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US is a leading market, not a follower. Why comparing it to anyone. That market alone creates trends elsewhere.
that doesn't really have any meaning. why not compare similarly sized polities with roughly equivalent economic efficiency, technology, and education? there may be valuable policy lessons to be learned.
for that matter any economy of a certain size will create trends, ie china and india, for instance, despite having rather smaller economies than the US.
There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov
that doesn't really have any meaning. why not compare similarly sized polities with roughly equivalent economic efficiency, technology, and education? there may be valuable policy lessons to be learned.
OK then, please define me European economical policy. Something that would fit equally for UK, Germany and Greece.
No such thing as a good tax - Churchill
To make mistakes is human. To blame someone else for your mistake, is strategic.
You missed your calling David; you should have been a politician! But my IMF/troika predictions Greek GDP will grow 3.6% and they will not a have budgetary deficit. The eurozone has has used less Keynesian methods and less monetary expansion but similar statistical methods to fool their own people as surely as you have done.
GDP and GNP only indicate how much money changed hands in a year. Guessing where the money went requires a different set of rubrics.
As well, most of the time it is a small segment of the national population that conducts the lion's share of economic activity and so gains the benefits thereof. The rest of the population either benefits modestly or not at all.
I am hoping that the participants in this tread have taken into account recent structural changes in the US economy, namely the slow decline of large corporations and the rise of small corporations that, thanks to the rise of online commerce and improved global logistics networks, have the flexibility to move a lot of goods and services with a minimum of staff. It's one more example of today's entrepreneurs being in the relentless pursuit of perfection. "Perfection" being all profit and no overhead.
You missed your calling David; you should have been a politician! But my IMF/troika predictions Greek GDP will grow 3.6% and they will not a have budgetary deficit. The eurozone has has used less Keynesian methods and less monetary expansion but similar statistical methods to fool their own people as surely as you have done.
And, when does the overall size, and standard of living of the Greek economy return to pre-crisis levels?
And, when does the overall size, and standard of living of the Greek economy return to pre-crisis levels?
Sooner than the US balances it's budget. ;) By your logic with the 'recovery' stalling 0.9% last year (despite the new statistical methodology of double accounting) you need moar stimulus this year.
OK then, please define me European economical policy. Something that would fit equally for UK, Germany and Greece.
you CAN compare -aspects- of the EU to the US which are roughly alike. for instance, monetary policies of the ECB to the Fed.
of course when it comes to fiscal matters you need to break down the comparison to the national level.
There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov
GDP growth (annual %), Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2005 U.S. dollars.
2009-2013:
Germany
2009: -5.1
2010: 4.0
2011: 3.3
2012: 0.7
US
2009: -2.8
2010: 2.5
2011: 1.8
2012: 2.8
There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov
you CAN compare -aspects- of the EU to the US which are roughly alike. for instance, monetary policies of the ECB to the Fed.
You can compare many things, but what you will get as a final result might be very confusing results. One thing is your Fed is controlled by one entity, while ECB is controlled by at least 4 countries with their own very different interests. Also, ECB doesn't even have a say in ALL EU countries, but in only 18 IIRC.
EU zone comparison to US is difficult to be done, yet every time someone says US economy is not performing as promised this argument pops.
This is like asking while Apple shares dropped and getting an answer that WalMart's dropped as well.
of course when it comes to fiscal matters you need to break down the comparison to the national level.
Yet, ECB's primal function is coordinating fiscal matters and prices within EU zone.
No such thing as a good tax - Churchill
To make mistakes is human. To blame someone else for your mistake, is strategic.
Sooner than the US balances it's budget. ;) By your logic with the 'recovery' stalling 0.9% last year (despite the new statistical methodology of double accounting) you need moar stimulus this year.
snapper,
Very slick change of subject there, from collapsing economies struggling to hang onto their standards of living to the fiscal balance of a country that is rapidly backpedaling from the brink. Since actually balancing the US federal budget would be incredibly contracting, and by that I mean incredibly stupid, and since the deficit pretty much fell by half recently, maybe we could stick to one subject at a time?
Doktor,
Depends on how you are going to measure the standard of living.
Very slick change of subject there, from collapsing economies struggling to hang onto their standards of living to the fiscal balance of a country that is rapidly backpedaling from the brink. Since actually balancing the US federal budget would be incredibly contracting, and by that I mean incredibly stupid, and since the deficit pretty much fell by half recently, maybe we could stick to one subject at a time?
Are having a laugh? I asked you to confirm that US GDP expansion was 0.9% down last year to that of 2012 and when you refused to confirm it as this might suggest that not all is as absolutely rosy with US economy as you like to make out you brought up the subject of European GDP... and now it's me that is accused of changing the subject???
I am gobsmacked... It was you that introduced the latest US GDP data but seemingly you were happy with it and hadn't noticed that growth had slowed 0.9%. Which topic do you wish us to stick to? I am happy to do so on the sole condition that you do so also! :slap:
astralis,
Going back to your post WW2 thinking it was in fact Keynesian theory that suggested the post war economy would suffer high unemployment etc as spending was reduced. By Austrian theory the economy should become more efficient as massive centralised distributions of capital are replaced by billions of individual investments by participants in the market. Post war Keynesian predictions were spectacularly wrong.
You can compare many things, but what you will get as a final result might be very confusing results. One thing is your Fed is controlled by one entity, while ECB is controlled by at least 4 countries with their own very different interests. Also, ECB doesn't even have a say in ALL EU countries, but in only 18 IIRC.
EU zone comparison to US is difficult to be done, yet every time someone says US economy is not performing as promised this argument pops.
This is like asking while Apple shares dropped and getting an answer that WalMart's dropped as well.
not quite, because as i said, when it comes to international economics, it's more of a zero-sum game. IE, "healthy" is relative. ie, the US domestic market has structural problems but less so than, say, china's-- which is why china invests so heavily in the US.
There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "My ignorance is just as good as your knowledge."- Isaac Asimov
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