«(…)Japan’s 20-year battle with stagnation is a warning to the West. The country failed to purge its banks swiftly and relied on Keynesian fiscal projects to prime pump the economy each time growth stalled. The result was a string of false dawns, with public debt ratcheting ever upwards. The Bank of Japan dabbled with quantitative easing, but too little and too late. The bonds were purchased from a moribund banking system, a recipe for failure since this has little effect on the M3 money supply. “Japan was never early enough or ambitious enough in its use of monetary stimulus,” said Jamie Dannhauser from Lombard Street Research.(…) For Japan, the lost decades are tunning into a lost century.»
Berndadette Segol claims about youth unemployment in Europe that passing on risks and costs to customers in green economy would improve social justice and save the lost generation.
Jim Manzi suggests ironically that social science has been quite successful at demonstrating the failures of social engineering. The golden age of government-funded social-policy experiments was the late 1960s into the early 1980s. What good social science has revealed—that parents matter, genes matter, race matters, sex matters, and IQ matters — is the opposite of what the vast majority of social scientists wanted to discover.