Megan McArdle said that Iceland is an example of the need for austerity because of its high unemployment rate. Which is 5.7% at 1/2013.
Megan McArdle said that Latvia was an example of the success of austerity. Its unemployment rate is 13.5% at 1/2013.
That is all.
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11 comments:
Well, she's correct about the latter--Latvia is the best case for austerity.
I assume she was careful not to mention, let alone consider, Eire, Spain, or Greece.
I should do a review of her raptures over the Celtic Tiger but I have already reached my McArdle limit for the day. Overexposure can cause cancer in rats.
Latvia is the "best case" for austerity only if you consider the mass emigration of 13% of the population to be a desirable outcome.
http://www.france24.com/en/20120522-latvia-emigration-population-brain-drain-economy
"Pain for thee, but not for me. 'Cause I'm special...So Special!"
- Meegan
~
Could you narrow down the "Megan said"? I'm feeling a bit masochistic & ready to deal with the whole quotes.
The Iceland post is here.
http://www.thedailybeast.com/articles/2013/01/22/how-well-is-iceland-doing.html
If you read the comments you might notice that she left out the unemployment number at first. She left a placeholder to fill in later ("TK")
I can't find the Latvia post. I'll try again later.
Those were her assigned talking points.
There are no intelligent people who will make that argument, so they chose someone who sounds "smart" (to stupid people) to drool the propaganda.
Sheer concision.
You're getting quite good at this, you know.
That Iceland post is really more of a smoke thrower. Instead of denying they're doing well, she just me-toos a Tyler Cowen second hand bafflegabber about details of Icelandic banking - a subject that neither McArdle, Cowen or any of us understands.
I do know that she negelect to mention nationalization of the banks or criminal prosecution of the bankers.
Aargh, I had to apologize to McArdle for other posts regarding the same manner. I misinterpreted the Iceland thing as worse than it was (while not discussing the worst part). And the Latvia thing must be my faulty memory.
Embarrassing. I am usually very very careful because I hate making mistakes.
TheStone -- Exactly. Latvia has an "open economy" and let Market Forces control its destiny. About 13% voted with their feet, and another 13% (give or take a NAIRU) had a decision made for them.
(Look at the combined unemployment rate and out-migration for Spain, Greece, and Eire. Throw in Portugal if you want. I believe the composite is still the best case for austerity to date.)
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