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Because growth is infinitely sustainable, right? That's the central contradiction that US policy-makers are running into now, because of their reliance on an economic theory that can only explain unemployment as laziness (LOL). Hence the economic mismanagement that has them in hock to their greatest rival; China is busy buying Africa and killing off the Monroe Doctine in South America and the US is powerless to stop it.
http://observer.guardian.co.uk/bush/...958084,00.html
http://www.zmag.org/content/showarticle.cfm?ItemID=9494
http://www.countercurrents.org/sa-nelson120106.htm
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Awesome. the rambling continues, with links to paranoid socialist conspiracy sources to boot! I wonder how long we can keep him going? I'm waiting for him to start talking about peak oil next...
natedogg
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Resort to ad hominem only exposes the fact that you have no counter argument to offer.
The fact that both left- and right-wing commentators agree on this is what makes the argument so powerful, IMO. But you have nothing to say about Stiglitz, who defines himself as a right-wing economist, free marketeer and proponent of globalisation.
How very unexpected. [img]/images/graemlins/tongue.gif[/img]
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In fact, a year after launching their assault on Stiglitz, the IMF attack dogs appear to be in full retreat. Stiglitz is grimly amused that the IMF recently published a mea culpa, of sorts, which concluded that countries that follow IMF suggestions often suffer a 'collapse in growth rates and significant financial crises'. Rogoff is one of its authors.
Not content with using his intellectual capital to show up the failure of Washington policymaking, Stiglitz has also been developing what might be the next revolution in economic theory. He won his Nobel prize for work on 'informational asymmetries'.
Last week he delivered Oxford University's prestigious Clarendon Lecture on refashioning the work of Keynes for the 21st century. It will fill in the gaps between his pioneering theoretical work on informational asymmetries, and his policy prescriptions for the World Bank, White House and IMF.
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