Sino-US trade relations are increasingly troubled by America’s concerns over China’s trade practices that result in the mounting imbalance in bilateral trade and US suffering huge trade deficits.

US trio Leonid Hurwicz, Eric Maskin and Roger Myerson have won the 2007 Nobel Economics Prize for their pioneering work on how to design solutions for complex economic and social tasks.

Standard economics assumes that people base their decisions on real value only and take changes in price tags properly into account. For example, a rational consumer is assumed to base his shopping decisions on “real” prices (e.g., how many hours do I have to work for a loaf of bread?) and would not change his consumption patterns if all “nominal” prices were to move in proportion (e.g. are inflated by the same factor).

This week marks the launch of the eighth year of the Interest Rate Challenge, a competition designed to give 16 to 18-year old students across the UK the opportunity to take on the role of the Bank's Monetary Policy Committee (MPC) and set the official interest rate for the UK to meet the inflation target of 2.0%.

In a lecture in London to the Society of Business Economists to mark the tenth anniversary of the Monetary Policy Committee, Mervyn King, Governor of the Bank of England, examines the improvement in the UK's economic performance over the past 10 years and the role played in that by the MPC.

U.S. O.6 percent economic growth in the first quarter of 2007 is the worst result got in over four year period. The anticipated showing was 1.3, twice more than the real one. Moreover, the economy lost its pace of 2.5 percent, which was the showing for the final quarter of the last year.

World economic expansion is poised to continue for the rest of the year as economists' predictions remain robust for the second quarter in a row, according to the latest International Chamber of Commerce (ICC) and Ifo World Economic Survey, released on May 22nd.

A new theory shows how wealth, in different forms, can stick to some but not to others. The findings have implications ranging from the design of the Internet to economics.