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J.B. Say at Bay: Some Lessons from the Greek Crisis

It was not a long time ago that I came across an article in a well-respected Athenian newspaper which purported to explain the causes underlying the protracted plight of the Greek economy. Given that the author is a top economic adviser to one of Greece's principal political leaders (a self-proclaimed “reformist” one, to boot), I thought it would be worthwhile to read it. And so it was, though not for the reasons one might have expected.  Indeed, if one had anticipated novel ideas and innovative policy proposals such were not forthcoming; instead, the author's proposed explanation reiterated the anti-austerity mantra that has been incessantly repeated since the (perceived) onset of the crisis in 2010. But is it not astonishing that, after all these years, the country's perception of itself and of the outside world has remained virtually unchanged? And shouldn't one wonder as to what kind of shock(s) it will take for that perception to come nearer to reality?

29 January 2018
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