Comments on: Growth focus is mending US while austerity stalls Europe

By: martin O Halloran

martin O Halloran — Fri, 30 Nov 2012 20:55:26 +0000

It is clear America and Europe have similar issues in terms of the growing debt mountains but have undertaking two completely different courses of action. America’s stimulus policy, which appears to be effective to some degree is succeeding in keeping unemployment low and protecting the most vulnerable in society albeit not reducing their national debt.
The pro-austerity policies being implemented in Europe and in particular Ireland are having an untold impact on Irish society, through rising unemployment and business closures through lack of demand within the domestic economy. We know that within Ireland we have no control over monetary policy and in order to become more competitive an internal devaluation needs to occur. My solution would be to have both austerity and stimulus policies promoted. Each year we have been cutting billions and billions out of the economy which is hampering any form of recovery. One solution may be to make cuts of â‚¬3.5 billion for structural reforms whereby social welfare rates, public sector pay and professional services fees are benchmarked to the European average and brought back to that level. We need to be at least as competitive as other nations if we wish to retain the Euro. The â‚¬3.5 billion should not leave the economy. Instead a plan should be developed to see what industries we can create and expand. We should be looking at what we do best, the resources we have available and how we can exploit it. The world population is expected to grow by about 80 million each year, this brings to mind three main growth areas, energy, food and technology.
Renewable energy could be one area we could develop, creating jobs, reducing our dependence on imported fossil fuels, increasing our balance of trade and promoting our green image. Community based renewable energy projects could also be developed to promote this.
The food energy could be expanded through policies to increase farm production seeking out new markets for Irish products. Other areas such as deep sea fishing, new innovative food products and research and development should be pursued.
The technology aspect can be addressed through reform of our education system. If we are serious about a knowledge driven economy then we need to look as the barriers current companies such as Facebook, Linkedn, Amazon etc are having within Ireland. One such issue is the sourcing of suitable qualified employees with the necessary IT skills and a second issue is the lack of fluency in a second international language. If we were to introduce a computer programming and international language modules from primary school I think we could create a world class talent pool for future IT success stories to flourish from this Island. The current historic educational system needs to be updated to fulfil future knowledge gaps. The systems where teachers receive three months’ holiday needs to be confined to a thing of the past. Instead during this time they should be learning new skills to pass on to their students in the next academic year.
Finally and most importantly we need to build social capital within the economy and instead of cutting jobs in the public service we need to create employment in the public sector and create the environment for jobs growth in the private sector. In reality paying social welfare rates to 450,000 people while they could be a functional member of the economy and society for a few euro more in my view makes no sense.

P.S David, keep up the good work, I am a big fan!!!

By: Pauldiv

Pauldiv — Sat, 17 Nov 2012 20:25:01 +0000

Why do ask if I am going to take the struggle to the nation Adam and why are you serious about the question?

By: Pauldiv

Pauldiv — Sat, 17 Nov 2012 20:23:45 +0000

Fair enough Adam. I like a man who likes plain talking and I enjoy your posts. I understand why you’d not bother. As for me I am too drunk and too much of a waster, as your sidekick Col will tell you, to take up the cause lol

Seriously, this business over that poor girl who died in the Galway Hospital convinces me that you might be right. This is a backward country and it is frightening to think that the brainwashing went deeper than we imagined. This week we reached a new low

I don’t take things personally Adam and think you and me get on alright. No worries there

By: Pauldiv

Pauldiv — Tue, 13 Nov 2012 19:48:40 +0000

It’s all a matter of opinion then isn’t it. There are thousands of scientist to say other wise. The case remains open and thank god it does.

By: GeorgeOat

GeorgeOat — Mon, 12 Nov 2012 20:48:59 +0000

Seems to me that David McWilliams equates growth with good economic management. What does he think of the following well-known quote?
“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.” – attributed to economist Kenneth Boulding
The same is true of steady growth.

By: Tony Brogan

Tony Brogan — Mon, 12 Nov 2012 18:31:39 +0000

Global warming is basically non existent. the computer modeling of the IPCC scientists in the 1970′s has proven to be a non event. Any global warming is from natuel causes and not man made Polution yes. Climatre change no.
There are 1000′s of scientists disputing the global warming thesisbut they get little press. no chicken little alarm to publish.

By: bonbon

bonbon — Mon, 12 Nov 2012 06:29:07 +0000

Dismiss that at your own peril. Everything there about von Hayek is documented. Hayek represents himself.

So back to national banking, no straw dogs, and realize the Soviet is long gone (except now for the Brussells EU Soviet issuing diktats – but it is not a state).

Reconstruction, never addressed by gold, is the key issue of economics. And after all economics is what this blog is about.

By: Pauldiv

Pauldiv — Mon, 12 Nov 2012 00:54:12 +0000

Why?

By: Pauldiv

Pauldiv — Mon, 12 Nov 2012 00:52:12 +0000

The article might sound like a book pitch but she found a niche that is interesting, persuasive and credible. If she sells books then I wish her well because she sounds like someone who gives a shit about corporations and their pillaging of OUR resources for THEIR short term profit

Fracking Hell

By: Pauldiv

Pauldiv — Mon, 12 Nov 2012 00:34:02 +0000

Ok. Point taken friend