The Cost of Theoclassical Economics and Economists. Hernando de Soto is an extremely interesting Peruvian economist who is simultaneously deeply conservative and highly innovative. He published a column in the Washington Post on October 7, 2011 entitled “The Cost of Financial Ignorance” that caused me to reexamine “The Washington Consensus” [TWC]. I agree with de Soto, but his title would have been more accurate if it read: “The Costs of Theoclassical Economics and Economists.”
The nature of the TWC is itself highly contested, so I will hold off providing “the” definition of TWC other than to warn that its originator and its proponents are engaged in historical revisionism to try to hide the damage TWC has done. I agree with de Soto's criticisms of financial deregulation. John Williamson is a deficit hyper-hawk with the Peterson Institute for International Economics.
Privatization Deregulation 8. 9. “I looked around. Property Rights “10. World business, finance, and political news from the Financial Times. Wall Street Sees World Economy Decoupling From U.S. Wall Street economists are reviving a bet that the global economy will withstand the U.S. slowdown. Just three years since America began dragging the world into its deepest recession in seven decades, Goldman Sachs Group Inc., Credit Suisse Holdings USA Inc. and BofA Merrill Lynch Global Research are forecasting that this time will be different.
Goldman Sachs predicts worldwide growth will slow 0.2 percentage point to 4.6 percent in 2011, even as expansion in the U.S. falls to 1.8 percent from 2.6 percent. Underpinning their analysis is the view that international reliance on U.S. trade has diminished and is too small to spread the lingering effects of America’s housing bust. Providing the U.S. pain doesn’t roil financial markets as it did in the credit crisis, Goldman Sachs expects a weakening dollar, higher bond yields outside the U.S. and stronger emerging-market equities.
‘Partially Decoupled’ China Manufacturing Accelerates Even so, emerging markets are showing more strength. Nouriel Roubini's Global EconoMonitor. China Analyst - News on Chinese Stocks. The Baseline Scenario.