The crisis and the raison d’être and prospect for the UK office for budget responsibility versus an economic supreme Court

Thomas Colignatus ()

MPRA Paper from University Library of Munich, Germany

Abstract: Each democratic nation with the Montesquieu Trias Politica separation of powers of the Executive, Legislative and Judiciary branches of government is advised to create an Economic Supreme Court as a fourth branch. The new UK Office for Budget Responsibility (OBR) falls short of that and will fail in scientific advice just like the US Council of Economic Advisors, the German Sachverständigenrat, the French Commissariat Général du Plan and the Dutch Centraal Planbureau. The OBR’s setup is likely to put the UK on a path of self-fulfilling forecasts of lower sustainable growth and higher unemployment than necessary. This paper is a small update of my 2005 book “Definition & Reality in the General Theory of Political Economy” (DRGTPE) with respect to the economic crisis since 2007. This paper also discusses aspects of the continued stagflation, the euro, investments and the environment.

Keywords: Political economy; public choice; political science; credit crunch; economic crisis; office for budget responsibility; stagflation; euro (search for similar items in EconPapers)
JEL-codes: A11 E60 P16 (search for similar items in EconPapers)
Date: 2011-01-04, Revised 2010-05-19
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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