Neigh to Globalisation

Complex supply chains were not only a contributor to the global financial crisis (all those tainted derivatives that did not do what they said on the tin) but also the latest horsemeat scandal.

Here’s an interesting piece from Chris Dillow about the implications for productivity growth…
How horsemeat can make you sick, Investors Chronicle, 15 Feb 2013

And if you thought the tainted meat was bad, how about these jokes…

“A woman has been taken into hospital after eating horse meat burgers from her local supermarket.
Her condition is said to be stable.”

“I hear the mini-burgers from the supermarkets make great horse d’oeuvres.”

A cow walks into a bar.
Barman says, “Why the long face?”
Cow says “Illegal ingredients, coming over here stealing our jobs!”

Growth Gloom

Some depressing thoughts on long-term US economic trends…
America’s debt dilemma: A looming crisis, Financial Times, 21 Jan 2013
Innovation pessimism: Has the ideas machine broken down? The Economist, 12 Jan 2013
Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds Robert Gordon, NBER Working Paper, Aug 2012

… challenged by the Atlanta Fed
Half-Full Glasses, Federal Reserve Bank of Atlanta, 1 Feb 2013