Monday, November 19, 2012

Jeffrey Sachs on the economy

From this recent article, where he sounds more like Rifkin. I wonder if they've worked together?

Update: Both Sachs and Rifkin serve on the Scientific Committee of the Ideas Foundation.

"The entire Keynesian apparatus that dominates Democratic party circles is also outdated and outmoded. It is a cyclical theory trying to fit a secular (that is, longterm) structural challenge. The US needs massive overhauls of its key economic sectors, almost all of which have public and private sector components that are deeply intertwined. Aggregate demand management cannot fix excessive healthcare and college costs, broken infrastructure, or an economy based on fossil fuel that needs to be decarbonised.

"Mr Obama’s legacy should be to foster the overhaul of the US economy. The IT revolution can and should lead to lowcost online universities, radically lower healthcare costs, smart grids, smart cities and smart lowcarbon energy systems."

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