21 December 2015

The dismal science

Whither the economy?  The Guardian cannot make up its mind:
The optimistic way of looking at 2015 is to see it as the pivot between the long hangover that followed the Great Recession and a new era of strong growth marked by stricter control of financial markets, a new wave of inventions, and the move towards a cleaner, greener economy following the deal on climate change reached in Paris earlier this month.
The pessimistic way of looking at 2015 is to see it as a brief interlude between one crisis and the next, marked by the steady descent into deflation, populism and protectionism. Seen from this perspective, the underlying problems of the global economy – inequality, debt and financial market excess – have not gone away.
Is there a middle way?  Was 2015 simply another stage in the endless process of muddling through?


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