More neoliberal nonsense from the World Bank.
Potential GDP, which given Okun's Law imply a certain level of unemployment and connect the concept with the other neoclassical standard assumption of a natural rate of unemployment, are quite low in many developing countries if you believe the World Bank.Naked Keynesianism
These are, in the World Bank's view, of course, supply side constraints that are not affected in any way by demand forces, even if the evidence in favor of the accelerator, which suggests that capacity adjusts to demand, is overwhelming.
World Bank thinks contraction in developing countries is good\Naked Keynesianism
Matias Vernengo | Associate Professor of Economics, University of Utah
1 comment:
These people are worse than useless. They're damaging.
What makes them think that reduced adaptive rate & less evolution is ever a good thing?
It requires hubris to force narrow predictions onto a populous wielding greater diversity. None of us is as smart as all of us, and even all of us together wield zero predictive power about context.
All we have is rapid Adaptive Power! Only way to scale that up is with more & better Group Intelligence. That requires generating more people with more options, and then USING them all!
Universal work - to generate universal experience.
Then much more Public Discourse, to generate more Group Intelligence.
This is a simple formula.
Anyone trying to slow down growth which they can't understand is simply a fathead globule blocking the arteries of cultural evolution.
Those blockages must be cleared, or they'll cause a cultural heart attack.
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