Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, editorial, 0 hidden)

Re: What's wrong with this plan? (none / 0)

Greek unit labour costs have risen by 50 per cent since 2001

50% is outlandish even for nominal compensation. I would like to see that sourced. I'm having second thoughts about Jones' numbers, but certainly noone has claimed 50% increase in even nominal ulc netween 2001 and 2009

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Jun 25th, 2011 at 07:15:10 PM EST
[ Parent ]

Re: What's wrong with this plan? (none / 1)

As I said, Jones was using 2009 projections, but since the economy collapsed in 2009 these were not accurate. Here he restates his case with updated numbers

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Jun 25th, 2011 at 07:41:17 PM EST
[ Parent ]

Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)

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