Quis custodiet ipsos custodes? This well-known Latin phrase from the poet Juvenal, loosely translates to “Who will guard the guards?” It came to mind when thinking about the Talented Mr McCarthy and his oversized shears, better known as An Bord Snip Nua. Regular readers will know that I have a slight ongoing problem with what we refer to as orthodox economics, and its practitioners, our mighty Fifth Estate, the economists.
Whatever degree factory churns them out, our economists mostly march metronomically to the rhythm of the all-seeing Market. Too bad the world has moved on since Milton Friedman was their pin-up boy. Meanwhile, An Bord Snip Nua is cheerfully both diagnosing what ails Ireland Inc, and prescribing our remedial treatment. Continue reading