Monday, May 25, 2015
  1. A World of Underinvestment

    Michael Spence

    A World of Underinvestment

    17

     calls for international cooperation to boost investment in struggling post-crisis economies.

    underinvestment Luca Bruno/Flickr

    After World War II, policymakers recognized that deleveraging depended on nominal economic growth, which in turn depended on a global recovery. Like them, today’s policymakers should use – and even stretch – their balance sheets for investment, while opening themselves up to international trade. READ MORE

  2. The Economic Consequences of Mr. Osborne

    Niall Ferguson

    The Economic Consequences of Mr. Osborne

    23

     rebuts the Keynesian argument that fiscal consolidation has damaged the UK economy.

    David Cameron and George Osborne Andrew Parsons/Flickr

    In the wake of the 2010 British election, Keynesians like Robert Skidelsky predicted that Chancellor of the Exchequer George Osborne was gravely wrong in seeking to reduce the budget deficit. It turns out that it is the Keynesians who were mistaken, with the main question being why they refuse to admit it. READ MORE

  3. No Pain, No Gain for Britain?

    Robert Skidelsky

    No Pain, No Gain for Britain?

    7

     challenges the view that the Conservatives won because austerity worked.

    British Chancellor of the Exchequer George Osborne Wiktor Dabkowski/ZumaPress

    The economic historian Niall Ferguson blames John Maynard Keynes for Labour’s defeat in the recent UK election. But Labour has been running away from Keynes for years, while the victorious Conservatives’ austerity policy, which Ferguson defends, turns out to have inflicted severe damage on the British economy. READ MORE

  4. Inspiring Economic Growth

    Robert J. Shiller

    Inspiring Economic Growth

    34

     blames weak recoveries on the emotional aftershocks of the 2008 global financial crisis.

    reading paper Edd Sowden/Flickr

    In his First Inaugural Address, during the depths of the Great Depression, US President Franklin Delano Roosevelt famously told Americans that, “The only thing we have to fear is fear itself.” The same could be said today, seven years after the 2008 global financial crisis, about the world economy’s remaining weak spots. READ MORE

  5. Germany’s Golden Opportunity

    Marcel Fratzscher, ET AL

    Germany’s Golden Opportunity

    , ET AL 15

    , ET AL  outline an expert committee’s proposals for addressing the economy’s neglect of investment.

    Germany Deutches Museum Munich m.salo/Flickr

    The German economy’s enviable combination of strong growth, low unemployment, favorable financing conditions, and large budget surpluses masks long-term vulnerability. To place the economy on a stronger footing – and to help pull Europe out of its malaise – will require substantially higher public and private investment. READ MORE

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312 pages

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