Economic bright sparks still dazed from effects of the crisis
Economics has come in for no little criticism in recent years. It is easy to see why.
A decade ago, economists involved in managing economies thought they had it cracked. Apart from a shallow recession in the early years of the new century, most developed world economies had been enjoying low inflation with steady, if usually not spectacular economic growth.
This 'Goldilocks' scenario (not too hot, not too cold) had pertained since the early 1990s, by which time a long period of very high inflation had been tamed.