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Department of "Huh?!": Irish Economy Edition

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It would never in a million years have occurred to me that anybody would claim that the red-circled uptick in measured Irish real GDP in the first quarter of 2011 was "a result which most Keynesian theories strongly predicted against".

It just wouldn't.

But here we have Tyler Cowen:

Facts about Ireland:

Yet despite cutbacks and tax rises, the country still chalked up a 1.3 per cent expansion in gross domestic product in the first three months of this year.

There is more here, and also here.  Mind you, this is not a stunning performance.  Nor can we expect it to continue, if the eurozone and America are headed for broader troubles, as indeed appears to be the case.  Nonetheless it’s a result which most Keynesian theories very strongly predicted against.  Ireland also achieved this during a weak time for its major trading partners.  Since the crisis started, Ireland’s cumulative adjustment has been about thirteen percent of gdp and now they are growing again.  Yet we are not hearing a peep about this.

I hope Kevin O'Rourke doesn't see this.

Just saying.

Nor would I favorably cite a piece like:

Irish economic growth set to double EU average: Danny McCoy declared, “Ireland’s growth potential is double the EU average and, despite the heavy burden of austerity, we have a much greater capacity to outgrow our debts than our EU neighbours.” He continued, “Ireland has a largely open and deregulated economy that supports entrepreneurship. We have the most favourable demographics in the EU, and our productivity performance is strong due to excellent labour market skills and world class flexibility in the workplace.”

without noting that McCoy's forecast of "double the EU average" is for 3.0% Irish growth in 2011 is at odds with the official forecast of 0.7%.

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