Miguel Navascués | Central banks announcements are better than nothing, but may not be enough. In my opinion, the central message of Keynes is that, for those taking investment decisions, the future cannot be reduced to a risk calculus formula, because there is always a zone of uncertainty (by definition incalculable) which influences spending decisions: consumption, but, above all, productive investment.
MADRID | By Luis Arroyo | Austerians are fighting back, but retreating. At least in what concerns the best Keynes, the financial Keynes, I guess. Three years ago the OECD was calling for a general rates hike. Now, under another leadership, the Paris-based institution is asking for fiscal and monetary stimulus, mostly in Europe.
MADRID | By Carlos Díaz Güell | The Western world’s unemployment has reached brutal dimensions. There are more than 200 million jobless people around the world, representing 5.9 per cent of the labour force on the planet, according to the International Labour Organisation. Perhaps it is time to retire or rethink Keynes and also–why not?–Hayek and seek new formulas that will lead us out of the tunnel.