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Yearly Archives: 2009
UK GDP down by 5.6% in the second quarter, bad but past the worst?
UK Retail Sales in June up almost 3%, sunshine, barbecues and discounts
Keynes, fruit machines and the US recovery package, implications for the UK
Keynes led us to believe the economy is like a fruit machine. Input the stimulus, pull the lever, the wheels spin and the jackpot of growth, falling unemployment and stable prices can be achieved.
Models of the economy and the econometrics within are now so sophisticated, given a set target for growth and jobs, the required stimulus can easily be estimated. Or are they?