Bruce Crichton (Letters, 21 July) suggests Keynesian pragmatism “does not lead to economic growth and full employment”. At what stage of economic growth is Greece after the good doses of “IMF austerity medicine”?
Certainly not the fifth stage of high mass consumption, an affluent population and relatively full employment.
It’s likely after another round of austerity Greece will be back at the “pre-conditions for take-off”, take-off being the third stage when, with the right conditions of public and private investment, there could be self-sustaining growth.
Given unemployment is over 25 per cent and suffering from widespread poverty, with more austerity measures Greece may not even be in the take-off stage.
Arguably Walt Whitman Rostow, the economist who analysed the “five stages of economic growth”, is spinning in his grave.
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