What should the 2023 Washington Consensus be?

[@mamanitubea]

Brilliant exposition Summers! Like Milei said "I don't know if Lefties hate more empirical evidence or taking a shower" 😂😂

[@JameBlack]

the only problem is that the times of economy has gone, Chinna preparing to nuke you sleep well

[@raylopez99]

Summners is such a tool. Summers: “Third, the world has fared very well. Relative to the time when I was chief economist of the World Bank at the beginning of the 1990s, child mortality rates are less than half of what they were then. Literacy rates are more than twice what they were then. Poverty rates, terms of extreme poverty are less than 40% of what they were then.” If you know math, you’ll know over 33 years if things improve by 2.2%/yr you’ll have double the values (or equivalently half). So child mortality rates improving by 2x is nothing more than 2.2%/yr improvement a year. Same with literacy rates. Extreme poverty is roughly half as well. Nothing to do with macro-economics just incremental improvements over time, coming from a low base.

[@ShowsOn]

There is no automatic reason why living standards need to improve. Living standards improve because policy makers make decisions to help them improve. What else do you think causes those improvements? Magic?

[@raylopez99]

@@ShowsOn Pace parts of Somalia where there is no government and living standards have improved relative to areas where there is government and war. Also Piketty et al in their book say growth is more or less automatic (the Solow equation) except in times of war, and this growth causes inequality. But otherwise, good point made.

[@NoOne-vc8kc]

My identity has been used or criminal activity since 1991

[@YHauz-co]

Washington consensus declared obsolete

[@Michelle_Wellbeck]

South America, South East Asia know what the original Washington consensus brought them. They won't get tricked a second time.

[@mamanitubea]

The South American countries that violated Washington Consensus (Venezuela, Argentina) did terribly...those that followed it (Chile, Peru) grew fast for three decades Can you argue against that?