Expanding state

Expanding state
A trend toward increased government influence in economies and personal life is curbing growth, and freedom, in many Western countries. The outsized role of government results in misplaced incentives, overregulation – which restrains markets and competition – and irresponsible budgetary policies. It leads to planned economies and principalist, authoritarian, centralist and also socialist policies. As history shows, such governments inevitably fail in the end.

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Gross domestic product growth rates for the world, developed economies and emerging economies

The ‘Big Rethink’ in macroeconomics

The 2008 financial crisis threw the discipline of macroeconomics into turmoil. Since then, some of the world’s most respected economists have regularly gathered to theorize about the lessons learned and how to address fiscal and monetary policy going forward. Yet a troubling trend is growing stronger: basing macroeconomics on ideological, rather than scientific, grounds.

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