End of Economic Crisis? You choose

July 6, 2009

From the U.S. we have some numbers and various interpretations.

reported unemployment figures for every month since begining of recesssion

reported unemployment figures for every month since begining of recesssion

National Public Radio | July 5 2009:
Is The Worst Over? Most Economists Say Yes

Nouriel Roubini | Jul 2, 2009
U.S. Job Report Suggests that Green Shoots are Mostly Yellow Weeds
“The June employment report suggests that the alleged ‘green shoots’ are mostly yellow weeds that may eventually turn into brown manure…”
(I read this quote and I started laughing)

Anyways as I mentioned, and the same Paul Samuelson (Nobel Prize in Economics and key figure in neoclassical economics) admitted last year: “What we know about the global financial crisis is that we don’t know very much.”


2 Responses to “End of Economic Crisis? You choose”

  1. Jason Says:

    Yeah the “worst is over” but things still aren’t improving.

  2. euandus2 Says:

    With time, I believe the mathematical “problem solving” orientation of twentieth-century economics will be viewed as piece-meal and insufficient, especially as we look at the viability of the market-mechanism itself in the wake of the financial crisis. Relatedly, Samuelson’s “mathematization” of economics treats the discipline as though it were a science–ignoring the inherent limits to prediction of a human system, whether social, political or economic. For more, pls see http://euandus3.wordpress.com/2009/12/14/paul-samuelson-the-20th-century-economist-has-passed/

Comments are closed.

%d bloggers like this: