Nick said...As Galbraith said "Keynes was for a time and not for all times". Our times differ markedly from the last great Depression: resources were readily available then. By contrast the resource base we rely upon now is stretched and imminently going to fail to meet demand. Peak oil is a fact, peak everything else close.
Growth is the constant Keynes and every other economist of the past has followed; that prescription is not available longer term. The new heretics will prescribe for decline, they will be both correct and despised for their prescience. We are the spoiled teenagers whose party is about to be shut down.
June 16, 2012 9:00 AM