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Defeated for the year.
http://krugman.blogs.nytimes.com/2014/03/16/the-wages-of-men/
The Wages of Men
For
reference: Here are changes in hourly real wages of men, 1973-2012, at
different percentiles of the wage distribution, calculated from Census
data by the Economic Policy Institute. As you can see, wages have fallen
for 60 percent of men.
Economic Policy Institute
I was curious to see how the House Budget Committee report on poverty
deals with this fact, which surely plays some role in the persistence
of poverty despite government efforts. The answer is, it never so much
as mentions falling real wages."
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Opinion
Work Like a German
Germany emerged from recession with lower unemployment. We could learn from that.
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Business Day
New Book From Oprah Winfrey Is ‘What I Know for Sure’
The book is adapted from a regular column Ms. Winfrey writes for her magazine. It set for release in September.
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Sports
One 3-Pointer Topples St. Louis, While Many Doom Kansas
The Bonnies trailed the Billikens, the tournament’s top seed, by 10 points at halftime, but they rallied behind a swarming defense and 3-point shooting to take a 71-68 victory.
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Sports
For Land of Hoops, No Shot in N.C.A.A. Tournament
A crisis strikes the heart of basketball country: For the first time in nearly a decade, none of Indiana’s Division I men’s teams have made the N.C.A.A. tournament.Connecticut 93, Louisville 60
An 8th National Title, Built on Spirit, Not Stars
Chris Graythen/Getty Images
The senior guard Kelly Faris, center, who had 16 points and 9 rebounds, and her teammates celebrating UConn's win. More Photos »
By JERÉ LONGMAN
Published: April 9, 2013
NEW ORLEANS — As the current Big East Conference held its confetti
farewell Tuesday night in women’s basketball, Connecticut left with the
most coveted of parting gifts: its eighth national title.
Tournament Bracket and Forecast
Nate Silver calculated each team’s chance of advancing to each stage of the N.C.A.A. tournament. View his bracket and keep tabs on the latest results.
View Men's BracketMultimedia
Related
Men
Women
Chris Graythen/Getty Images
Coach Geno Auriemma, hugging Faris, tied the former
Tennessee coach Pat Summitt’s total of championships.
More Photos »
A 93-60 rout of Louisville gave Coach Geno Auriemma the same number of
championships as his nemesis, Pat Summitt, whose pioneering career at
Tennessee was curtailed by early-onset Alzheimer’s. He graciously called
her “the greatest women’s basketball coach who ever lived,” but
Tuesday’s victory reaffirmed UConn as the country’s pre-eminent program.
After an early flagrant foul by guard Caroline Doty, the uncertain
Huskies recovered and drew away with a decisive 19-0 run in the first
half and finished with 13 3-pointers. The marvelous freshman Breanna
Stewart contributed 23 points, 9 rebounds, 3 blocks, 3 assists and 3
steals. The steady sophomore Kaleena Mosqueda-Lewis added 18 points in a
hail of 3-pointers and grabbed 9 rebounds. And the senior guard Kelly
Faris gave a complete goodbye performance with 16 points, 9 rebounds and
6 assists, earning this UConn team a special place in Auriemma’s career
scrapbook.
These were not the undefeated Huskies of Sue Bird, Diana Taurasi and
Swin Cash, who won the 2002 N.C.A.A. tournament with peerless talent.
Nor were they the 2004 Huskies, who won with Taurasi and a cast of
selfless role players.
Without a true superstar, this UConn team (35-4) fought through injury
and self-doubt and prevailed with renewed assuredness, collective spirit
and expectation, depth, conditioning and a relentlessness that made
victory in the N.C.A.A. tournament seem not only possible but inexorable
with a resurgence over the past month.
Baylor was heavily favored to repeat as the champion, until it was upset
in the regionals by Louisville. And the Huskies lost three times to
Notre Dame before beating the Irish in the national semifinals. When
some players did not develop as steadily as expected, especially
Stewart, Auriemma questioned whether he had overestimated his team.
He had not. UConn regained its ballast in the tournament. And the most
rewarding aspect of the season, Auriemma said, became the struggle.
“I think we’ve done an awful lot for women’s basketball at Connecticut,”
Auriemma said. “Someday, when they write the history of women’s
basketball, we’ll be prominently mentioned, and I’m pretty proud of
that.”
Faris became the epitome of UConn’s resolve. Given her hustle and
resourcefulness, Faris would never have a bad game, Auriemma often said.
And she seldom did, always assigned to guard the opponent’s top scorer,
succeeding with fundamental brilliance — a rebound, a steal, a
defensive stop. Just as she muzzled Skylar Diggins on Sunday, Faris held
Louisville’s Shoni Schimmel to 3-of-15 shooting in the championship
game. And she hit four 3-pointers of her own.
“Will she leave as one of my favorite players?” Auriemma said.
“Absolutely. They’re never going to introduce her as, ‘That was Kelly
Faris, she was a great passer or a great shooter or a great
ball-handler.’ Kelly is great at putting you in position to win. That’s
what she’s great at.”
In preseason, the junior guard Bria Hartley (13 points, 4 assists)
played brilliantly, but she hid an ankle injury from coaches and
trainers. Eventually, she could hardly practice for a month. Her speed
and movement were affected. Her self-assurance plummeted.
But Hartley persevered. Early on Tuesday, Doty threw an elbow and was
called for a flagrant foul. UConn appeared unsettled. But Hartley calmed
her team and ignited a 19-0 run with a jumper, a steal and a layup and
an assist to Mosqueda-Lewis, who later capped the run with a 3-pointer
that put the Huskies inalterably ahead, 29-14.
“It was a little discouraging,” Hartley said of her frustrating season. “But I’m a fighter. I kept working every day.”
- 1
- 2
Despite a tendency to disappear during stretches of games,
Mosqueda-Lewis avoided injury and remained UConn’s most reliable player
and leading overall scorer. Stefanie Dolson (12 points, 6 rebounds, 5
assists, 2 blocks, 2 steals) trimmed her weight and improved her stamina
at center, persevering through the tournament despite a stress fracture
in one leg and plantar fasciitis in one foot.
“Coach told us we needed every single one of us,” Mosqueda-Lewis said.
“We had confidence in each other and trusted each other.”
In her first 10 games, Stewart scored more points than any previous
UConn freshman. Auriemma suggested she could become the Huskies’
greatest player. But Stewart can be flighty, and she began to lose focus
and confidence. An ankle injury kept her out of a regular-season
victory over Louisville.
“She’s too good a shooter to miss the open shots she was getting,” said
Chris Dailey, the team’s associate head coach. So Dailey and Stewart
began working together in extra practice sessions, rehearsing her
shooting form, making sure she set proper screens.
“We always tell them, your greatest strength is your greatest weakness,”
Dailey said. “Her greatest strength is that because she’s kind of
carefree, the pressures of the moment don’t impact her. At the same
time, because she’s carefree, she didn’t always have the intensity she
needed to finish plays and do the things she needed.”
At 18, the 6-foot-4 inch Stewart can at times still seem ungainly. She
can dunk a basketball, but Dailey has jokingly called her Bambi because
she can appear uncertain of her movements, like a newborn deer.
Stewart needs to be stronger and improve her balance and footwork,
according to Dailey, who laughed and said, “She has the worst timing and
jumping I’ve ever seen for anyone who can actually jump.”
Still, Stewart gave remarkable glimpses of her talent during the
N.C.A.A. tournament with 3-pointers, rebounds, blocked shots and
vaulting moves inside. She scored a career-high 29 points in the
national semifinals and, after Tuesday’s performance, was named the most
outstanding player of the Final Four.
“She just stopped second-guessing herself and overthinking and just
played basketball,” Dolson said of Stewart. “She decided she was going
to have fun, no matter what.”
Among this team’s indispensable players, only Faris will not return.
Next season, UConn will probably be ranked No. 1 while playing in a rump
league called the American Athletic Conference. One thing will not
change: a hunger for championships.
“This was the hardest one, for many reasons,” Dailey said. “This team
came together and turned it around. I’m proud of them. Only at UConn can
you win 35 games and say you had to turn it around. We’ve created our
own monster, but I’d rather that than the alternative.”"
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U.S.
As Owners of Roadside Institution Enter Political Fray, Texans Weigh Their Loyalties
Buc-ee’s convenience stores are known for their huge size, clean restrooms, millions of snack options and, now, a statewide political endorsement.
17
Business Day
Fed Challenge: Pull Back Without Pulling the Rug Out
A central-bank policy that helped stocks to surge may have also caused some market distortions.Notes on Piketty (Wonkish)
I’m working on a long-form review (for the New York Review of Books) of Thomas Piketty’s epic Capital in the 21st Century;
I don’t want to steal my own thunder, so a broader reaction will have
to wait. But for my own edification I wanted to write up a clarification
of a couple of technical points.
Piketty’s big idea is that we are in the
early stages of returning to a society dominated by great dynastic
fortunes, by inherited wealth. And he has an analytic argument to back
up that idea. I wonder, however, how many readers will fully appreciate
either the strengths of the weaknesses of that argument.
To get at what is going on in his book, I
think it’s useful to do it in the reverse order from his own
presentation, first laying out a necessary condition for dynastic
dominance, then asking what macroeconomic forces determine whether this
condition is met.
So: Imagine a wealthy family that has
managed, somehow or other, to guarantee that a large fraction of its
income is used to accumulate more wealth. Can this family thereby
acquire a dominant position in society?
The answer depends on the relationship
between r, the rate of return on assets, and g, the overall rate of
economic growth. If r is less than g, dynasties are doomed to erode:
even if all income from a very large fortune is devoted to accumulation,
the family’s wealth will grow more slowly than the economy, and it will
slowly slide into obscurity. But if r is greater than g, dynastic
wealth can indeed grow to gigantic size.
So what determines r-g? Piketty stresses the
effects of changes in economic growth. I find this easiest to see in
terms of a standard Solow model. In the figure below, we assume that s
is the aggregate rate of saving; that technological change is
labor-augmenting, so that it can be thought of as increasing the number
of effective workers faster than the number of actual workers; and that
there is an aggregate production function Q/L = f(K/L) where Q/L is
output per effective worker and K/L is capital per effective worker. The
familiar diagram then looks like this:
Over time, the economy converges to
steady-state growth at the rate n, which is the sum of labor force
growth and technological progress, and the capital-output ratio
converges to s/n.
As the figure shows, a decline in n will lead
to a rise in the capital-output ratio and a fall in both r and g. Which
falls more? Well, it depends on what happens to the capital share in
output, which in turn depends on the elasticity of substitution between
capital and labor.
I find this easiest to think of in terms of a
numerical example. Let’s assume that s = .09 and initially n = .03.
Then the capital-output ratio is 3; if the capital share is .3, r=.10.
Now let n and hence steady-state g fall to .015. K/Q rises to 6. If the
capital share doesn’t change, r falls to .05 – that is, it falls in
proportion to growth. If the elasticity of substitution is less than 1,
the higher ratio of capital to effective labor means a fall in the
capital share, so the return on capital falls more than the growth rate.
However, Piketty asserts that the elasticity of substitution is more
than 1, so that the capital share rises, and r falls less than g.
And then Piketty tells us something
remarkable: historically, r has almost always exceeded g – but there was
an exceptional period in the 20th century, a period of rapid labor
force growth and technological progress, when r was less than g. And he
asserts that the kind of society we consider normal, in which high
incomes reflect personal achievement rather than inherited wealth, is in
fact an aberration driven by this exceptional period.
***********!!
It’s a remarkable, sweeping vision. A couple of questions:
1. How much of the decline in r relative to g
in the 20th century reflected fast growth, and how much reflected
policies that either taxed or in effect confiscated inherited wealth? In
other words, how much was destiny, how much wars and political
upheaval? Piketty stresses both factors, but never gives us a relative
quantitative assessment.
2. How relevant is this story to what has
happened so far? In the United States, as Piketty himself stresses,
soaring inequality has to date been largely been driven by labor income –
by “supermanagers” (I prefer superexecutives.)
Much more when I deliver the whole thing."
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N.Y. / Region
Metro-North Service Restored After Explosion in Harlem
The M.T.A. said Metro-North Railroad service into and out of Grand Central Terminal has been restored. Service was suspended earlier after two buildings collapsed from an explosion in East Harlem.
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Health
Emergency Rooms Are No Place for the Elderly
It’s hard to imagine a health care setting more ill suited for the elderly than today’s emergency rooms.
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Business Day
Vivendi Agrees to Exclusive Talks With Altice for Mobile Phone Unit
Despite objections from the French industry minister, the media conglomerate agreed to a three-week, exclusive negotiating period after Altice offered to pay about $16.3 billion, plus an equity stake, for SFR.
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U.S.
Indiana: Measure to Allow Guns in School Lots Advances to Governor
People will be allowed to have guns in school parking lots under a proposal that won approval in the Indiana General Assembly.
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N.Y. / Region
Despite Fears, Traffic Flows On After Tappan Zee Ramp Is Closed
During the evening rush hour on Monday, traffic was flowing smoothly on Route 9, where the ramp is set, and on the bridge itself.
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U.S.
Perry’s Exit Leaves a Void for Republicans
Senator Ted Cruz is not running for election this year, so Dan Patrick and Greg Abbott, in particular, are wedging their way into the conversation.
13
World
‘No Guarantee’ of Final Nuclear Deal With Iran, E.U. Official Says
The European Union’s foreign policy chief, Catherine Ashton, said that reaching a final comprehensive deal would be difficult and challenging.
14
Opinion
Lift the Mideast Roadblocks
Concurrence on four big issues can be reached if both sides are committed to a two-state solution.
15
Opinion
A Rare Opportunity on Criminal Justice
In the current Congress, where almost all legislation goes to die, there is a surprising movement toward sentencing reform.
16
N.Y. / Region
After Seeing His Family Crumble, Vindicated Whistle-Blower Has Little to Smile About
Fact wins over faith in court.
17
Magazine
Silicon Valley’s Youth Problem
In start-up land, the young barely talk to the old (and vice versa). That makes for a lot of cool apps. But great technology? Not so much.
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Business Day
‘Good Morning America’ Hits Ratings Milestone
Spillover from ABC’s Oscar coverage led the show to its biggest weekly audience average since Nielsen began keeping electronic ratings records.
19
Automobiles
Wheelies: The More Hybrids Edition
Toyota says hybrids may soon account for 20 percent of its global sales; Honda announces the Acura brand’s realignment into a separate division.
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U.S.
For-Profit Schools Face New Default Rules
For-profit colleges would lose all federal student aid, a fatal blow, if their students fail tests of earnings and debt default, the Obama administration will propose Friday.Neat idea.
The defense will be to blame the students.
The result could be to end all student aid.
Accreditation is the traditional mechanism to certify education.
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