Are the Irish Speeding? And Why It Means We Might be Throwing Trillions in the Toilet

I was struck to see a news article reporting the estimate from Ireland’s central bank that the economy grew by 6.6 percent in 2015. The article reported that the economy is projected to grow 4.8 percent in 2016 and 4.4 percent in 2017. This is good news for the Irish economy since the country still has a long way to go to recover from its recession.

However what is even more striking is that this growth hugely exceeds what folks like the I.M.F. said was possible in Ireland. If we go back to t...