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According to recent studies, in most cases spending cuts have a tendency to weaken economies.
Much of modern economic and financial theory is based on the assumption that people are rational, says author.
A self-described financial 'expert' makes incendiary remarks about bankers but former Goldman traders disagree.
The drop in economic confidence was sharper in July 2011 than it was in 2008, due to fears of a US debt default.
Japan could have mitigated financial fallout with proper catastrophe insurance, such as GDP "trill" bonds.
By 2010, US farm prices fell only 5 per cent from their 2008 peak, compared with 37 per cent for home prices.
Excessive debt concentrations, rather than hot capital inflows, are causing global economic imbalances.
Kenneth Rogoff
Economists ignored human factor in run-up to financial crisis, says Samah El-Shahat.
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Western fighters have streamed into the Middle East to help 'liberate' Arab countries such as Syria and Libya.
The Pakistani government is proposing reform of the nation's madrassas, which are accused of fostering terrorism.
Weaving and handicrafts are being re-taught to a younger generation of Iraqi Kurds, but not without challenges.
The author argues that in the new economy, it's people, not skills or majors, that have lost value.
 
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Three years since the start of the uprising, nine million people have been displaced by fighting.
An in-depth look at Egypt's ongoing political crisis.