The chronic imbalance between global and national productive capacities and total effective demand or purchasing power in economies that institute Washington Consensus or Neoliberal policies.
See William Black’s article today.
The Cost of Theoclassical Economics and Economists
(Cross-posted from Benzinga)
Hernando de Soto is an extremely interesting Peruvian economist who is simultaneously deeply conservative and highly innovative. He published a column in the Washington Post on October 7, 2011 entitled “The Cost of Financial Ignorance” that caused me to reexamine “The Washington Consensus” [TWC].
Pasted from <http://neweconomicperspectives.blogspot.com/>
Also see these New York Times articles:
ENDANGERED DRAGON
As Its Economy Sprints Ahead, China’s People Are Left Behind
Pasted from <http://www.nytimes.com/2011/10/10/business/global/households-pay-a-price-for-chinas-growth.html?_r=1&ref=business>
Recession Officially Over, U.S. Incomes Kept Falling
By ROBERT PEAR
Published: October 9, 2011
Pasted from <http://www.nytimes.com/2011/10/10/us/recession-officially-over-us-incomes-kept-falling.html?ref=business>
American Economists Share Nobel Prize
Published: October 10, 2011
Pasted from <http://www.nytimes.com/2011/10/11/business/american-economists-share-nobel-prize.html?ref=business>