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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
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)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hellwig, Martin, 2010.
"Capital Regulation after the Crisis: Business as Usual?,"
- Martin Hellwig, 2010. "Capital Regulation after the Crisis: Business as Usual?," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 8(2), pages 40-46, 07.
- Martin Hellwig, 2010. "Capital Regulation after the Crisis: Business as Usual?," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2010_31, Max Planck Institute for Research on Collective Goods.
- Thomas Cool, 1996. "Differential impact of the minimum wage on exposed and sheltered sectors," General Economics and Teaching 9608001, EconWPA.
- Colignatus, Thomas, 2009. "Consumer durables as investments that can help us out of the current economic crisis," MPRA Paper 13382, University Library of Munich, Germany.
- Colignatus, Thomas, 2011. "High Noon at the EU corral. An economic plan for Europe, September 2011," MPRA Paper 33476, University Library of Munich, Germany, revised 19 May 2010.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.