Tue Dec 18, 2012, 12:11 PM
Dog Gone at Penigma (433 posts)
In the context of the fiscal cliff discussion, and austerity/cuts.....
this was a fascinating article from Robert Skidelsky, at project syndicate:
a brief excerpt from his bio:
Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.
UK conservatives are significantly different than US conservatives in many respects. For starters, they can be openly Keynsians instead of Austrian School adherents, and they don't tend to be disconnected from verifiable facts and objective reality. What happens in Europe affects us; what we do affects them (possibly more so). We should avoid the mistakes occurring with the economic models in calculating the affects of our political decisions more accurately before we bring each other down economically. Austerity, at least too much of it or the wrong kind, is a huge mistake.
Models behaving badly
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