Joel Ross predicts our economy will grow in the 2% - 2.5% range
in 2012, but paints a pretty bleak picture while he is at it. Full
essay is here. This quote caught my eye:
"This is one of the generational recessions which impact behavior for generations to come. Just as my parents never really recouped mentally from the depression, it is very likely most people in the world will be badly enough shaken by these events for a long enough period that it will impact behavior."
Ross would seem to share our thought that there is a rather large
psychological component to the economy. But it does seem
from here that there is a whole lot more treading water going on
than actual behavioral change. Film at 11:00.
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