We’ve been meaning to tell you why economists and policy makers were jackasses. We can’t remember what we intended, but this blank is easy to fill in.
Let’s begin by looking at an economic disaster area: Greece. It has a per-capita GDP of about $29,000 compared to nearly twice as much for the US. One out of four Greeks is unemployed. Half of young people are jobless. And the country is broke. Only the kindness of strangers in France and Germany keeps the lights on.
An economist would use a technical term to describe it – “basket case”.