In both cases, because some bondholders owned CDS contracts, they stood to gain more from bankruptcy than from reorganization.

We think it is easy money.

But the world s pain has been these institutions gain. Since the crisis went global last autumn, the IMF has had countries parading to its door.

Competition is not a zero sum game.

One was that some short termism is sensible.

The downgrade could, moreover, force the US Treasury to raise the interest rate on new bonds, in which case China would stand to gain.

But economics is really a positive sum game.

With the price earnings ratio remaining stable and moderate, the stock market boom does not appear to reflect merely investor psychology.

His sons didn't walk in his ways, but turned aside after lucre, and took bribes, and perverted justice.

And his sons walked not in his ways, but turned aside after lucre, and took bribes, and perverted judgment.

This gain must be preserved in the face of the current clamor to nationalize banks.

Whatever the merits and shortcomings of various proposals, these divisions suppressed the bipartisan aspects of the political process and emphasized its zero sum dimension.

Yet, the foreign oil companies get 82 of the increase in the case of oil, this would amount to a windfall for them of 32 a barrel or more.

This so called demographic bonus can thus contribute significantly to economic growth and poverty reduction in contexts where governance facilitates human resource development and employment creation.

But, from the perspective of the world as a whole, net exports are a zero sum game.

But this new form of ersatz capitalism, in which losses are socialized and profits privatized, is doomed to failure. Incentives are distorted.

The shareholder activism around Apple highlights the importance and controversy of the short term problem.

In fact, there is no other way to prevent the process from remaining a zero sum game.

CAMBRIDGE I recently examined the problem of corporate short termism from two nonstandard angles.

Such diplomatic realism need not lead to zero sum outcomes, as the example of European integration demonstrates.

Everywhere there are startups, innovations, and young entrepreneurs hungry for profits.

Because most of those high fertility countries are among the least developed countries where levels of extreme poverty are high, the advantages that can be brought by the demographic bonus can also contribute to the reduction of poverty.

The S P 500 price earnings ratio is gradually climbing back to its long term average of 16.

However, over the long run, the demographic bonus dissipates as the population continues to age and the dependency ratio rises again because of increasing proportions of elderly persons.

The countries most likely to contribute to the attainment of this goal at the global level, China and India, are both beneficiaries of the demographic bonus.

Most economic research suggests that gold prices are very difficult to predict over the short to medium term, with the odds of gains and losses being roughly in balance.

If they raise their prices, they receive the full financial gain, while any loss implied by a decline in demand is distributed among all sellers.

A major shortcoming in today s world is the persistence of a zero sum sense of geopolitics.

Russian policy, based on immediate monetary gain and a hope of diplomatic influence, is dangerously short sighted.

Instead, easy money stimulated the economy by inducing households to refinance their mortgages, and to spend some of their capital.

Too many people think of economics as a zero sum game, and that China s success is coming at the expense of the rest of the world.

Of course, after several years of such returns, Oz s fund may grow enormously as new investors clamor for a piece of the action.

Given the uncertainty about future house prices, they could reasonably expect gains, which induced them to pay even more in the first place.

His basic strategy was a standard one bet against any central bank that tries to defend an inconsistent macroeconomic policy.

What is being criticized as short termism could well be a long term financial strategy that is just right for Apple.

Do we really need to bring together so many people for so little gain and at such a high cost?

The location of growth in the global economy comes to be seen as a zero sum game, leading to suboptimal reactions.

But the situation also offers an important opportunity a gain in strategic trust between China and the United States, the two countries with the capacity to resolve the tensions once and for all.

They rely on someone getting the better of someone else the better informed gain at least in the short term at the expense of the worse informed. In fact, they are in the nature of swindles.

The third side helps us go to the balcony, which is a metaphor for a place of perspective, where we can keep our eyes on the prize.

Doing so would reduce inequalities not only between EU member states, but also within the poorer ones. The poorest of the poor would gain the most, while the rich member states would lose little, despite their popular fear of open borders.

If necessary, the term no loss no gain should be replaced with another term that could better describe the consolidation of post adjustment multiplier points into base floor salary scales.

After all, the post war Marshall Plan was so successful not because of its size, but because it helped to counteract zero sum games and self fulfilling pessimism.

So the competitive devaluation war in which we find ourselves is a zero sum game one country s gain is some other country s loss.

Given this, it would be safer and more effective for the Fed and other central banks to pursue a single inflation target, and then use the gain in credibility to aid economic recovery.