BRIC wall

THE economic crisis may have been debilitating for the rich world but for emerging markets it has been closer to a triumph. In 2010 China overtook a limping Japan as the world’s second-largest economy. It looks sets to catch America within a decade or two. India and Brazil are growing rapidly. The past few years have reinforced the suspicion of many that the story of the century will be the inexorable rise of emerging economies. If projections of future growth look rosy for emerging markets, however, history counsels caution. The post-war period is rich in examples of blistering catch-up growth. But at some point growth starts to disappoint. Gaining ground on the leaders is far easier than overtaking them.
Rapid growth is initially easy because the leader has already trodden a clear path. Developing countries can borrow existing technologies from countries that have already become rich. Advanced economies may be stuck with obsolete infrastructure; laggards can skip right to the shiniest and best. Labor productivity soars as poor economies shift workers from agriculture to a growing manufacturing sector. And rapid income growth among young workers boosts savings and fuels investment.
But the more an emerging economy resembles the leaders, the harder it is to sustain the pace. As the stock of borrowable ideas runs low, the developing economy must begin innovating for itself. The supply of cheap agricultural labor dries up and a rising number of workers take jobs in the service sector, where productivity improvements are more difficult to achieve. The moment of convergence with the leaders, which once seemed within easy reach, retreats into the future. Growth rates may slow, as they did in the case of western Europe and the Asian tigers, or they may falter, as in Latin America in the 1990s.

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The latest bubble?

by Schumpeter

ON September 2nd 2010 I wrote a mischievous column ("Declining by degree") likening America's universities to its car companies in about 1950: on top of the world and about to take an almighty fall. Since then I have heard the argument dismissed and denounced by the presidents of Harvard, Princeton and New York University. John Sexton, NYU's affable president, even likened me to a member of the tea party, for which there is no more damning condemnation in academic circles.

So I am particularly delighted to read Peter Thiel's latest thoughts on the higher-education bubble. Mr Thiel, the co-founder of PayPal and a legendary investor, has a long history of identifying bubbles. He insisted on striking a deal, against everybody's advice, when the market valued PayPal at "only" $500m, on the ground that the dotcom bubble was about to burst (this was March 2000). He refused to buy property until recently, figuring that the dotcom bubble had simply shifted to housing.

Mr Thiel believes that higher education fills all the criteria for a bubble: tuition costs are too high, debt loads are too onerous, and there is mounting evidence that the rewards are over-rated. Add to this the fact that politicians are doing everything they can to expand the supply of higher education (reasoning that the "jobs of the future" require college degrees), much as they did everything that they could to expand the supply of "affordable" housing, and it is hard to see how we can escape disaster.

Here is Sarah Lacy's summary of Mr Thiel's argument about the safety-blanket role of higher education:

"Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe. The excesses of both were always excused by a core national belief that no matter what happens in the world, these were the best investments you could make. Housing prices would always go up, and you will always make more money if you are college educated."

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The Death of Safe Sex

Now that STD-awareness campaigns and AIDS paranoia have faded, young men are throwing caution—and condoms—to the wind. Trouble is, the dangers are as clear and present as ever.

By Ian Daly,

The roof lounge at the Hotel Gansevoort enjoys the somewhat dubious honor of being the center of New York City’s vast white-collar meat market. This late-summer Saturday, a trio of clean-cut married guys on the balcony are clutching highballs and trading anecdotes about great moments in poor sexual judgment during their recently ended bachelor days. The one thing they agree on is this: There’s not much to fear out there.Click the title to read the rest......

How the Word “Organic” Tricks You

The “certified organic” label means more than pesticide-free produce: It may make you underestimate the calories in that food, a new Cornell University study finds.
In the study, subjects were asked to guess the calories in two sets of cookies, yogurt, and chips—one labeled organic, the other as regular. Although all the products were actually organic, participants estimated that the “organic” cookie contained an average of 161 calories versus 216 calories in the “non-organic” cookie. They also rated the organic cookie as more nutritious.
“There seems to be a widespread perception that the term organic is closely associated with the term healthy—despite the fact that the term organic refers to a method of production rather than the actual nutritional content of the food,” says Jenny Wan-chen Lee, a Cornell University graduate student who completed the study as part of her master’s thesis research. (Related from MensHealth.com: The State of the Organic Union.)
The finding shows that organic foods fall under a “health halo”—a phenomenon  where the “presence of a supposedly healthy food within a meal leads people to misjudge their entire meal as being healthier,” Lee says. Clouded by this health halo, you’ll be more likely to underestimate calories consumed, overeat, and derail the 6-pack abs you’ve been working on.
For example, if you order a Subway sandwich—which is thought of as healthier than a McDonald’s Big Mac—you may be more inclined to order chips or a cookie. Ultimately, you’ll eat more calories than you would have done had you merely ordered the Big Mac without any sides, Lee explains.
In a previous series of four studies on the health halo effect, people estimated sandwiches and burgers contained up to 35 percent fewer calories when they came from restaurants claiming to be healthy compared to when they came from restaurants not making this claim, found Pierre Chandon, Ph.D., a professor at INSEAD business school, and Brian Wansink Ph.D., author of Mindless Eating: Why We Eat More Than We Think. In fact, one of the studies found that when shown sandwiches with the same number of calories from McDonald’s and Subway, people guessed the McDonald’s sandwich had an extra 151 calories.
This doesn’t mean you shouldn’t go organic. (Here’s how eating organic can boost your metabolism). Rather, it’s a caution not to overindulge—“organic” doesn’t mean low-calorie. “The first step to avoiding the health halo is just knowing it exists. Realize that you might underestimate the calories in healthy foods, so always check the nutrition label for the real facts,” Lee says.
If you’re looking to lose weight, cutting calories is only part of the equation. Read these other 9 Weight-Loss Rules that Work.
—Bari Lieberman

Magnificent Mac and Cheese

Serves 6 to 8

Ingredients

• Vegetable oil
• 1 lb fusilli, cavatappi, or elbow macaroni
• 1 qt milk
• 8 tablespoons (1 stick) unsalted butter
• 1/2 cup all-purpose flour
• 12 oz Gruyére, grated
• 1 tablespoon salt
• 1/2 teaspoon freshly ground black pepper
• 1/2 teaspoon nutmeg
• 3/4 lb fresh tomatoes, sliced
• 1 1/2 cups fresh white breadcrumbs (made from 5 slices white bread, pulsed in a food processor)

Step 1

1. Heat oven to 375 degrees. Bring a large pot of salted water to a boil. Drizzle the oil into the boiling water, add the pasta, and cook according to package instructions. Drain well.

Step 2

1. Meanwhile, heat the milk in a small saucepan, but do not allow it to boil. Melt 6 tablespoons of the butter in a large (4-quart) pot and add the flour all at once. Cook over low heat for 2 minutes, stirring with a whisk. Whisk in the hot milk and cook for a minute or two more, until thickened and smooth. Remove from heat and stir in the cheeses, salt, pepper, and nutmeg. Add the cooked pasta and stir well. Pour into a 9-by-13-inch baking dish.

Step 3

1. Arrange the tomato slices on top. Melt the remaining 2 tablespoons of butter; toss with the fresh breadcrumbs to coat evenly, and sprinkle all over the top of the casserole. Bake for 30 to 35 minutes, or until the sauce is bubbly and the pasta is browned on top. Let rest 5 minutes before serving.

The Freshest Margarita

Recipe:
2 oz Milagro Silver Tequila
6 oz fresh lime juice
1/2 or 1 oz of raw organic agave (depending on desired sweetness)

Instructions:
Shake. Strain over ice. Should be sharp, crisp and tart.

Recipe courtesy of Los Feliz, 109 Ludlow St., New York City.

Building A Better Kitchen: Drawer

The (second) best thing about cooking is the gear. Here’s more of what you need -- handily stowed out of sight -- to improve your skills. Click the title for more.....

Building A Better Kitchen: Countertop

The (second) best thing about cooking is the gear. And with new technology, it’s easy to make Michelin-worthy meals at home. Here’s what you need in sight to up your skills. Click on the title for more.....

Texas Monthly Special Series — Immigration

The United States shares 1,954 miles of border with Mexico, 1,254 of which are along the Rio Grande. In this special multimedia feature, Texas Monthly explores the issue of immigration. Listen to what Texans from all walks of life have to say about how immigration affects them, browse articles on the issue of immigration, listen to audio snapshots from our November roundtable, and join the discussion in the dedicated forum. Click on the title for the rest.....

Mumbai Golf - ESPN E:60

Mumbai Golf  - ESPN E:60 from Evolve IMG Films Ltd. on Vimeo.


An ESPN E:60 short TV doc on Golf in India. Produced by Yaron Deskalo, ESPN. Filmed & Edited by Evolve Digital Cinema.

Caddies from an upscale golf club in Mumbai, India, created a version of the game using handmade equipment and a course that winds through the streets and slums.

Picasso: Drawing With Light

Renowned LIFE photographer Gjon Mili, a technical genius and lighting innovator extraordinaire, visited Pablo Picasso in the South of France in 1949. Mili showed the artist some of his photographs of ice skaters with tiny lights affixed to their skates, jumping in the dark -- and Picasso's lively mind began to race. This series of photographs, since known as Picasso's "light drawings," were made with a small flashlight or "light pencil" in a dark room; the images vanished almost as soon as they were created. However, while the "Picasso draws a centaur in the air" photo is rightly celebrated and famous, many of the images in this gallery are far less well-known -- and equally thrilling. Click on the title for more....

Trap Light by Gionata Gatto and Mike Thompson

 

From Studio Atùppertù, a lamp that captures light and converts it into reusable light. "By utilizing photo luminescent pigments to capture escaping light, Trap Light converts waste energy back into visible light."

 Photo luminesence is a process in which energy absorbed by a substance is gradually released as light. Using the Murano glass blowing technique, the designers were able to embed photo luminescent pigments into the glass body of the lamp. Through this process, Trap Light becomes both shade and light source, emitting, absorbing, and re-emitting light. 30 minutes 'charge' of recycled light from a traditional incandescent or LED light bulb provides up to 8 hours of ambient lighting." Click on the title for more.....

Spike Jonze Presents: Lil Buck and Yo-Yo Ma’ Video

Opening Ceremony presents Los Angeles street dancer Lil’ Buck as he re-interprets “The Dying Swan” from Camille Saint-Saëns’ Carnival of the Animals accompanied by award-winning cellist Yo-Yo Ma and then casually filmed by world renowned director Spike Jonze. Enjoy

New York Adorned “Tradition” Video

Director Evan Dennis has presented a beautiful new video featuring the crew at New York Adorned entitled “Tradition.” The black and white film captures the living breathing city, the artists that work at the studio and the patrons that come through, all narrated by Lori Leven. Dope.

NY Adorned “Tradition” from Evan Owen Dennis on Vimeo.

12 Ways To Curb Your Spending

A particularly effective means of draining your bank account is to do so in small doses. Twenty-dollar withdrawals from the ATM feel so petty that it doesn't seem harmful to go through half a dozen of them over the course of a few days. Of course, when the monthly statement comes in, it becomes clear just how damaging they really are.

An obvious remedy to this situation and curb your spending is to cut down on trips to the ATM by withdrawing a lump sum of cash every week. Then again, old habits die hard and you might just find yourself taking out the big amounts with the same frequency that you did the smaller ones.

So how's this for an alternative solution: Eliminate the need for some of those small withdrawals by making some minor adjustments to your spending habits. For instance, cutting out the traditional post-work beers one night of the week might save you $20. Over the course of a month, that small sacrifice will keep an extra $80 in your account.

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Atrium House by MESH ArchitectsAtrium House by MESH Architects

Via @Abitare, an atrium house built around a courtyard in New York that "began as a one-story workshop that occupied the entire 22'x100' site. There are also outdoor spaces at both ends of the second floor. A catwalk through the double-height living room connects these outdoor spaces. Click on the title for more..

Old College Try

Rick Perry is waging a quiet war against our current system of higher education, which makes him a lot like some previous governors. He may win, but we’ll lose..

by Paul Burka

Anyone who has read or watched the news in the past few months knows that public education in this state faces a fiscal crisis. School districts are contemplating layoffs, closing campuses, and cutting programs. What the public does not realize is that a second education crisis looms, this one involving the state’s colleges and universities. But unlike the crisis in public education, the one in higher education is not primarily about funding. It is about ideology. Rick Perry is waging an undeclared war on higher education—in particular, on the state’s two flagship institutions, the University of Texas and his own alma mater, Texas A&M. He has delegated higher education policy to the Texas Public Policy Foundation, an Austin-based conservative think tank, which has produced an ideological blueprint for how the state’s universities should be governed. The objectives are accountability, transparency, and productivity. Several of the TPPF’s recommendations have already been put into practice at Texas A&M. UT has resisted so far, but the administrators I spoke with believe the battle is likely to be a losing one. Just last month, the UT regents hired Rick O’Donnell, formerly the executive director of the Colorado Department of Higher Education, as a special adviser. O’Donnell’s skeptical view of the value of research is in direct conflict with the model of a Tier One university. In short, the money changers are in the temple, and there is no getting them out.

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Sweet Pea Pesto

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Vegetable Fried Rice

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