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| Link to Daily Telegraph |
"If you believe Robert Gordon, the Northwestern University professor whose work on technological progress – or to his mind, the lack of it – is gaining a cult following, economic growth in advanced economies is essentially over, not just for now, but forever.
"In itself, there is nothing new about gloom laden “declinism” of this sort; it’s almost as old as humanity itself, and invariably it’s in the ascendant at times like this, when everyone is down in the dumps and barriers to growth seem almost insurmountable.
"Yet there are good reasons for believing there may be something in it this time around. With long yields on government bonds in any halfway creditworthy advanced economy tumbling to historic lows, this seems to be the predominant view of millions of investors around the world. Money managers are betting on low to nil or even negative growth way out into the indefinite future."
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| Link to web site |
"... And the markets hadn't panicked because Britain retained control of its currency and, besides, it was never going to go bust. Couple that with the coalition's progress in rebalancing the economy away from borrowing and shopping, and towards exporting and producing.
"... None of this is going to happen next Wednesday. Instead, George Osborne will admit to another terrible year and more gloom ahead: maybe not as bad as the doominess from the OECD on Monday, but grim enough. ... The result is the phrase Keynes used in 1930:
"The long, dragging conditions of semi-slump."
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The Guardian:
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