I wrote
previously that I was impressed with the works of John Gray on political economy, especially on
the baleful effects on Thatcherism on Britain. In
False Dawn, Gray argues that the Free Market Fairy and the classical welfare state are both outdated and so does
Nouriel Roubini:
To enable market-oriented economies to operate as they should and can, we need to return to the right balance between markets and provision of public goods. That means moving away from both the Anglo-Saxon model of laissez-faire and voodoo economics and the continental European model of deficit-driven welfare states. Both are broken.
Roubini also channels the recent writings of Paul Krugman:
The right balance today requires creating jobs partly through additional fiscal stimulus aimed at productive infrastructure investment. It also requires more progressive taxation; more short-term fiscal stimulus with medium- and long-term fiscal discipline; lender-of-last-resort support by monetary authorities to prevent ruinous runs on banks; reduction of the debt burden for insolvent households and other distressed economic agents; and stricter supervision and regulation of a financial system run amok; breaking up too-big-to-fail banks and oligopolistic trusts.
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9 comments:
Krugman engaged in a debate with MMT proponents yesterday on his blog. Have you developed a stand thereon?
http://krugman.blogs.nytimes.com/2011/08/15/mmt-again/
The recession has evidently hit Latveria hard, forcing its monarch, Victor von Doom, to sell off his inventions.
http://economyincrisis.org/content/president%E2%80%99s-message-bus-tour-rings-hollow
More relevant, Obama and the GOP continue to collaborate in pushing failed trade policies.
More relevant, Obama and the GOP continue to collaborate in pushing failed trade policies.
I used to think that free trade was a relatively minor problem but now I think it's one of America's major problems.
Jon Snow spoke with remarkable professor Nouriel Roubini, the economist Iranian-American who was almost alone in predicting the crash in all its horror and nicknamed "Dr. Doom".
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If this is the quality of statistics that PA drives in the world, then maybe some people who really understand economics and accounting should take another look at the other.
That means moving away from both the Anglo-Saxon model of laissez-faire and voodoo economics and the continental European model of deficit-driven welfare states.
That means moving away from both the Anglo-Saxon model of laissez-faire and voodoo economics and the continental European model of deficit-driven welfare states. Both are broken.
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