When the man in charge of the soundness of our money supply (Governor of the Reserve Bank, Dr Allan Bollard – PhD in Economics no less) goes to the “Jobs Summit” and comes out saying such headline grabbing rubbish (namely that the current global recession is the “biggest destruction of global wealth ever”), it is no wonder we are in trouble. Yes, he may well be correct that the nominal dollar value of the assets “destroyed” is the greatest ever. It may even be that the nominal dollar value of assets “destroyed” is the greatest ever in relation to the size of global GDP. But really, what does that mean?
Tag Archives: financial bubbles
Issue No.44 of the post autistic economics review (available free at http://www.paecon.net) has a lot to offer. With six interesting articles, plus opinion pieces, I’m tempted to call it a ‘Bumper Christmas Edition’ 🙂 Here’s a taste:
In ‘Economics for a warming world’, Frank Ackerman critiques conventional economic theory, and looks at the features of climate change as a public policy problem, in order to argue that ‘new assumptions and analyses are needed in economics in order to comprehend and respond to the problem of climate change’ (Ackerman, p.2). He concludes with recommendations for a revised approach to public policy: Continue reading →