The crisis and the raison d’être and prospect for the UK office for budget responsibility versus an economic supreme Court
Each 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.
|Date of creation:||04 Jan 2011|
|Date of revision:||19 May 2010|
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- 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.
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