More stimulus spending: This time it will be different

Today’s Economist has  a report on an article arguing in favor of more economic stimulus.

In this article we have a couple of high-ranking economists arguing that under current circumstances stimulus spending will be self-financing in that it will bring in higher tax revenues.  This time it will be different.

This sounds like the frustration of drowning people who don’t know what is happening to them.

I have a theory that economists were the theologians of the twentieth century.  Their debates were as relevant as the medieval debate over how many angels could dance on the head of a pin. Their role was to provide legitimacy to our economic activity during the golden years of prosperity and to our excessive use  of resources.

Now that we are having to deal with the consequences of our using up the most accessible resources, they don’t have a clue as to what to do.

If you are in the water over your head and you want to survive you should at least try to tread water.  Treading water in the ocean of economics will  require some major changes in economic thinking.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: