Nevin Economic Research Institute April 12, 2012Posted by WorldbyStorm in Economy, Irish Politics, The Left.
Here’s something of some interest, and hat tip to Tomboktu for pointing it out. It’s the NERI – Nevin Economic Research Institute, an ICTU supported think tank and research organisation.
They’re initially arguing for measures within the orthodoxy, or at least in a way that doesn’t reverse it (in the sense that they seek measures that don’t add to the General Government Debt), but for all that their proposals cut across the logic of austerity and that is positive.
In this Quarterly Economic Observer an additional, frontloaded, targeted, strategic and temporary investment of €20 billion over five years is proposed – €15 billion in the Republic and €5 billion (=£4.2bn) in Northern Ireland – to begin to reverse the negative impacts of fiscal austerity. It is not suggested that this policy initiative would solve the problem of unemployment immediately or that it would secure full economic recovery. However, together with other policy measures, it would help to re-start domestic economic activity, meet vital long-term infrastructure needs, given people greater hope and make serious inroads into long-term, structural unemployment.
The funds for such a stimulus can be sourced from a mix of public, private and European/International sources with no additions to General Government Debt and with a likely lowering in the public sector deficit as a result of higher revenues and lower payments as a result of lower unemployment.
Given the paucity of economic analysis on the left in all areas, bar the obvious exceptions, it seems like an useful exercise.