The Register: The Death Of Economics

[Balloonist]

Interesting read.

http://www.theregister.co.uk/2014/09/21/crawling_from_the_wreckage_essay_the_death_of_economics/

[justthisbloke]

Will add it to my "read in bed" list.

IIRC, there was a Reg article about HPI/C the other day. I'll try to dig it up.

[normdiploom]

Really good article, thanks

[Sancho Panza]

'If consumers by some miracle come by some money, they are not going to rush out and buy goods with it; they are going to pay off some of their debts. People are ceasing to be consumers. In a future piece I intend to take a good look at consumerism and how not to take part.

Although GDP is now back to pre-crash level, the population has gone up so per capita GDP has fallen, as has average income. Unemployment has not fallen because our industry is picking itself up but because thousands of people who were laid off in the aftermath of the crash have started working for themselves. Perhaps crucially, tax revenues are down while the cost of interest on the National Debt is up. Some recovery.'

Thanks for posting.Interesting site.

[Economic Exile]

Interesting article, thanks for posting.

I loved the comment that it doesn't matter who wins the next election.

If the wings have fallen off the plane, pilot skills aren't going to make much difference!

Sums it up really

[stuckmojo]

Very good, thanks for sharing.

[EUBanana]

This is what happens when you have a planned economy. The idea that economics in its current state can plan an economy is just hubris.