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Amartya Sen, a Nobel Prize winner in economics, says that harsh sanctions by allied forces on Germany after Germany’s defeat in World War were uncalled for and austerity measures in Greece almost killed the country. The financial woes of United States and many countries in Europe, Mr. Sen argues, are a result of poor decisions on the part of the governments. Usually economists are blamed for not keeping up with the realities of the state. However, in this case, the democratic governments are having discussions after public decisions in place of having discussions before deciding on policy decisions on the economy. Mr. Sen further says that there is a real need for institutional reforms in Europe rather than the imagined need for indiscriminate austerity.

http://www.newstatesman.com/politics/2015/06/amartya-sen-economic-consequences-austerity

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