How trying to fix recessions and economic decline actually creates more problems
John Rapley is a political economist at the University of Cambridge and managing director of Seaford Macro.
Over the past decade, for instance, it’s become painfully evident that Westerners are growing increasingly unhappy. In the period since the 2008 crash, an opiate crisis tore the U.S. apart, other countries saw mental-health epidemics , street protests rose, politics grew increasingly divided as populists urged their supporters to violence and public support for democracy cratered.
Most central bankers, and the economists advising them, will retort that it isn’t their concern, that their job is merely to keep inflation low and economies growing and that, at least before the pandemic, they were doing just that.
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