Has Economics failed?

Back in the early 20th century, everyone around the world was suffering from the Great Depression. Thanks to Economics and Keynes, politicians were able to implement policies and lift their countries out of the depression. When you come to think about it, without Economics, we’d probably still be living in the depression. Time and time again Economics has saved countries, but on how many occasions has it gotten countries into trouble? Could it be that without Economics, the majority of these events such as the crash in ’08, we’d be better off?

the failure of economics            the next keynes

The link below highlights the output gaps for developing countries in 2010,2013 and 2014. I don’t think there’s a better indicator out there highlighting the deceleration in Chinese economics growth.

output gaps

Finally, the last link takes a look at how the Bank of England. The unemployment rate in the UK has fallen to 7.1% since May last year, and with IMF forecasting UK growth for the year at 2.4%, will Mark Carney decide to raise interest rates?

uk labour market

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