Nobel Recognizes Research into Economic Governance

1. Economists usually study markets. Now, two Americans have won the Nobel Prize in economics for not studying markets. They will share almost one and a half million dollars for their analysis of economic governance. This is the study of how economic activity is governed within companies, communities and other groups.

2. The winners are Elinor Ostrom of Indiana University in Bloomington and Oliver Williamson of the University of California, Berkeley. The prize in economic sciences has gone to sixty-three men since it was first awarded forty years ago. Elinor Ostrom is the first woman. And, like other winners over the years, her training is not limited to economics. She is a professor of political science and of public and environmental affairs.

3. Today, economic theory suggests that good resource management requires ownership, either private or public. If not, the thinking goes, then self-interest will lead to overuse and destruction of shared resources. Ecologist Garrett Hardin described this idea in nineteen sixty-eight as "the tragedy of the commons." Elinor Ostrom showed how local decision making can lessen the tragedy. Her research has deepened understanding of how people balance their needs with those of others who depend on the same resources. She studied communities like farmers in Southern California who depended on a common water supply. She documented how people who use resources often develop ways to share them. One example is forest management.

ELINOR OSTROM: "One of the absolutely key, most important variables as to whether or not a forest survives and continues is whether local people monitor each other and its use. Not officials, locals."

4. Oliver Williamson has studied big companies and found that they often are better than markets at doing complex jobs. Under his theory, businesses act as structures for conflict resolution. For example, companies that own their suppliers can avoid long-term contracts and disputes over prices. This can make production more efficient and make better use of limited resources. But businesses can also abuse their power. Professor Williamson says the best way to deal with this is not by limiting the size of companies, but through industry regulation.

(From the VOA Special English Economics Report, written by Mario Ritter, 2009, October)

VI. Определите, являются ли приведенные ниже утверждения (1, 2, 3)

а) истинными (true)

б) ложными (false)

в) в тексте нет информации (no information)

1) Two Americans have won the Nobel Prize in economics for studying markets.

2) Nobel chairman Thorbjoern Jangland praised China for its economic success, but said civil rights must be put in place.

3) The prize in economic sciences was first awarded forty years ago.

VII. Прочитайте абзац 2 и ответьте письменно на следующий вопрос:

What does the economic governance study?

Задание №8

I. Переведите письменно существительные (1-10). Выберите определения

(a – j), соответствующие существительным:

II. a) В следующих предложениях подчеркните глагол-сказуемое, определите его видовременную форму и залог. Переведите предложения на казахский/ русский язык.

1) Figures show that unemployment has been growing since 1990s.

2) Proposals have been put forward for increasing worker mobility.

3) Experts have been warning of the bankruptcy since the company was founded.

III. a) В следующих предложениях подчеркните герундий и инфинитив. Переведите предложения на казахский/ русский язык.

1) The two carmakers hope to achieve savings of 5% on common projects.

2) American corporations begin to offer entire packages of services.

3) After some hard talking officials decided to take part in a meeting in Geneva.

IV. Письменно переведите на казахский/ русский язык следующие предложения. Помните, что инфинитивные обороты часто соответствуют придаточным предложениям.

1) Mobile operators appear to have realized that they need to open up their networks.

2) The Fed^[1] is reported to accept the document issued by “government-sponsored” enterprises.

3) They called for America’s illegal immigrants to be treated sensibly and humanely.

V. Прочитайте и устно переведите на казахский/ русский язык весь текст. Перепишите и письменно переведите абзацы 2, 3, 4.

Land of the Rising Price

1. Japan is the place that should greet the return of inflation with joy. The country has had deflation for over a decade. After an economic recovery which began in 2002 firms pay better wages.

2. Prices are on the rise. The Bank of Japan (BOJ) raised its forecast for ‘core’ inflation in the fiscal year ending in March 2009 to 1.8% up from 1.1%. But even Japan’s “core” inflation rate is rising, as higher prices for wholesale goods pass on to consumers. Higher prices not only do harm to Japan’s external strength. They are hurting companies’ profit margins at home.

3. The prices of Japan’s exports relative to imports have deteriorated^[2] for at least four years. Japan’s recovery was supported by strong exports to China, Europe and oil-exporting countries. In value terms, exports to America are shrinking. Now, export growth to Europe looks as if it is shaking.

4. For as long as money remains cheap, corporate restructuring is unlikely to take hold. Some companies will continue to earn for a living on a drip of cheap credit, while plenty of unproductive sectors and smaller businesses will escape the kind of consolidation they need.

VI. Определите, являются ли приведенные ниже утверждения (1, 2, 3)

а) истинными (true)

б) ложными (false)

в) в тексте нет информации (no information)

1) Japan has been in the grip of deflationary forces for over a decade.

2) Higher prices don’t do harm to Japan’s internal strength.

3) There is no unemployment in Japan.

VII. Прочитайте абзац 1 и ответьте письменно на следующий вопрос:

What Japan’s recovery was supported by?

* high seas – море за пределом территориальных вод