Economic Divergence Quotes

If all the economists in the world would be laid end to end, they would still point in different directions.

American economists can't understand the German fear of inflation and the effects of inflation when dealing with the world economic crisis. They wonder why Germany pursues such a different course - 'Why can't they agree with us?' I would have thought it was fairly obvious.

Never in history was there a method devised of such efficacy for setting each country's advantage at variance with its neighbours' as the international gold (or, formerly, silver) standard.

Growth in productivity has diverged from growth in the share that working people can expect right across advanced economies, but this trend started earlier and has been more pronounced in the U.S.

How do we give credible hope to the billion poorest people in the world? It requires compassion to get ourselves started, and enlightened self-interest to get serious... If economic divergence continues, combined with global integration, it will build a nightmare for our children.

Beginning in 1981, when government policies began to undermine the liberal consensus of the previous generation, wealth began to diverge. It is more unevenly distributed than ever before.

At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn't. Instead, northern Europe fell into subsidizing southern Europe's excess consumption, that is, its current account deficits.

Experience shows that when political governance and economic management diverge, overall development becomes unsustainable.

India and Pakistan became free within hours of each other. Why is it that today India is a recognised IT superpower in the world, and Pakistan is recognised only as the pre-eminent export factory for terror?

The problem is, if at all, in the different view of the economy, of economic growth. Growth is too low, even for us. That needs to change: More investments, a stronger role by the European Central Bank. Otherwise, there are no tensions between Italy and Germany. But on this point, compromises must be reached and we will reach them.

There is a divergence between private and social accounting that the market fails to register. One essential task of law and government is to institute the necessary conditions.

If the euro becomes a factor promoting Europe's drifting apart, then the foundation of the European project is destroyed.

There is a big divergence between views on a variety of policy issues from fiscal stimulus to financial regulation. It's my hope and my ambition for the economics profession that as we advance our knowledge, that those discussions will narrow in their focus, and that it will help to have more prudent policy-making down the road.

European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.

If we are going to approach the euro area as a zone with a harsh line in the middle between AAA and non-AAA, between the north and the south, no way are we going to move forward.

The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.