When will the economic downturn end? In some circles, we heard talk of a rapid (V-shaped) end to the recession, thanks to the sadly famous “green shoots” of recovery. The shoots didn’t end up blossoming, and when autumn came editorial writers were heralding a “return to uncertainty”; the truth, however, was that uncertainty had never left us. Will it be a “double-dip” (W-shaped) recession, or perhaps a long, cold, dark winter that will last for the rest of our lives (that is, an L-shaped recession)? Erhard and his magic rectangle (magisches Viereck) protagonised an unprecedented phenomenon some years ago. It is essential to analyse this polygon now that the time for action has passed: it’s now time for a miracle!
kjk
Josep M. Sayeras
Associate Professor in the Department of Economics.
- Barcelona, Monday, 9 May, 2011
- Madrid, Thursday, 30 June, 2011
