Clueless Economists

It is pathetic, even irresponsible, to predict gloom and doom for the UK now that a majority has voted to leave the EU. he self-appointed experts in academia, think tanks and the media would be well-advised to come up with constructive suggestions about how to make Brexit work. Just being besides the EU member states does not mean that being in some sort of political/economic/social club is mandatory to have a successful society. There are plenty of examples to the contrary - too numerous to mention, we know them all. Shame on the Financial Times and Martin Wolf in drumming up discontent and confusion and playing into the hands of the mob who is unwilling to accept a democratic choice.

What comes first - Supply or Demand?

Interesting controversy - is there a demand deficiency in Europe, and if so what can or should be done to boost demand? I tend to support Frank Shostak's argument that supply comes first. Demand is never 'sufficient' and we all have 'demands' that are larger than our incomes can support. Microeconomic arguments (The Baker producing bread in this case) are severely neglected by the economics and policy tribes - including the media commentators. Maybe Shostak's example is a bit simplistic and needs refining but I think he is on the right track. Just pumping money out of thin air (Martin Wolf, FT, The curse of weak demand) just papers over the cracks in the economy.