Twenty, or fifty, years from now, economic historians will look back at the decisions we are taking now. I cannot imagine that they will be anything but incredulous and horrified…

May 12, 2012 § 3 Comments

Twenty, or fifty, years from now, economic historians will look back at the decisions we are taking now. I cannot imagine that they will be anything but incredulous and horrified that – presented with these charts and figures – policymakers did nothing, international organisations staffed with professional economists encouraged them in their inaction, and commentators and academiceconomists (thankfully, few in the UK) came up with ever more tortuous justifications. In Simon Wren-Lewis’ words, they will ask why “a large section of the profession, and the majority of policymakers, appeared to ignore what mainstream macro [and, I would add, basic common sense] tells us”. Their judgement will be harsh.

http://economistsview.typepad.com/economistsview/2012/05/incredulous-and-horrified.html

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§ 3 Responses to Twenty, or fifty, years from now, economic historians will look back at the decisions we are taking now. I cannot imagine that they will be anything but incredulous and horrified…

  • Government investment, now there’s an oxymoron. So much for that shovel ready stimulus in the US that wasn’t so shovel-ready after all or very focus on infrastructure (surprise, surprise). The elites always have the hubris to think they can allocate an economy’s resources to maximum efficiency, yet they usually just end up sowing the seeds of the next crisis. They would actually be better off following the example of Anders Borg in Sweden of all places who has helped engineer economic growth there while the rest of Europe stagnates and declines under anti-austerity.

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