Success often depends on timing. Though Mr Blyth has been working on this book for two years, its launch seems to have come at a very appropriate moment. After several years of austerity measures, public opinion in countries across the world is becoming more critical on the cutbacks their governments have brought in to reduce their deficits. Adding to that is the discovery that Reinhart and Rogoff’s models, the theoretical underpinning of these policies, were erroneous. This is a well researched and well argued book and the title, “Austerity: The History of a Dangerous Idea”, will give you a clear indication of where the author stands.
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There is a rumor going around Washington DC, that there was some kind of election last week. Things are back to normal now with college students practicing their football plays in front of the Capitol. Just in case you missed the election the results can be summarized as follows. $6 billion dollars spent, nothing changed. But that is just the point; sometimes the status quo is the best option. It is having the possibility to choose that counts.
It hasn’t been a good weekend if you are a household name with the surname Armstrong. On Friday, Lance Armstrong officially threw in the towel in his fight to maintain the seven Tour de France titles he had won by effectively pleading guilty to using drugs. He thus gained the status of villain or fallen hero. Then yesterday, Neil Armstrong, the first man on the moon died in hospital.
Our reactions to the two Armstrongs underlines how ambiguous we are in conferring hero status to people or to organizations. Continue reading