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Tuesday, January 6, 2009

THE AMERICAN ECONOMY'S FUTURE RELATIVE DECLINE OR CONTINUED GLOBAL LEADER?

Today's Buggy Topic

The subject title above captures it pretty faithfully, starting at an economic blog in the Financial Times . . . one of the great newspapers of the world, centered in London but with various editions (like the Wall Street Journal) aimed at different regions of the globe.  It has, in particular, a bevy of good professional economists and financial specialists --- whatever the latter category amounts to these days for the reputation of the average specialist --- who comment extensively on their specialties.

Willem Buiter and Martin Wolf: Contrasting Views about Keynesianism and Fiscal Stimuli and Anglo-Saxon Free-Markets

One of the more commendable things about the economists --- two of whom have just been mentioned --- is that they represent very different views on macroeconomics. 

Martin Wolf, a regular reporter fully employed by the FT, is a convinced Keynesian and has an admirable ranging knowledge of economics, including economic development . . . but a Keynesian who finds the less regulated, less welfarist Britain, America, Ireland, and Australia as hewing far more to free-markets than their counterparts on the Continent of West Europe and further afield in Japan and the rest of East Asia.  It's Buiter's lengthy thought-provoking commentary that starts the thread where you will find Prof Bug's long analytical reply today.

Click here for the thread.  Be sure to read Buiter's comments.  Then, too, some of the replies left by other posters in the thread are worth a cursory look too.  Prof bug's stuff is toward the end, and as usual, it includes some hard data to bring high-flying economic comments back toward terra firma. 

Note: FT May Require a Free Registration

It's not clear.  Prof bug himself is a registered visitor, and he visits the FT daily --- its economic coverage better than the WSJ's and rivaled only by The Economist . . . also centered in London, but with global distribution and far more subscribers in the US than elsewhere. There's also a paid subscription, which gives you access to far more offerings at FT's web-site, but it's not necessary.  Prof bug himself once had one, only to find it's enough to get along with the freebie.