Glenn Hubbard

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MundoOriente Próximo

Congress recently approved $7.5 billion in aid to Pakistan for social and economic development. The bill incited controversy by requiring that the U.S. secretary of state report to lawmakers on whether Pakistan's civilian government keeps effective control over its military, because many observers accuse some in the Pakistani military of having tolerated or even aided Islamic extremists since the 1980s.

But the bill itself should raise questions. After all, does Pakistan, or the U.S. Agency for International Development, or any other agency that will implement the aid actually know how to successfully spend these funds? In other parts of the world, especially Africa, foreign aid has been a spectacular failure in promoting social and economic development.…  Seguir leyendo »

MundoAmérica,

John McCain and Barack Obama will meet tonight in Nashville for the second presidential debate. As Americans worry about a confusing federal rescue plan, a falling stock market and a financial crisis that is spreading across the globe, the editors of the Op-Ed page asked three economists to suggest the questions they would most like to hear the candidates answer.

1. When the current bailout of Wall Street fails to turn around the economy and reinvigorate credit markets, will you propose another one? How large should it be? Henry Paulson and Ben Bernanke have said what is needed is a restoration of confidence in the economy.…  Seguir leyendo »