The crisis and the raison d’être and prospect for the UK office for budget responsibility versus an economic supreme Court
AbstractEach democratic nation with the Montesquieu Trias Politica separation of powers of the Executive, Legislative and Judiciary branches of government is advised to create an Economic Supreme Court as a fourth branch. The new UK Office for Budget Responsibility (OBR) falls short of that and will fail in scientific advice just like the US Council of Economic Advisors, the German Sachverständigenrat, the French Commissariat Général du Plan and the Dutch Centraal Planbureau. The OBR’s setup is likely to put the UK on a path of self-fulfilling forecasts of lower sustainable growth and higher unemployment than necessary. This paper is a small update of my 2005 book “Definition & Reality in the General Theory of Political Economy” (DRGTPE) with respect to the economic crisis since 2007. This paper also discusses aspects of the continued stagflation, the euro, investments and the environment.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 27873.
Date of creation: 04 Jan 2011
Date of revision: 19 May 2010
Political economy; public choice; political science; credit crunch; economic crisis; office for budget responsibility; stagflation; euro;
Find related papers by JEL classification:
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-16 (All new papers)
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Working Paper Series of the Max Planck Institute for Research on Collective Goods
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