Economic failures, a catalogue! by James K Galbraith 6th February 2025

In a remarkable catalogue of horrors for The New York Times, journalist Ben Casselman details the “central tenets” of mainstream economics that have fallen out of political favour: free trade, open borders, a carbon tax, fiscal austerity. Covering the American Economic Association’s recent annual meeting in San Francisco, Casselman notes the problems that economists have not solved: deindustrialization, the 2008 crash and ensuing recession, the long-term growth slowdown. And he highlights their biggest forecasting failures: the 2007-09 financial crisis, the 2021-22 price shock, and the transitory nature of the resulting inflation, which has so far receded without triggering a recession. Suite.

Economics Essays: Understanding Financial Crisis

Extract: "I generally disagree with Europe's insistence on so much spending cuts and austerity. In the case of Greece, Spain and Portugal and UK, they are proving counter-productive pushing the economy back into recession. To be honest, membership of the Euro has made it much more difficult to deal with this crisis because countries have much less flexibility (e.g. can't devalue, can't pursue independent monetary policy, face great pressure to cut costs) It was hoped the Euro would give many economic benefits, but it hasn't. Since the credit crunch exploded in 2007/08 - there have been no really easy answers".... Lire.

Economics Essays: Global Economic Problems

Voici un petit cours d'économie (anglais) de mon jeune prof d'Oxford.... C'est formidable comme maintenant tout semble clair... à lui comme à Paul Krugman! (sur la Chine) Las! personne ne semble savoir comme faire pour sortir de ce marasme qui s'installe. Adieu croissance; c'est la décroissance du PIB en volume qui menace - baisse des niveaux de vie et chômage! en moyenne bien sûr, ce qui affectera les moins bien lotis.
... Lire.