The Economist

The Economist is an English language weekly newspaper owned by the Economist Group and edited in offices based in London. Continuous publication began under founder James Wilson in September 1843. For historical reasons, The Economist refers to itself as a newspaper, but each print edition appears on small glossy paper like a news magazine. In 2006, its average weekly circulation was reported to be 1.5 million, about half of which were sold in the United States.

The publication belongs to The Economist Group. It is 50% owned by private investors and 50% by Exor, the Agnelli holding company, and the Rothschild banking family of England. Exor and the Rothschilds are represented on the Board of Directors. A board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has a global emphasis and scope, about two-thirds of the 75 staff journalists are based in the City of Westminster, London. As of March 2014, the Economist Group declared operating profit of £59m. Previous major shareholders include Pearson PLC.

Federal Reserve System

The Federal Reserve System‍—‌also known as the Federal Reserve or simply as the Fed‍—‌is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved. Events such as the Great Depression in the 1930s were major factors leading to changes in the system.

The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and as of 2009 also include supervising and regulating banks, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed conducts research into the economy and releases numerous publications, such as the Beige Book.

The Federal Kuala Lumpur

The Federal Kuala Lumpur is an international-class hotel located on Kuala Lumpur's Bukit Bintang district. It hosts post-independence Malaya's first revolving restaurant.

History

The Federal Kuala Lumpur is the first international-class hotel of post-independence Malaya. It was built to coincide with Malaya's Independence commemoration to serve as a hotel for witnessing foreign dignitaries. It opened for business just three days before Malaya's Independence Day which falls on 31 August 1957. It was founded by Tan Sri Datuk Low Yat. The architect of the original nine-story building was Yoon Thim Lee. The taller wing housing the revolving restaurant was built in the early 1960s.

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Economic collapse

There is no precise definition of an economic collapse. The term has been used to describe a broad range of bad economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death rate and perhaps even a decline in population (such as in countries of the former USSR in the 1990s).

Often economic collapse is accompanied by social chaos, civil unrest and sometimes a breakdown of law and order.

An example of an economic collapse is the Great Depression.

Cases of economic collapse

There are few well documented cases of economic collapse. One of the best documented cases of collapse or near collapse is the Great Depression, the causes of which are still being debated.

Bernanke's comment addresses the difficulty of identifying specific causes when many factors may each have contributed to various extents.

Economist

An economist is a professional in the social science discipline of economics.

The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics. A generally accepted interpretation in academia is that an economist is one who has attained a Ph.D. in economics, teaches economic science, and has published literature in a field of economics.

In academia

The professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path they believe their profession should take. It is, primarily, a debate between a scholastic orientation, focused on mathematical techniques, and a public discourse orientation, which is more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter. However, these preferences expressed in private often differ with what is actually acted out in the public eye.