"Assessing the Constitutional Route to Federal Budget Balance, The Balanced Budget Amendment: Toxic, Not Tonic"

Whalen evaluates the political and economic arguments in favor of a constitutional amendment requiring a balanced budget. He concludes that although today's federal budget process needs reform, the balanced budget amendment is not a solution. In fact, such an amendment would divert attention from what is really needed, namely, establishing priorities and making difficult decisions concerning the deficit. It would be damaging to both the economic and the political systems of the United States. He recommends budget alternatives--a full-employment budget, an investment budget, a narrowly defined federal capital budget, a biennial budget--that would give the budgeting process more direction and encourage more restraint than the amendment would.

"The U.S. Credit Crunch of 2007: A Minsky Moment"

It is now clear that most economists underestimated the widening economic impact of the credit crunch that has shaken U.S. financial markets since at least mid-July. A credit crunch is an economic condition in which loans and investment capital are difficult to obtain. In such a period, banks and other lenders become wary of issuing loans, so the price of borrowing rises, often to the point where deals simply do not get done. Financial economist Hyman P. Minsky (1919–1996) was the foremost expert on such crunches, and his ideas remain relevant to understanding the current situation. This brief by Charles J. Whalen demonstrates that the U.S. credit crunch of 2007 can aptly be described as a “Minsky moment.” It begins by taking a look at aspects of this crunch, then examines the notion of a Minsky moment, along with the main ideas informing Minsky’s perspective on economic instability. At the heart of that viewpoint is what Minsky called the “financial instability hypothesis,” which derives from an interpretation of John Maynard Keynes’s work and underscores the value of an evolutionary and institutionally grounded alternative to conventional economics. The brief then returns to the 2007 credit crunch and identifies some of the key elements relevant to fleshing out a Minsky-oriented account of that event.

Is Their Foundation Solid Enough to Build On: An Investigation into the Information-Seeking Skills and Self-Efficacy Levels of New Nursing Students

Researchers at a mid-sized, Midwest, faith-based university used a quasi-experimental non-equivalent control group pretest posttest design to gather data from newly enrolled nursing students in a baccalaureate, masters and doctorate in nursing practice program. Literature regarding confidence levels, self-efficacy and information literacy skills was reviewed. Specific tools to assess confidence and self-efficacy of information literacy skills were explored. The 28-item Information Literacy Self-Efficacy Scale (ILSES) developed in 2006 by Serap Kurbanoglu was used in fall 2012, spring 2013 and fall 2013 to gather data from over 200 newly enrolled nursing students. Analysis of self-reported information literacy skills and self-efficacy levels were analyzed using SPSS software. Reported changes in self-efficacy as a result of information literacy interventions were reported. Implications for the use of active learning activities and skills assessments within information literacy programs were presented

Hyman Minsky's Theory of Capitalist Development

During the last decade of his life, Hyman Minsky drew on insights acquired from Joseph Schumpeter in an effort to explore the long-term development of capitalism. He believed such an exploration would underscore the economic implications of postwar financial-system innovations and could encourage a broad discussion regarding the appropriate structure of the U.S. economy. This paper focuses on the theory of capitalist development that Minsky produced during that decade. After describing the purposes of Minsky's exploration, his theory is outlined both in terms of its essential elements and as it applies to the U.S. economy. In addition to emphasizing the relations between finance and business, Minsky identified a transition through at least five distinct stages of capitalism: from the merchant-capitalist era to a recent period dominated by money managers. A concluding section identifies a number of research directions suggested by Minsky's analysis.

"Economic Policy for the Real World"

The nation's economic challenges are daunting. Restoring robust American prosperity and widespread economic opportunity will not be easy. But, as Hyman Minsky stressed, "Economic systems are not natural systems…. Policy can change both the details and the overall character of the economy." It's clear that what we are now facing is not simply a cyclical crisis, or even an employment crisis, writes Charles J. Whalen. Rather, it is a standard-of-living-and-economic-opportunity crisis—the latest phase in a decades-long "silent depression." In order to resolve it, our policy response must reflect that we are dealing with a deep-seated structural problem, one rooted in the evolution of U.S. economic development. Policymakers must pursue an agenda of recovery and reform that includes, at minimum, a major assistance package for state and local governments; more relief for the unemployed and those facing foreclosure; tougher supervision of financial institutions; stronger automatic stabilizers (e.g., public service employment); policies that foster economic opportunities for working families; improved retirement security; and labor law reform that gives workers a more realistic chance to organize and bargain collectively.

The Observational Signatures of Primordial Pair-Instability Supernovae

Massive Population III stars from 140 - 260 solar masses ended their lives as pair-instability supernovae (PISNe), the most energetic thermonuclear explosions in the universe. Detection of these explosions could directly constrain the primordial IMF for the first time, which is key to the formation of the first galaxies, early cosmological reionization, and the chemical enrichment of the primeval IGM. We present radiation hydrodynamical calculations of Pop III PISN light curves and spectra performed with the RAGE code. We find that the initial radiation pulse due to shock breakout from the surface of the star, although attenuated by the Lyman-alpha forest, will still be visible by JWST at z ~ 10 - 15, and possibly out to z ~ 20 with strong gravitational lensing. We have also studied metal mixing at early stages of the explosion prior to breakout from the surface of the star with the CASTRO AMR code and find vigorous mixing in primordial core-collapse explosions but very little in PISNe. This implies that the key to determining progenitor masses of the first cosmic explosions is early spectroscopy just after shock breakout, and that multidimensional mixing is crucial to accurate low-mass Pop III SNe light curves and spectra.Comment: 4 pages, 3 figures, proceedings of Deciphering the Ancient Universe with Gamma-Ray Bursts, Kyoto, Japan, April 19 - 23, 201

Using a Research Log and Reflective Writing to Improve EBP and Information Literacy Skills of BSN Students

Background Baccalaureate nursing educators must prepare nurses to implement evidence-based practice (EBP). BSN nurses must be able to effectively identify, analyze, and synthesize evidence (AACN, 2008). In a nursing research course, students conducted group projects which required searching for the best evidence. Project evaluations revealed that students were not searching systematically. To facilitate EBP and information literacy skill development, a collaboration between the College of Nursing and Library Services emerged. Targeted Learning Outcomes 1. Formulate a strategic search using databases and Internet resources 2. Evaluate and select the ‘best available’ evidence 3. Document systematic search (keywords, subject headings, limiters, and results) 4. Describe why evidence was selected 5. Reflect on search process, difficulties, and potential revisions for next search. Teaching Learning Activities In spring of 2012, research logs were added to an EBP group project requiring students to identify the best evidence. Groups documented their search using a research log worksheet and narrative which included reflection of the search process, evidence appraisal, and strengths and weakness. Although the research log worksheet provided structure, specific problems including uncoordinated group searches, inadequate articulation of evidence selection, and limited reflection about strengths and weaknesses were still identified. Additional sessions reinforcing information literacy skills were integrated in the course. The information literacy skills sessions and research logs were implemented for two subsequent semesters. Evaluation of Approach Student research log and EBP group project scores will be compared over three semesters using ANOVA to determine differences in group performance. During initial data analysis, an independent t test reflected a significant difference between scores for Spring 2012 and Fall 2012 groups. The Fall 2012 groups who used research logs and experienced additional information literacy skills sessions scored significantly higher on their assignments than Spring 2012 groups. Data collection for Spring 2013 is in progress. Final study results as well as implications for nursing education will be articulated