Dani Rodrick really does not like what he sees and spins a possible worst-case narrative. I think it may not actually be the worst case scenario because at the some time the realization of global climate change beginning to bite down hard will also be dawning. Let's hope that this is just a possible narrative that doesn't materialize.
Read it at Project Syndicate
The End of the World as We Know It
by Dani Rodrik | Professor at Harvard University’s Kennedy School of Government
Rodrick: "Governments without fiscal resources are left with little option ..."
ReplyDelete??????? :/
He IS at Harvard...
Matt, look at what is actually happening now. The world is spiraling toward deflationary collapse, and TPTB are concerned with inflation (to protect their savings) and they think that they have no policy space. It's insanity.
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rsp,
;)
Tom,
ReplyDeleteI would feel better if he wrote: "Governments that erroneously think they are without fiscal resources are left with little option ..."
But again he IS at Harvard so we may have to cut him some slack...
Matt, I think that it could be two things, ignorance or ideology. I suspect it is some combination of the two, and I also think that ideology is at the root of the ignorance. But some know they could do it, but are against doing it because it would contradict their expressed views. "Fiscal and financial chastity." this is the problem in the EZ. They know fully well what is needed but the neoliberals don't want to go all Keynesian.
ReplyDeleteA better outcome occurs if voters educate themselves and grow increasingly frustrated with the economic orthodoxy and the poor outcomes from the systems, institutions, and regulations they designed. Voters can easily remove these fools and discard their failed models, policies and regulatory institutions. They can demand government prosecute the worst of them for corruption & negligence.
ReplyDeleteBeing malicious and willfully ignorant of obvious solutions to simple problems doesn't excuse the political and economic leadership for causing massive poverty and human suffering far worse than any greedy banker or evil financial mind ever dreamed possible. The state of the western economies is so bad that the economic leadership should be portrayed in the media as diabolical. Compared with the worst and most evil of leaders. Yet all we get are glib analysis and admissions of error where they admit to flawed micro agents or a minor flaw in a model.