Writers in Residence

Writers in Residence 2: Money and Tough Love

5 thoughts
last posted Sept. 28, 2014, 10:11 p.m.
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There is an irony in the IMF that if countries were capable of managing their economies "properly" then there wouldn't be a need for its facilities.

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A good point made in the use of medicine as a metaphor by economists. Doctors have little understanding of the nature of illness and their treatment plans are essentially exercises in likelihoods.

Economists have an even weaker grasp of their field of knowledge.

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Youth unemployment is always the key challenge in an economic recovery. Those who went to work on the Irish construction sites were making an economically rational choice at the time. Finding alternatives is not solely the responsible of the individual.

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IMF economists are experts in collapsing economies but rarely see successful ones and the circumstances that lead to a growing economy are rarely universal.

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The IMF practices rotation and the mission teams are surprisingly international.