Now of course we all expect The Guardian to get economics wrong. As with everything else – The Guardian, wrong about everything. Always. But those who would opine on economic affairs and the state of the world, we need to hold them to a higher standard.
Which brings us to this from Richard Murphy. He wants to tell us that developing country debt is the most appalling problem and therefore everyone should do as he says. Which he illustrates with this:
Note what it says up at the top there. $165 billion. It really is in $bn.
Now check his source in The Guardian:
D’ye see the change? $165 billion is trivia. 165% of GDP isn’t.
But now we’ve got the man insistent that the global economy should bend to his will unable to understand the difference between a cash sum and a percentage of GDP.
Richard Murphy, unable to spot the mistakes in The Guardian. It’s a great recommendation for an economics professor, isn’t it?