Part II: Speed
Article 2
Tourism and the trade balance
[Time 2]
China has the world’s biggest trade deficit—in servicesNot long ago, China’s cheap currency and its large current-account surplus were the biggest controversies in global economics. American policymakers accused China of manipulating its currency for competitive gain and flew to Beijing to convey their displeasure. Some commentators blamed the global financial crisis on China’s surplus and its accumulation of safe American bonds, which encouraged America’s financial industry to invent lucrative, but toxic, substitutes. After the crisis, they then blamed China’s surplus for America’s failure to export its way out of trouble.
The controversy has never entirely disappeared, but it has diminished. Having peaked at over 10% of GDP in 2007 (see chart), the surplus narrowed to just over 2% of GDP ($189 billion) last year, according to figures released last week. China’s exports of goods vastly exceeded its imports, as always. But this imbalance was partially offset by another component of trade: services. At $122 billion in 2013, China’s services deficit is by far the biggest in the world. What lies behind this big gap? One industry stands out: tourism. Five years ago, China earned a surplus from cross-border travel. Visitors from outside the mainland spent more in China than the mainland’s own travellers spent overseas. But the number of arrivals fell last year by 2.5%. Meanwhile the number of China’s outbound tourists rose by 18%. As a result, China’s deficit in travel spending rose to $80 billion in 2013, points out Thilo Hanemann of the Rhodium Group, a research firm. [263 words]
[Time 3]
Such trends suggest that China’s surplus could narrow further. Zhang Zhiwei of Nomura thinks it will drop to 0.4% of GDP by 2015. This will be helped by a less competitive yuan. Last year China’s exchange rate, weighted by trade and adjusted for inflation, rose by over 7%, according to the Bank for International Settlements. Only the Icelandic krona and Israeli shekel rose more. The yuan’s rise is even more dramatic when compared with the countries it competes against in world markets. Their currencies have mostly plunged since America’s Federal Reserve said it would slow down its asset purchases. China’s has continued to strengthen. Yet despite these trends, China’s surplus can still generate disagreement. Stephen Green of Standard Chartered predicts that it will widen again in 2014, helped by an increase in global demand. Strong export figures in January seem to support this view, assuming the numbers were not flattered by faulty invoicing and a rush to fulfil orders before the Chinese New Year. Mr Green argues that the surplus will increase to 3.6% of China’s GDP this year. That does not sound too dramatic. But, as he points out, China’s economy is now far bigger than it was when it was causing so much international consternation. Thus a surplus worth 3.6% of GDP this year could be bigger in dollar terms than the 10% surplus in 2007. In other words, he writes, 2014 is likely to be the year when China’s balance of payments re-emerges as a problem for the world. [271 words]
Source : Economist
http://www.economist.com/news/china/21596568-china-has-worlds-biggest-trade-deficitin-services-number-great-import?zid=306&ah=1b164dbd43b0cb27ba0d4c3b12a5e227
Article 3
Five Ways to Prevent Burnout and Live a Balanced Life
[Time 4]
I’m back! I hope you had a lovely Thanksgiving. My invited research presentation in England went super well and I had a great trip to Italy—amazing places. Today we’re going to talk about five ways to prevent burnout. Four of them have to do with living a balanced life. Sharpen the Saw: Live a Balanced Life
Stephen Covey (1989) describes the concept of “sharpening the saw.” After repeated use and without proper care, a saw will become dull and unable to perform its function of cutting wood. Can you imagine how difficult it would be to cut down a tree with a dull saw? It can be just the same with us if we do not take care of ourselves and live a balanced life—we become like the dull saw and are not able to effectively tackle all the tasks that surround us. We have to fight our natural tendency to want to throw every ounce of our time and energy at the daunting tasks ahead. Instead, we need to take out some time each day to be balanced—these investments will pay large dividends for your overall ability to be productive since a sharp saw can cut infinitely better than a dull one. I believe there are four main areas in which we should try to spend some time to stay in balance: physical health, intellectual stimulation, self-introspection, and social interaction. Here are some ideas for being balanced in as time efficient manner as possible: [257 words]
[Time 5]
Physical Health
Our normal work does not require much in the way of physical requirements, in fact, we’re pretty sedentary. In Publish and Prosper, I point out that “Putting off adequate physical exercise will catch up to you both in the short term and in the long run. In the short term, physical exercise is always worth the time that it takes because it helps relievestress (for a review, see Salmon, 2001) and helps your mind to more effectively process information. In the long run, keeping your body in shape will extend your life and the time you have to pursue your careergoals” (p. 67). Here are some ideas for fitting exercise into a busy schedule:
1. Bike to work. If you live between 1 and 5 miles from campus, you may consider biking. With the parking situation at most universities, it could save you money and may be just as fast or faster than driving. Plus, you ensure that you get a workout each day that doesn’t take extra time out of your busy schedule.
2. Use university health facilities. Chances are that you are paying for these amazing gyms, why not use them. You could bring a book or article to read as you do a cardio workout. 3. Get enough sleep. If you are sleep deprived, you probably aren’t working to your capacity. Doctors recommend 7-8 hours. 4. Pack a lunch. You will be amazed at how much money you can save and how much healthier you will eat if you regularly pack a lunch to work. Make sure to include some fruit and veggies in your lunch.
[279 words]
[Time 6]
Intellectual Stimulation
You are probably already doing a lot to work your mind. However, don’t limit yourself to just your area of research focus or even your particular field of study. You’ll be a much more interesting conversation partner and will keep your mind sharp with new ideas through audio books or podcasts. You can keep up on current events and burn through several books that will help you improve yourself and your perspective all while exercising, commuting, cleaning, or doing other mundane tasks that you needed to do anyway. Your public library will be an excellent resource and you can also download books that are in the public domain for free through sources such as LibriVox. Keep reading both within and outside your discipline.
Self-Introspection
According to Socrates “The unexamined life is not worth living.” Take some time each week for reflection and self-introspection. This could include journaling, going out in nature, meditating, praying or readingreligious texts (if you are religious), or doing some other activity that will help you engage in self-introspection. Looking at the broader picture of your life will keep you going and pay huge dividends.
Social Interaction
Research can be very isolating at times and we all need to recharge our batteries by regular interactions with people who care about us. You may consider joining a volunteer organization to both broaden your social network and provide you with a meaningful way to serve other human beings. Consider building your talents and gifts while interacting with others by joining a public speaking club (www.Toastmasters.com), asports teams, or a choir, taking art or music classes, etc. These types of opportunities can enrich you both personally and socially. Finally, remember that close friends and family members spell love T-I-M-E. Just as a garden will wither and die without water and attention, your most important relationships will not last without your time and attention. Nobody on their deathbed ever wished that they’d spent more time at the office. Keeping up with your physical, mental, self-introspective, and social needs will be worth the time you invest and will refresh you and keep you going on your career path! [370 words]
[Rest ]
Celebrate Your Victories
Sometimes we are so focused on the next goal that we fail to adequately celebrate the great milestones of achievement we have made. In Publish and Prosper I write, “When you celebrate your achievements, it is like waving a large carrot in front of yoursubconscious, which can then help push you on to even greater heights of accomplishment” (p. 73). Conversely, when we fail to celebrate our accomplishments we can often lose our drive and get burned out. Make it an extremely pleasant experience next time to reach your next milestone and you’ll find yourself motivated to continue to strive for more.
Space is limited in a blog, but in my book I go into a lot more detail on each of these points and also discuss how attending academic conferences can do a lot to prevent burnout for three key reasons. On Thursday I will discuss the power both in being mentored and being a good mentor and how you can excel in both roles. Take Action
To prevent becoming like this guy in the picture, take action now! On my website you can access a free download that will help you to apply the principles I discussed in today’s blog post. These exercises will guide you through the process of becoming more balanced and celebrating your victories. From thewebsite, click on "Book Exercise Downloads" and then click on "Chapter 10 Wrap up Exercises." Until Thursday, happy writing! [250 words]
Source: Psychologytoday
http://www.psychologytoday.com/blog/publish-and-prosper/201312/five-ways-prevent-burnout-and-live-balanced-life
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