A yellow flag. (Photo credit: Wikipedia)
This is an excellent article by respected Oxford scholar, Simon Wren-Lewis. Check it out!
mainly macro: Balanced-budget fundamentalism.
Personally, I tend to identify with the argument here. For me, we have seen a clear rise in economic fundamentalism in both London and Berlin.
Economic fundamentalism seems to protect the wealthy and the privileged but is universally hard on the middle and working classes.
What’s the significance of the yellow-flag. Let me offer a definition:
a ship’s yellow flag, denoting the letter Q for ‘quarantine.’ When flown with another flag, it indicates disease on board; when flown alone, it indicates the absence of disease and signifies a request for customs clearance.
Economic fundamentalism is preached by economic policy-makers, like George Osborne, in the UK, who tend to have no formal training in economics. For me, the economic fundamentalists need to be identified, quarantined and neutralized.
Let me turn this to an open question:
How should we overcome economic fundamentalism in London and Berlin in favor of economic policy that recognizes the social costs of extreme policy?