Ned Phelps has an op-ed in today’s FT. He argues that one reason that the periphery got into trouble is that household wealth rose quickly during 2001-2007, discouraging work effort and thereby contributing to the rise in wages relative to productivity.
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As reported by the Irish Times, the legislation to reform the personal insolvency regime will soon be published. Readers are invited to comment on the appropriate period of bankruptcy and the appropriate treatment of mortgage obligations.
Congratulations to Philip for the award of an INET grant in the Spring round of grants by the Institute.
So writes Morris Goldstein in this VOX article.