It's Stupid to Talk About Demography When Countries Suffer from Inadequate Demand

The NYT told us "it's the demography stupid" as the explanation for the economic crisis afflicting the United States and the world. This piece is truly remarkably for its ability to confuse just about every basic economic fact relevant to the crisis.

The fundamental problem facing the U.S. and European economies is the lack of sufficient demand to fully employ their workers and their productive capacity. There are few economists who dispute that if there were more demand, there would be more ...