The Americas: Small picture approach

Author: | Published: 20 Apr 2016

Any economy, over time and taken as a whole, looks great. That's the unassailable assertion of capitalism. Yes developed economies, and the world economy, are still prone to worrying imbalances. But didn't we all once live in wattle and daub hovels, surrounded by our precious chickens (for barter) and our even more precious broad swords (for self-defence)? As a result, it's understandable that those raised on modern growth theory – that demand is endless and things will get better over time – are fond of an aggregate approach. That is, by the way, pretty much everyone.

So economists, policymakers, regulators and central banks all love looking at the bigger frame and their comments are...