Death, Doom and Disaster

April 25, 2009

As has always happened in past recessions, there are now a chorus of doomsters predicting severe economic and social disruption.  They go well beyond the valid observation that this recession will be deep and the recovery is likely to be slow and painful [see below]. Interestingly enough, the doomsters do not agree on exactly where the

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Recession Watch-1

March 8, 2009

Having taught through three previous recessions, there are several observations common to all of them. First, as the economy contracts, investors and the public over-react. Every piece of bad news, from falling employment, output and profit  to personal stories of distress, is greeted with shock and surprise.  Talk of depression is always present. The media make sure that we know

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Will Fiscal Stimulation Work? [Or Were the Austrians Right?]

January 25, 2009

With most of the major governments on earth planning large spending increases, and most economists in favour, it must still be noted that there are a number of commentators who oppose these measures. They do so for a variety of reasons, some practical, some analytical and some ideological.   This debate of course returns focus to

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