September 28, 2005

Resilient Economies

I note without comment that in a September 19 article on the success of economies and their central bankers in various countries since 1986, the Wall Street Journal observed:

The four English-speaking countries [Australia, Canada, US, UK] have done particularly well. That's because their financial and labor markets are less regulated, so they are more "resilient and spontaneously self-correcting," says Jean-Philippe Cotis, chief economist at the Organization for Economic Cooperation and Development. If a worker loses his job in one industry, he is more likely to take one at a lower wage in another. Firms are more likely to cut prices and shrink capacity in the face of falling demand. This, Mr. Cotis says, makes it easier for a central bank to cut interest rates, and for those cuts to flow through to home buyers and businesses.

Posted by Peter Saint-Andre at September 28, 2005 07:23 PM

I haven't read the article and, probably, should. But do all those figures and discussions include the public sector?

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