Measured by the length and depth of the downturn in global GDP, the current economic crisis is set to be even worse than that of the 1930s. As in the 1930s, governments in the United States and Europe must switch from doing the least they can get away with to avert immediate disaster to acting with enough commitment to the future that their citizens begin to believe in a brighter economic outlook. Above all, this means creating jobs -- perhaps even creating a modern equivalent of the Depression-era Works Progress Administration.
Read it at Foreign PolicyHow to Save the Global Economy: Hire Everybody
By Diane Coyle
(h/t Dan Kervick)