Depression continues

Statistics seem to indicate the Great Depression is behind us. This is misleading, the world economy has not grown in real terms it is only recovering past losses. 

Factoring in growing global population growth, and growing inequities, the world economy is no better than yesterday it is worse.

One lesson realized in this recession has been the failure of economics to stand up to the challenge of guiding the world through recession. John Maynard Keynes, Adam Smith, Milton Friedman, Karl Marx and other classic thinkers ensured economics was for real tangible development. Today economics has more books than ever and all these libraries indicate a study in crisis.

With more graduates than ever, and models more rigorous than before, the discipline has failed to provide inspiration and leadership during time of crisis. Economic 'knowledge' is vast and ubiquitous, but reliable economic wisdom remains scarce. True to form; common sense scarcity remains the central economic problem.