The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The Great Debate
from Hugo Dixon:
Is the good life possible without economic growth?
Merely raising the question challenges the conventional contemporary wisdom that a society’s prime goal should be to boost its income continually. But it is one that the West, especially Western Europe, may have to confront. Europe is not just suffering the after-effects of a nasty cyclical downturn, it has probably entered an era of low growth.
from Ian Bremmer:
By Ian Bremmer
The views expressed are his own.
One of the biggest changes we’ve seen in the world since the 2008 financial crisis can be summed up in one sentence: Security is no longer the primary driver of geopolitical developments; economics is. Think about this in terms of the United States and its shifting place as the superpower of the world. Since World War II, the U.S.’s highly developed Department of Defense has ensured the security of the country and indeed, much of the free world. The private sector was, well, the private sector. In a free market economy, companies manage their own affairs, perhaps with government regulation, but not with government direction. More than sixty years on, perhaps that’s why our military is the most technologically advanced in the world while our domestic economy fails to create enough jobs and opportunities for the U.S. population.
The opinions expressed are his own.
Hurricane Irene may not have lived up to all the media hype, but it still did billions of dollars in damage. Some analysts say cleaning up the mess will boost Gross Domestic Product for the second half of 2011. These estimates are surely correct – and remind us why GDP is such a perverse way to measure economic progress.
Ireland's fall from grace has been rapid and far worse than that of its counterparts, even Greece. But life in the euro zone has still been one of profound growth, as it has for most of the other peripheral economies.