[17] Interview with Kruiderink, “Progress ? No, it is a black hole.” Volkskrant Oct. 16 1999
[18] Barro also discusses the relationship between the quality of the US CEA and US growth.
[19] http://europa.eu.int/comm/employment_social/employment_analysis/eie/eie2004_stat_annex_en.pdf
[20] Participation is taken here as the employment rate (employment in % of the population in the age bracket 15-64) plus the unemployment rate (age 15+).
[21] Kennedy (1999:241) describes the threat of Huey Long: “Roosevelt shared that assesment. ‘Long plans to be a candidate of the Hitler type for the presidency in 1936,’ he told William E. Dodd, his ambassador to Germany. ‘He thinks he will have a hundred votes in the Democratic party and put in a reactionary Republican. That would bring the country to such a state by 1940 that Long thinks he would be made dictator. There are in fact some Southerners looking that way, and some Progressives are drifting that way… Thus it is an ominous situation.’ [note] ” Also, the US already had a disputable policy with regards to its Black population, and no doubt they could be made scapegoats like the Jews in Europe.
[22] Hayek discussed ‘knowledge’ and ‘constitutional reform’, so that the current line of thought is not alien to economics - though see the appendix on Hayek.
[23] There exists still one matter to settle though. Krugman suggests that Supply-siders were no serious economists. Similarly, Mankiw (1998:29) calls it ‘fad economics’. But after they got their respective Nobel Prizes, both Lucas and Mundell told the press that they were such Supply-siders.
[24] The two major recent revisions in the US, the chained price index and the redefinition of software as investment (and thus growth), are just examples.
[25] If the Court would be scientific but would be only an island in an ocean of neglect, the Court would already be an improvement over the current situation - but less than optimally so. A wise parliament also provides for funds for independent research bodies with related objectives, that then will provide a critical working environment.
[26] The term ‘existing theory’ will be used in this volume for the tradition of research and results indicated by these references. In the light of the abundance of schools and attitudes it is a bit difficult of course to apply that term. However, those who have studied Krugman’s books and above references, should be senstive to this suggestion. As a next step, I will present a novel analysis below, that leaves much of existing economic theory intact, and only supplements it with some ‘missing links’. With this supplement it becomes even easier to recognise the ‘existing economics’.