The Keynesian Formula Will Not Solve Our Fundamental Growth Problem: Raghuram Rajan | Economy Watch

This is another article pointing which together with both Tyler Cowen and Joseph Stiglitz that the current economic situation is not just a financial crisis but a consequence of a deeper problem which must be fixed before. And depending on if we chose that way of looking at it or not, we will craft different futures.

The advanced countries have a choice. They can act as if all is well, except that their consumers are in a funk, and that “animal spirits” must be revived through stimulus. Or they can treat the crisis as a wake-up call to fix what debt has papered over in the last few decades. For better or worse, the narrative that persuades these countries’ governments and publics will determine their future – and that of the global economy.

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    Thought provoking…
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