What Should Brazilian Economists and Policy Makers have Learned from the Crisis?
By now (2012), economists should know better than to rely on private borrowing alone to keep economies from underperforming.
By now (2012), economists should know better than to rely on private borrowing alone to keep economies from underperforming.
A declaration of war is a legal framework that sets in motion a process of “mobilization” in which the national government directs real resources—labor, engineering expertise, technology, material—toward the goal of defeating an enemy threat.
We live in a market society with little chance we shall ever live in anything else and, as such, whatever we hope to accomplish will have to be accomplished within the framework of market society norms.
Deficit hawks, like dive-bombing kamikazes, are out now again, circling the battleship of our collective efforts to save ourselves. What can we do?
I promise to stop when the battle is won. Until then, here’s another attempt to improve understanding and shift our broken thinking about government “deficits.”
The mystery is, while all this perpetual haggling and hand-wringing is happening, no one seems to be knocking on America’s door asking to be repaid.