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Thread: The budget Tol's (According to Richard)

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    Default The budget Tol's (According to Richard)

    I know I have a reputation on P.ie for constantly poking fun at economists, some of it is richly deserved, particularly when they take themselves too seriously and pronounce weird and wonderful economic theories which have no practical use or which require the complete reorganisation of our monetary and financial system in order for their implementation to be even contemplated.

    But sometimes they talk some sense, even Richard Tol (when he's not talking about climate change and wind turbines)

    Before the bail-out, some hoped that the technocrats of the IMF would sort the country out. Instead, we got the Troika, led by the ECB with its narrow focus on the banks of Europe. Irish politicians are distracted from genuine reform by hitherto unsuccessful attempts in renegotiating the terms of the bail-out. There is less pressure to structurally reform economic policy now that Ireland is tentatively returning to the capital market, Europe is focussed on its south while praising Ireland, and there is a possible oil bonanza. But Ireland did not go (almost) bankrupt by accident. Unless it changes itself, Ireland will run into similar problems again, maybe before the decade is over.


    There are many theories about the causes of the crisis. To me, the root cause is the electoral system, which favours generalists and populists. No TD has a national mandate, and few TDs have the experience and skills to design and implement a successful economic and fiscal policy. The Cabinet has an economist and an accountant, but the Cabinetís Economic Council has three teachers and a lawyer. Political change is not on the agenda.


    Richard Tol: A crisis wasted

    Are we fixing the systems rather than the problems ?
    Best regards, Pat.Twitter-energy economy news _ _ Each to their ability, together we progress.

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    Politics.ie Member wombat's Avatar
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    Quote Originally Posted by Pat Gill View Post

    Are we fixing the systems rather than the problems ?
    What annoys most of us is that there is no evidence that either is being fixed.

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    Politics.ie Member Analyzer's Avatar
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    Needless to say Richard Tol's opinion above is present in any Irish media commentary, for the dat that is in it. Instead, comments from IBEC, ICTU, the CIF, etc.... plus loads of academics who are in the state trough in one form or another, plus overpaid quango-crats.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    If I were restoring a 1949 Chevy Fastback, I'd make sure all the rusty bits were cut out and re-fitted before I went fiddling with the upholstery.

    I think we've been re-upholstering for the last 5 years.
    Redacted.

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    Quote Originally Posted by Pat Gill View Post
    I know I have a reputation on P.ie for constantly poking fun at economists, some of it is richly deserved, particularly when they take themselves too seriously and pronounce weird and wonderful economic theories which have no practical use or which require the complete reorganisation of our monetary and financial system in order for their implementation to be even contemplated.

    But sometimes they talk some sense, even Richard Tol (when he's not talking about climate change and wind turbines)



    Are we fixing the systems rather than the problems ?
    What is so disappointing is that the constitutional convention is not addressing the propensity for repeated failure of our system almost every decade since independence.
    This was an opportunity to see how our constitution and the electoral system defined by it relates in any way to our repeated economic failure since independence.
    JJ Lee in his 1985 'Politics and Society' partially dealt with some of the often trotted out excuses and an updated version of this, reflecting on the Celtic Tiger and its aftermath would be a useful basis for a proper consitutional convention.

    Instead we have 'gay marriage' 'vote for 17 year-olds' etc, no doubt important for some, but avoiding the main issue.
    -Our flawed system.
    Quite sad really.

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    Dylan2010
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    To counter his point, institutions like the FED are stuffed to the gills with PHD's. So I'm not sure how important raw talent is. Most of the big decisions have been moral ones and they have all failed

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    Politics.ie Member clearmurk's Avatar
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    I heard Stephen Donnelly TD on the radio a few days back refer to systems that are institutionally corrupt (I hope I quote accurately).

    I think there is a lot to this. If you have politicians whose apparent objective is to line their pockets to the maximum they can get away with, then little substantial reform will occur.

    As already referred, this most definitely should be a Constitutional Convention issue, and I for one would be very interested in understanding how this might be pursued in this forum.

    I previously touched on the subject here http://www.politics.ie/forum/politic...-promises.html

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    Politics.ie Member owedtojoy's Avatar
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    Quote Originally Posted by Pat Gill View Post
    I know I have a reputation on P.ie for constantly poking fun at economists, some of it is richly deserved, particularly when they take themselves too seriously and pronounce weird and wonderful economic theories which have no practical use or which require the complete reorganisation of our monetary and financial system in order for their implementation to be even contemplated.

    But sometimes they talk some sense, even Richard Tol (when he's not talking about climate change and wind turbines)



    Are we fixing the systems rather than the problems ?
    I don;t have a high opinion of Tol, but here he is summarising my own disappointment with the current government.
    "A wise man proportions his belief to the evidence" - David Hume

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    MrFunkyBoogaloo
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    Quote Originally Posted by Pat Gill View Post
    I know I have a reputation on P.ie for constantly poking fun at economists, some of it is richly deserved, particularly when they take themselves too seriously and pronounce weird and wonderful economic theories which have no practical use or which require the complete reorganisation of our monetary and financial system in order for their implementation to be even contemplated.

    But sometimes they talk some sense, even Richard Tol (when he's not talking about climate change and wind turbines)



    Are we fixing the systems rather than the problems ?
    For whom the Budget Tol's...

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    Politics.ie Member
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    After Tol's gross incompetence was exposed by the ESRI report fiasco earlier this year, is he in any position to make further pronouncements on the economy?

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