Paul Krugman and Richard Layard, two economists, have launched a manifesto (please read the text in full which will take only few minutes, here) to promote policy change in order to put the current financial and economic crisis finally behind us. They argue that the cause of this crisis has been mis-diagnosed by policy makers. So there is little wonder that the wrong cure has been applied. They conclude:
Better policies will differ between countries and need detailed debate. But they must be based on a correct analysis of the problem. We therefore urge all economists and others who agree with the broad thrust of this Manifesto to register their agreement at www.manifestoforeconomicsense.org, and to publically argue the case for a sounder approach. The whole world suffers when men and women are silent about what they know is wrong.
I agree.
Czerulf's Thoughts 