The economist Larry Summers has invoked the analogy of the Vietnam War to describe European decision-making. “At every juncture they made the minimum commitments necessary to avoid imminent disaster – offering optimistic rhetoric, but never taking the steps that even they believed could offer the prospect of decisive victory.”
Greece's Bogus Debt Deal by Ashoka Mody - Project Syndicate - 0 views
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Instead of driblets of relief, a sizeable package, composed of two elements, is the way forward.
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A simple structure would be to make all debt payable over 40 years, carrying an interest rate of 2%.
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Has the U.S. Economy Been Permanently Damaged? : The New Yorker - 0 views
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Although the study uses some sophisticated statistical methods, its basic point is straightforward: in the long term, economic output (G.D.P.) is constrained by the quantity and the quality of economic inputs (labor, capital, and technology). If the growth rate and quality of these inputs decline, the potential growth rate of G.D.P. will fall, too—it’s just a matter of arithmetic.
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With hiring rates down, many workers have given up searching for jobs and have dropped out of the labor force.
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With budgets tight, corporations and government departments have cut back on investments in new plants and machinery, computer hardware and software, and research and development.
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