Enjoy this weekend's collection of articles:
1. Can You Guess the World's Fastest Growing Economy? (No, It's Not China)
Mongolia is part of a new class of countries that, like the Middle Eastern states that got rich selling oil to the West, have hitched their economies to resource-hungry China.
This is the new Mongolia, and it doesn't always look like the old Mongolia. The ancient ways are still here -- though the yurt-like gers that have littered the steppe for centuries now sometimes carry satellite dishes and solar panels -- and why shouldn't they be? Neither Chinese nor Soviet dominance could change Mongolia's famously nomadic, individualistic culture. But, now that it has the world's fastest growing economy, according to NPR, no one is quite sure if Mongolia's breakneck transformation will prove for the better.
2. Kenyan youth spend most of their income on clothes, airtime
Kenyan youth spend the biggest portion of their income on mobile phone airtime and trendy clothing, a survey on youth attitudes shows.
Asked to priorities their needs when spending, items such as food, savings and investments, buying CDs and DVDs as well as outings ranked lower compared to expenditure on airtime, clothes, shoes and transport.
Whatever makes us happy, we all need the time in which to do it, and we don’t have all that much here. We figure by working hard, up front, we can avoid having to do the same later on. While there’s certainly a lot of logic and truth to this reasoning, some interesting statistics have recently come to light that suggest the better-off you are, the less free time you’ll spend enjoying the fruits of your labor.
4. The 11 Ways That Consumers Are Hopeless at Math
First: Consumers don't know what the heck anything should cost, so we rely on parts of our brains that aren't strictly quantitative. Second: Although humans spend in numbered dollars, we make decisions based on clues and half-thinking that amount to innumeracy.
5. The Rich Have Feelings, Too
At the risk of sounding condescending, we should point out that ordinary people haven’t the faintest conception of the strain we had to endure daily. How many ordinary people have ever done anything remotely like betting $7.4 billion—bango!—just so!—that the price of energy will rise sharply 14 months from a certain date?
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