Friday, May 7, 2010

A shift of global proportions

The Economist is right: "America’s economy will undergo one of its biggest transformations in decades. This macroeconomic shift from debt and consumption to saving and exports will bring microeconomic changes too: different lifestyles, and different jobs in different places. This special report will describe that transformation, and explain why it will be tricky..."
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Comment: It is basic macroeconomics that calls for a dramatic shift. Please note that this shift is much more than purely economics. The Economist is right in pointing out that the massive change ahead affects lifestyles, jobs, and places, and maybe even calls for a profound cultural change.

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