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"Most economists failed to predict the current crisis and the economics profession itself has fallen into a state of complete disarray in its attempt to answer the question of what should be done".In this section Going over the edge Let's get fiscal Diverging markets Joy to the world Economics writer ReprintsMr Koo argues that the 2008 downturn was what he dubs a "balance-sheet recession".
Both have done the necessary to get fiscal discipline.
We think the OBR cannot get fiscal policy right, for two reasons.
"This is high time to go fiscal — let's get fiscal," he said.
"If you get fiscal and monetary policy right, it pays you dividends because it reduces the markets' concerns about the economy," Mr. Snow said.
The rouble has followed oil down.In this section Going over the edge Let's get fiscal Diverging markets Joy to the world Economics writer ReprintsThe war that Russia has fomented in Ukraine is the second big foreign problem.
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