But I would argue, as Keynes did, that the boom, not the slump, is the time for austerity at the Treasury. To try to cut spending in a slump, as Osborne is doing, is to prolong the slump.

The Taiwanese dollar appreciated, causing Taiwanese exports to slump.

The Taiwanese dollar appreciated, causing Taiwanese exports to slump.

This slump may be inevitable, but it can be mitigated. Implementing policies to facilitate and reward long term investments will be key to exiting the current crisis and boosting the world s growth potential.

A freshly waxed car, the water molecules slump to about 90 degrees.

Today s particular economic circumstances provide a second reason for establishing a National Investment Bank. In slump or even semi slump conditions, a higher than normal proportion of private savings are held in cash or its nearest equivalent (short term treasury bills).

In order to become cheaper, a country s inflation rate must stay below that of its competitors, but that can be accomplished only through an economic slump. The more trade unions defend existing wage structures, and the lower productivity growth is, the longer the slump will be.

So, naturally, the only way out of the slump that I could think of was, I decided to call Oprah.

Yes, today the European economy is not doing badly. But how long is this likely to last with the US falling into a deep slump?

The West is not only overlooking the new Chinese leaders enhanced skill set, but is also misjudging the current state of the country s economy, which, while far from perfect, is not crisis torn and in desperate need of a quick fix. In fact, China is emerging in reasonably good shape from yet another global slump.

With everyone busy deleveraging, economies failed to recover. Much of the world, especially Europe, but also the slightly less sickly US, remains stuck in a semi slump.

Greece is in its fifth year of a slump. And eurozone unemployment is at record highs, with nearly one in two young people jobless in Spain and Greece.

This is the shape of things to come if steps are not taken now to recover rapidly from this lesser depression, and then to implement policies to boost private capital, infrastructure, and education investment back up to trend. Perhaps that would be enough to reassure everyone that policymakers current acquiescence in a prolonged slump was a horrible mistake that will not be repeated.

A slump, after all, is defined by a deficiency in total spending. To try to cure it by spending less is like trying to cure a sick person by bleeding.

Meanwhile, established modes of production were disrupted, in twenty first century business school parlance, causing productivity to fall. But this slump in productivity was actually a harbinger of better times.

The fact that we were able practically to avert an economic slump during the collapse of the internal economic links of the former Soviet State also played an important role.

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LONDON A specter is haunting the treasuries and central banks of the West the specter of secular stagnation. What if there is no sustainable recovery from the economic slump of 2008 2013?

The slump in construction activity in East Asia, together with the large currency depreciations of the major producers in the region, can be expected to increase timber supply for the export markets.

Of course, with China s household sector holding a relatively small share of equities compared to real estate, the current stock market slump is unlikely to derail the economy. Nonetheless, as in 2007, the prospect that lost savings will trigger social unrest cannot be dismissed, especially at a time when tools like social media enable citizens easily to share information, air grievances, and mobilize protest.

Man Against the current! You did it against the current!

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