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Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Supreme Court Ruling Could Limit Medical Board Authority (Robert Lowes, Medscape Multispecialty) State medical boards may find it harder to fence off the practice of medicine from nonphysicians — think nurse practitioners — in the wake of today's Supreme Court decision in a case about teeth whitening. In a 6–3 vote, the high court ruled that North Carolina's dental board violated the Sherman Antitrust Act when it shut down nondentists who were whitening teeth in malls and beauty shops because the board, composed mostly of practicing dentists, was not actively supervised by the state. Professional boards not under strict government supervision can be predisposed to protect their own professional interests.
Articles about events, conflicts and disease around the world
Is Business School Gutting the Economy? (Natalie Kitroeff, Bloomberg) When finance sucks talented young workers away from other industries, we all suffer, a new report shows. Business schools basially amount to "banker factories" and little has resulted from the recent curriculum changes to "encourage entrepreneurship and socially responsible careers". See Reassessing the impact of finance on growth (Stephen G. Cecchetti and Enisse Kharroubi, BIS Working Paper No. 381). This paper has something which might be called a "Laffer curve for benefits from finance". When the finance share fo GDP is low increasing it raises the "GDP growth per worker growth" (GGWG)obtained. But once a certain point is reached further growth of finance as a share of GDP starts to reduce GGWG. Econintersect suggests an analogy to salt: Adding a certain amount of salt improves the taste of food but too much ruins the taste and in excess sodium chloride is a deadly poison. See also next article.
Why does financial sector growth crowd out real economic growth? (Stephen G. Cecchetti and Enisse Kharroubi, BIS Working Paper No. 490). The faster the finance sector grows the slower the total economy grows. The paper's conclusion:
Econintersect: The parasite is revealed.
Syriza should use the next four months to get Greek banks lending to its own government (Josh Ryan-Collins, New Economics Foundation)
Under the banking-controled monetary system that exists in most of the world today, including the Eurozone, there is a source of more euros for Greece. The author points out that only the banks can create euros out of nothing. The problem is shown in the graph below. Greek banks have stopped lending, in fact have been reducing credit (money) in the economy for four years now.
Other Economics and Business Items of Note and Miscellanea
Nasdaq Composite Index Comes Within 11 Points Of 5,000 Milestone (International Business Times)
Economics Myths (Seeking Alpha) Unfortunately the author not only reveals some economic myths, he then goes on to create some of his own.
Geo-economics: Seven Challenges to Globalization (World Economic Forum)
States predict inmates' future crimes with secretive surveys (Associated Press) Penalizes the poor and the uneducated.
Life in Prison for Selling $20 of Weed (The Daily Beast)
These 7 inventions were supposed to change the world. They failed. Badly. (Vox.com) There is a difference between dumb fads and great changes and that is not always evident at first. And it is possible that former flops may become future successes, as well.
Scientists discover black hole 12 billion times more massive than the sun (CNN) Chinese astronomers have found a massive black hole formed only about 900 million years after the Big Bang (or the time that we have assumed a Big Bang occurred). See next article.
Young black hole had monstrous growth spurt (Nature) This very old black hole may have reached massive size through collapse of a very large gas clous rather than a single star collapse which has been considered the likely source of black holes until now.
Why is there something rather than nothing? (BBC News) Some physicists think they can explain why the universe first formed. If they are right, our entire cosmos may have sprung out of nothing at all. Econintersect: Sounds like money.
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