The Beginning of the End?
What’s the appropriate name for progressives complaining about the “wrong sort of growth”… sado-Keynesians? “Economic recovery is based on repeating the sins of the past” … “We’re back in the old growth model” etc, etc. Some things are said best by Paul Krugman:
PAUL KRUGMAN: Everybody wants economics to be a morality play. Everybody wants it to be a tale of sin and excess, and then the punishment for sin.
And this notion that we had a bubble, we had runaway stuff, we had bankers run wild, therefore, the economy must suffer a sustained slump, and anything you do to mitigate that is somehow enabling the sin and we will pay for it, that’s …
PAUL SOLMAN: Even though there were sins?
PAUL KRUGMAN: Even though there were sins. But economics is not a morality play. There is nothing about the fact that bankers made bad loans in 2005 that says that ordinary workers should be out of work in the year 2013.