All entries for Saturday 21 February 2015
February 21, 2015
Writing about web page http://tinyurl.com/mjj83ql
The Greek finance minister Yannis Varoufakis wrote a very perceptive article about capitalism, academic economics and marxism in 2013, reproduced in the Guardian this week.
He makes some very insightful observations on a lot of the main issues surrounding the european economy, as well as the state of economics in universities and also on what went wrong with academic Marxist economics.
Writing about web page http://www.lrb.co.uk/v37/n04/simon-wren-lewis/the-austerity-con
A must read piece by Simon Wren-Lewis in the LRB on the false economics of austerity. He shows that trying to cut the deficit by austerity measures is counterproductive and damages the economy. He estimates that the cost to the UK economy in permanently lost output due to George Osborne's policies is at least £100billion or 5% of GDP.