In fact, Quiggin is just as guilty of the very consistency for which he readily condemns Australian free marketeers. The inevitable result of Asia's interventionist policies has been a huge economic crisis that must be allowed to liquidate itself. But this is the kind of economic nonsense that I have come to expect from Quiggin. I have pointed out several times that so long as Asia maintains a high savings ratio, allows markets to freely function and implements sound money policies their living standards will eventually exceed Australia's. Nothing else could better demonstrate how little he understands the nature of economic growth.
Savings fuel an economy and entrepreneurship drives it.
Without these elements sustained economic growth is an impossibility. But he provides not the slightest indication that he is aware of these facts. But anti-market ideologues like Quiggin never seem to learn. For sometime now we have had Australian interventionists telling us that we have to follow the Asian road. Frankly, I would like nothing better than to see his design.