January 25th, 2013
05:29 PM ET

Weekend reading

By Fareed Zakaria

“[Larry] Summers is the closest the Davos set comes to a Delphic Oracle and a historic deficit hawk in very good standing,” writes Chrystia Freeland for Reuters. “That’s why his relatively dovish comments about U.S. deficit reduction should carry such clout.”

“His most important point is that economic policy is more like medical treatment than religion. It isn’t a dogma that should be cleaved to under every circumstance. Instead, it is a tool kit, whose particular application depends on the specific patient.”

I’ve also been in Davos this week, and took part in a number of panels, including one with King Hussein of Jordan, another with Malaysian Prime Minister Mohd Najib Bin Tun Abdul Razak, and a session discussing issues including building on the promise of the Arab Spring.

Meanwhile, urban residents in China in their 20s are four times as likely to be unemployed as those with only an elementary school education, according to study by a Chinese university that was reported on yesterday by the New York Times.

“China’s swift expansion in education over the last decade, including a quadrupling of the number of college graduates each year, has created millions of engineers and scientists. The best can have their pick of jobs at Chinese companies that are aiming to become even more competitive globally…But China is also churning out millions of graduates with few marketable skills, coupled with a conviction that they are entitled to office jobs with respectable salaries.”

Could U.S. natural gas exports help reduce carbon emissions globally?

“Exporting natural gas would be more likely to displace coal both at home and abroad, resulting in a lower net carbon emissions overall,” argues Arno Harris in Fortune. “This alone gives climate advocates a reason to support the export of natural gas.”

After years of a painful oversupply following the housing crash, the U.S. may actually have too few houses on the market, writes Daniel Gross in the Daily Beast.

“Most buyers have to find the right house, in the right neighborhood, at the right time, at the right price, before committing their life savings,” Gross writes. “And when there aren’t as many homes to choose from, it becomes more difficult to find the right place. When an attractive home is on the market at a good price, it’s likely to inspire a bidding war. The median price for an existing home rose 11.5 percent between December 2011 and December 2012.”

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Topics: China • Economy

soundoff (4 Responses)
  1. CB

    There is light discussion chaired by Nazenin Ansari next Wednesday in London I hope you might nick into on your way back from the slopes http://www.keshefoundation.org/media-a-papers/interviews/341-live-link-talk-mt-keshe.html
    If you are looking for structural change, right now, for the better, please pop in. Or at least have a listen.

    January 25, 2013 at 5:44 pm | Reply
  2. JAL

    The promise of the Arab Spring will come to fruition for everyone. War is too stressful to sustain. The planet needs a big celebration to begin the massive global economic development initiatives. Who will say "no" to fun? Not me...

    January 25, 2013 at 5:57 pm | Reply
  3. rightospeak

    My comment was not liked because I said that real issues are not being discussed like end of euro. The enemies of free speech at CNN just shut me up . Often after a nice write up, I am too tired to bother with a censored junk on CNN. Freedom of expression ? You are kidding me. If I hurt your feelings with my comments that you removed -sorry,Ii did not mean to hurt, I just meant to contribute so that we all are better off.

    January 26, 2013 at 10:46 am | Reply
  4. j. von hettlingen

    Fareed, the study reported by the New York Times maintained that many Chinese graduates say no to factory jobs. Prestige is one reason,and the lack of white-collar jobs in the underdeveloped service sector is the other. China has to change its economic formula and move away from state capitalism.

    January 26, 2013 at 5:48 pm | Reply

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