Europe’s Surplus of Stagnation
| Wednesday, July 23, 2014
While the rest of the world recovers from the Great Recession of 2008-2009, Europe is stagnating. Eurozone growth is expected to be 1.7% next year. What can be done about it?
One solution is a weaker euro. Earlier this month, the chief executive of Airbus called for drastic action to reduce the value of the euro against the dollar by about 10%, from a “crazy” $1.35 to between $1.20 and $1.25. The European Central Bank cut its deposit rates from 0 to -0.1%, effectively charging banks to keep money at the Central Bank. But these measures had little effect on foreign-exchange markets.
That is mainly because nothing is being done to boost aggregate demand. The United Kingdom, the United States, and Japan all increased their money supplyContinue reading...
Lord Skidelsky is looking for a part-time diary secretary/executive assistant to work in his Westminster office.
The role will involve:
- monitoring and responding to email and other correspondence
- organising extensive travel overseas, as well as travel in the UK
- extensive diary management
- liaising with event organisers
- keeping records and updating the skidelskyr.com website
Applicants should have excellent organisational skills and have proven experience in providing diary and administrative support to management/senior staff in business or government. Experience of working in parliament would be an advantage but not essential; the role does not involve direct parliamentary work or research.
This is a part-time role, 12Continue reading...
Brad DeLong has published an interesting comment on my Project Syndicate piece, 'Post-Crash Economics', giving his perspective on economics degree teaching.
Available on the Washington Center for Equitable Growth blog:
| Thursday, June 19, 2014
In last month’s European Parliament election, euroskeptic and extremist parties won 25% of the popular vote, with the biggest gains chalked up in France, the United Kingdom, and Greece. These results were widely, and correctly, interpreted as showing the degree of disconnect between an arrogant European elite and ordinary citizens.
Less noticed, because less obviously political, are today’s intellectual rumblings, of which French economist Thomas Piketty’s Capital in the Twenty-First Century, a withering indictment of growing inequality, is the latest manifestation. We may be witnessing the beginning of the end of the neoliberal capitalist consensus that has prevailed throughout the West since the 1980s – and that many claim led to theContinue reading...
My Lords, a Bill on infrastructure that is mainly to do with the rearrangement of Whitehall agencies and minor improvements in planning application procedures invites the question of what the relationship is between its provisions and the promotion of investment in infrastructure.
My first point is that cutting public capital investment has been an integral part of the Government’s strategy for reducing the budget deficit—in fact, the only successful part. Gross public sector investment fell from £69 billion in 2009-10 to £45 billion in 2013-14 and has barely started to creep up. That is always how it happens. Cutting capital spending is much easier than cutting current spending. Private sector investment has not taken up the slack.Continue reading...