30 October 2020
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Marea degenerare

“Marea stagnare”, sintagma inventată de Tyler Cowen pentru a descrie vremurile sub care trăim, are un concurent important: “Marea degenerare” a lui Niall Ferguson. Mie îmi place pentru că sunt de părere că provocarea fundamentală pe care sper să o răzbim pentru a ne întoarce pe făgaşul prosperităţii şi coeziunii sociale nu este economică, ci culturală. Ţine de orientarea noastră ideologică, de valorile noastre morale. Sau de lipsa lor.

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Din ultima conferinţă a lui Ferguson:

Question By Paul McCulley

“The long run is a misleading guide to current affairs…in the long run we are all dead.”

Are we in a liquidity trap, are we at a zero bound of interest rates and stuck at 8% unemployment?

Keynes was a homosexual and had no intention of having children. We are NOT dead in the long run…our children are our progeny.   It is the economic ideals of Keynes that have gotten us into the problems of today.   Short term fixes, with a neglect of the long run, leads to the continuous cycles of booms and busts. Economies that pursue such short term solutions have always suffered not only decline, but destruction, in the long run.

Have Corporations Usurped Government?

“It is corruption when corporations can buy regulation.   It is corruption when laws are sponsored by Wall Street.

It is a sad state when the current level of corruption of the U.S. government is what was once only associated with third world countries ruled by dictators. The problem is that crony capitalism is a profound predicament in the U.S. and we now suffer from a third world disease.

What Is The Solution To Restore Growth?

The fiscal problems are a function of structural problems. Without addressing the structural problem that plague the economy from production to employment – stimulus will fail.   The reality is that the “punch bowl” won’t fix employment growth, economic growth or the rule of law. The party of the last 20 years is now over and the longer we fail to address the real issues the bigger the hangover will be in the future.

Ups. Amintirea preferinţelor sexuale ale lui Keynes a fost o gafă pentru un profesor de Oxford. Acum îi pare rău, ceea ce este hazliu. Dar pentru aceia dintre voi care încă nu ştiaţi şi nu vreţi să rămâneţi ignoranţi, The sex diaries of John Maynard Keynes este must reading.

 

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