Comments on: Time to stop following defunct economic policies http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/ Sat, 03 Jan 2015 16:42:55 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: lbsiegel http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1805 Fri, 27 Jun 2014 08:14:56 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1805 I know every word of Rosling’s lecture and have taught this material. The population will indeed grow to 9 billion from today’s 7 billion. That’s a very slow rate of growth, the slowest since the 1700s. Outside sub-Saharan Africa, the growth rate is close to zero now and will turn negative well before 2050. Facts, facts…

Yes we need to improve education.

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By: Andvari http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1728 Fri, 02 May 2014 22:42:30 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1728 Juggernaut, I’m afraid you missed the beginning of Rosling’s lecture, and maybe the beginning of your science lectures too.

The population will grow to 9 billion by 2050: 9 billion. As Rosling said, nothing short of a nuclear war can stop the poorest 2 billion people from doubling in 40 years.

Your opinion is that: World population growth rate is reducing [sic] and population may stabilise, possibly even decrease. The rate *may* stabilize and *possibly* even decrease. The rate is not going down yet, and wishing won’t make it so.

Better education is not a fact in Africa or the Middle East, and India is lagging far behind than other developing nations. Hell, the U.S. education system ranks 14th or 15th now. Job opportunities are not increasing in the areas above, nor in places like Indonesia. Better healthcare…maybe more expensive in the U.S., but infectious disease resistance is increasing. Better law and order, like in Syria, Pakistan, North Korea, Ukraine…? You say, many other things will bend the curve towards this. And they are, what?!?
Your optimism is frighteningly naive.

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By: valentin02 http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1718 Sat, 26 Apr 2014 08:54:11 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1718 Very interesting article. May be the EU recent economic problems are not only economic.

Have a look at Spain. Until 2007 huge EU transfers was an important factor for economic growth. After 2007 transfers get finned and economy collapsed. EU policy made Spanish government the biggest entrepreneurs. It built highways, airports (some has not seen an airplane up to now), water treatment plants, etc. A good part of Spanish growth owed to infrastructure building. Low interest rate encouraged private building. After 2007 construction industry collapsed, unemployment increased, etc. Despite many economists see green shoots, the unemployment is about 26%, deficit is high and debt is on the rise.

The huge public procurement created enormous corruption. Hundreds of politicians are under investigation because of corruption practice. Politicians are hated but enjoy support from Brussels. Because the policy of austerity. Austerity keeps the common currency.

Recent EU crisis has both economic and moral dimensions. They could not be swept under the rug.

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By: notnews http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1715 Wed, 23 Apr 2014 18:46:51 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1715 So I now understand how the repeated post thing happens via a frozen browser.I apologize and must say that is annoying.

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By: notnews http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1714 Wed, 23 Apr 2014 17:48:29 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1714 @edgyinchina
It seems that Anatole is still paraphrasing Stiglitz in that portion of the article. He does assert that Stiglitz is correct in that central banks use these models. I have no knowledge as to whether that is true or not, but you and I may agree that it seems unlikely. What ‘brand of economics’ is taught in the EU doesn’t seem to have anything to do with it as Stiglitz teaches in the Ivy League. As to us commentors, I suppose we could all stand to use a more Socratic approach to our pontifications, but calling us ignorant without elucidating any particulars is immaterial and evokes shamanism.

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By: keebo http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1711 Wed, 23 Apr 2014 17:35:14 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1711 “The letter explains that as low interest rates made borrowing cheap, the “feel-good factor” masked how out-of-kilter the world economy had become beneath the surface”. This is a quote from a letter by eminent economists to the Queen of England in 2009 explaining why the crisis happened and no-one saw it coming.

Since then we have had low rates provided by central banks and encouraged by various governments as the prescription for a normal economic recovery. You just cannot make this stuff up – they must be idiots.

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By: edgyinchina http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1710 Tue, 22 Apr 2014 23:43:37 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1710 First: Anatole states that: ‘…So these models have nothing to say about lending or borrowing, ignore the existence of banks and treat bankruptcies as unimportant’… Now I don’t know what brand of economics is taught in the EU, but economics courses in US universities, in fact do teach about lending, borrowing, the existence and reason for having banks, how banks created money, bankruptcies and their importance. So I don’t know where this comes from….
As far as the commentors go: they are mostly ignorant of economics, from what I’ve read.

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By: rikfre http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1709 Tue, 22 Apr 2014 16:59:48 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1709 Anatole, I just heard your position has been outsourced and you have been replaced by an East Asian who will pontificate for a third of your rate.

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By: notnews http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1708 Mon, 21 Apr 2014 17:16:27 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1708 Put an economist, sociologist, social psychologist, anthropologist, political scientist, and historian in a room and they will be discussing a subject with a HUGE number of variables and extremely complex modelling that yields results based on statistical probabilities that will be often inaccurate, misquoted, and misunderstood. Unfortunately that subject is the weather because nobody in that room likes each other and they all think the others are in the “soft sciences”.

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By: tmc http://blogs.reuters.com/anatole-kaletsky/2014/04/19/time-to-stop-following-defunct-economic-policies/#comment-1707 Mon, 21 Apr 2014 15:28:16 +0000 http://blogs.reuters.com/anatole-kaletsky/?p=1010#comment-1707 Boy you said it Anatole! We certainly need to change our view of economics. Globalization and automation in the 21st century demand this. The Chinese have the wisdom to see this and the discipline to act on it. I hope their leadership will save the west from destroying itself.
@Pete_Murphy, AdamSmith, juggernaut and many others are correct. Though I think they tend to try and simplify the complexities down to a few comprehendible issues.
We the people of the world need to begin planning a transitional form of economics that takes into account that the bulk of the population will not need to work. This is completely contrary to virtually all current forms of economics and forms of government. It is going to be very difficult as we will need to change many of our basic human instincts and social teachings.
Technology is advancing far faster than people realize. If just a few short decades we will replace the human worker with intelligent android workers. If you don’t believe that you are not paying attention. How will we handle that? When only 30% of the current working population “works”, how will they support the rest? When these numbers are world wide in 2050?

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