth has been working on this book for two years, its launch seems to have come at a very appropriate moment. After several years of austerity measures, public opinion in countries across the world is becoming more critical on the cutbacks their governments have brought in to reduce their deficits. Adding to that is the discovery that Reinhart and Rogoff’s models, the theoretical underpinning of these policies, were erroneous. This is a well researched and well argued book and the title, “Austerity: The History of a Dangerous Idea”, will give you a clear indication of where the author stands.
“It is,” she said, “deciding whether to buy that beautiful little dress she had found while shopping in California, knowing full well that the shoes that she needed to go with it were in one of her homes in the Caribbean or in Europe.”
Pity the rich and famous!
We have more choices today than we have ever had in history and yet making countless decisions each day may be a burden rather than a pleasure. In this excellent book, which brings in scientific research and personal examples, Dr. Sheena Iyengar, Professor at Columbia University, describes just why some of these choices are so difficult.
From No Snow to Chartreuse! : Mark Silberbauer, a student from the University of Cape Town talks about studying in Grenoble.
Why did Mark select GEM for his exchange? He lists several reasons. He says he was looking for a life experience out of his comfort zone, one that would incorporate a foreign language and culture. He adds, “my decision was completely based on having a new, cool experience that was not an English one.” Continue reading
So, two of the most prominent and respected professors of finance in the world got it wrong! There are several interesting aspects to the Reinhart and Rogoff spreadsheet error saga and many commentators have jumped in to criticise their work now that we know they omitted out five countries. Perhaps the one thing that has not been said is that they had the good grace, open mindedness and humility to send their data to a graduate student that they had never met and wasn’t even a student at either of their universities. Professors do get it wrong, as do all human beings, but good ones are open to analysis and criticisms from others.
BOOK REVIEW : “This Time is Different: Eight Centuries of Financial Folly” by Carmen M. Reinhart & Kenneth S. Rogoff (2011)
A few weeks ago this book would have been read quickly, given an A+ with a little gold star and a request from the teacher for a “Show and Tell” from two of her best pupils. Thomas Herdon, a graduate student at the University of Massachusetts, Amherst has dented the myth though by identifying the errors in their calculation. This has coincided with increasing criticisms of the current policies even in academic circles. Mark Blyth at Brown University has just published “Austerity: The History of a Dangerous Idea.” In this context, “This Time is Different” is certainly worth another critical read.
Samuel Armstrong, an Australian from the University of Sydney, is currently studying in the Master’s of Global Management program in GEM. He is certainly enjoying the city, the ski stations, all while maintaining his workout routine, learning about the value of group projects, and really gaining a lot from his French exchange. Continue reading
Philip Delves Broughton made quite a name for himself by writing a book, which was highly critical of Harvard Business School and the MBA system in general. During his time at HBS, he was surprised that sales was not part of the curriculum. He expected it to be very present in MBA programs and yet found that, in general, they looked down upon such mercantile procedures.