«Liberals have forgotten that their founding idea is civic respect for all. Our centenary editorial, written in 1943 as the war against fascism raged, set this out in two complementary principles. The first is freedom: that it is "not only just and wise but also profitable...to let people do what they want". The second is the common interest: that "human society...can be an association for the welfare of all". (...) The Economist was founded to campaign for the repeal of the Corn Laws. (...) We where created to take the part of the poor against the corn-cultivating gentry [people of good social position]. (...) [And we] liberals designed the welfare state.»
quinta-feira, 27 de setembro de 2018
segunda-feira, 17 de setembro de 2018
«The more financially integrated a country is, the more it aims to protect itself from the risks stemming from such finantial openess. This collective policy of self-insurance against the vagaries of volatile finantial flows might have made individual countries safer, but not the world economy as a whole.»
M.Schularick, '140 Years of Financial Crisis: Old Dog, New Tricks', 2010
domingo, 16 de setembro de 2018
|In defense of CMReinhart & KS Rogoff|
«Over the past two centuries, debt in excess of 90 percent has typically been associated with mean [small] growth of 1,7 percent versus 3,7 percent when debt is low (under 30 percent of GDP).» Carmen M. Reinhart and Kenneth S. Rogoff, 'Growth in a time of debt', American Economic Review: Papers and Procedings, May 2010, vol. 100, nº2, 575 (573-578).