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The thing you refer to as mainstream seems like nothing but Austrian morality play ("we've spent more than we have - now we must face the painful but healthy catharsis"). Peak oil is not an energy crisis. It is a liquid fuel crisis.
From a lost essay by Freud on anal Austerianism.
Yes, they really do believe this. I'd quote you chapter and verse, but I don't have my textbooks at hand.
- Jake Friends come and go. Enemies accumulate.
Whereas, in the real world, there is no distinct long-run growth path, and we are living inside a permanently smaller opportunity frontier if we pursue austerity policies. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
Peak oil is not an energy crisis. It is a liquid fuel crisis.
If you don't buy that assumption ~ good. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
This would not include Krugman, DeLong, Stiglitz, Yves Smith or Thomas, for a start.
I don't really have time to read many more. But really, you can't say "no-one in the mainstream" is saying something that Krugman, co-author of one of the main university manuals, is banging the drums about day and night. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
Its been a while since I've read Krugman's work, as opposed to his op-eds ~ I'd thought I would have heard it if he had abandoned New Keynesian economics for some other approach, but I'd be happy to have the citation to a paper where he does so. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
I think that is almost certain to be the case for decades in the USA, whether the slope is taken from the growth rate prior to 1970, 1990, 2000 or 2007. I guess the "mainstream" can just keep redefining the slope forever in preference to admitting their assumptions are fallacious. "It is not necessary to have hope in order to persevere."
... that after the short term costs, the assumption that the same long term growth path still exists for the economy to return to. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
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