Wednesday, Nov 04, 2009
The nature of deficits
FT: Private behaviour will shape our path to fiscal stability
Technical article on the make up of the deficit and how to get out of it. Wolf not optimistic.
(To view article delete FT cookies. If that doesn't work go to FT home page and click article link in banner)
Posted by letthemfall @ 10:10 AM (441 views) Add Comment
3 Comments
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1. cat and canary said...
"Remember the aim: it is to reach a healthy fiscal position, at high levels of output and with sustainable levels of private spending and external balances. It is a combination many countries signally failed to achieve in the run up to this huge crisis. I see little evidence, hitherto, that we will do very much better on the way out."
.. yep, this is the whole flawed assumption that underpins Blanchflower's/Labour's garbage policies. That somehow Britain is going to become a nation of exporters and China a nation of consumers. And how long is this going to take? Is the UK sufficiently geared up and trained to become a manufacturing nation again? Bet the government wished it had invested more encouraging people into science and engineering degrees.
2. mark wadsworth said...
In normal free markets, if everybody does the best he can for himself, the overall effect is for the benefit of everybody.
In non-free markets, i.e. monopolies, for example, the private land market, everybody doing the best for himself leads to Home-Owner-Ism, which as we can see is a huge brake on the economy and a negative sum game. People seem to prefer £100 of paper house price gain to £150 proper wealth creation.
So as long as the housing market is rigged in favour of incumbents, "personal behaviour" will never get us out of this mess.
3. stillthinking said...
Good post.
I find that for the FT if you just select the title, right click and do search google for, when you click on article in the google search results it takes you straight there without having to fiddle about with cookies.