Who knows? There are many points of view on this, of course. There are also many who would claim to know why we have a problem and who caused it. The truth is, however, that this has been a problem that has been developing for a very long time. To the extent that Figure 2 can be read accurately it would seem that the economy has been stagnant for 25 years, while Figure 1 would suggest that the rot started in 1987 (although I suspect that a longer data sequence would show a longer trend of deterioration). One could argue that it was the result of Muldoon’s National Government’s ‘Think Big’ strategy. Another argument could say that ‘Think Big’ was working and it was Lange’s Labour Government that did the damage. Another point of view could say that we never recovered from the 1987 stock market crash. Against all these arguments is that these events were many years ago, with many different governments and political philosophies since then. There must be something more fundamentally wrong!
For my part I think the problem is comparatively simple. We don’t have any more economic resources to develop!
Adjusting New Zealand to a level of equilibrium where productivity pays for consumption at relatively good levels of average wealth is not going to be easy. For a start we’re not sure what the problem is and we’re already beholden to a significant amount of foreign call on our capital. One thing is sure, this is a complex problem and the solution will be complex. We can be sure that there will be a solution though. The current situation is unsustainable and will change eventually. The question will become how much pain will we suffer?
For my part I think halting population growth (through reduced immigration) would be a start. We could reduce population by this method as well but we might find that the foreign investment position doesn’t unwind, which would make things worse.
Beyond that I think we need to better understand the problem, which is going to require a far better understanding of the fundamentals than we seem to have; and, to be frank, perhaps a little more honesty in our public debate as well. Ultimately solving the problem is going to require some real political courage. Maybe we really are in trouble.
Subscribe to:
Post Comments (Atom)
hollister, nike trainers, air max, yoga pants, hollister, louboutin, rolex watches, mac cosmetics, abercrombie and fitch, north face jackets, wedding dresses, abercrombie and fitch, nike huarache, oakley pas cher, beats by dre, ralph lauren, timberland, mont blanc, mulberry, louis vuitton, new balance shoes, converse shoes, nike air max, supra shoes, lancel, louis vuitton, montre pas cher, ferragamo shoes, karen millen, instyler ionic styler, roshe run, nfl jerseys, juicy couture outlet, louis vuitton, ralph lauren, giuseppe zanotti, vans, north face outlet, reebok outlet, birkin bag, lululemon, ray ban pas cher, nike free, burberry, longchamp, hermes, hogan, nike roshe, juicy couture outlet, michael kors
ReplyDeletehollister, nike trainers, air max, yoga pants, hollister, louboutin, rolex watches, mac cosmetics, abercrombie and fitch, north face jackets, wedding dresses, abercrombie and fitch, nike huarache, oakley pas cher, beats by dre, ralph lauren, timberland, mont blanc, mulberry, louis vuitton, new balance shoes, converse shoes, nike air max, supra shoes, lancel, louis vuitton, montre pas cher, ferragamo shoes, karen millen, instyler ionic styler, roshe run, nfl jerseys, juicy couture outlet, louis vuitton, ralph lauren, giuseppe zanotti, vans, north face outlet, reebok outlet, birkin bag, lululemon, ray ban pas cher, nike free, burberry, longchamp, hermes, hogan, nike roshe, juicy couture outlet, michael kors
ReplyDeleteugg boots, soccer jerseys, louboutin, oakley vault, canada goose, marc jacobs, gucci, ugg boots, babyliss pro, insanity, oakley sunglasses outlet, mcm handbags, celine handbags, chi flat iron, ghd, ralph lauren, tn pas cher, oakley outlet, canada goose, oakley sunglasses cheap, cheap sunglasses, valentino shoes, canada goose outlet, oakley vault, oakley, canada goose, oakley outlet, ugg, soccer shoes, bottega veneta, oakley sunglasses cheap, oakley sunglasses outlet, uggs on sale, p90x, canada goose, moncler, asics, cheap oakley sunglasses, ugg boots, cheap oakley sunglasses, herve leger, moncler outlet, jimmy choo, moncler, ray ban, canada goose outlet, cheap oakley sunglasses, cheap sunglasses, moncler
ReplyDeleteugg boots, soccer jerseys, louboutin, oakley vault, canada goose, marc jacobs, gucci, ugg boots, babyliss pro, insanity, oakley sunglasses outlet, mcm handbags, celine handbags, chi flat iron, ghd, ralph lauren, tn pas cher, oakley outlet, canada goose, oakley sunglasses cheap, cheap sunglasses, valentino shoes, canada goose outlet, oakley vault, oakley, canada goose, oakley outlet, ugg, soccer shoes, bottega veneta, oakley sunglasses cheap, oakley sunglasses outlet, uggs on sale, p90x, canada goose, moncler, asics, cheap oakley sunglasses, ugg boots, cheap oakley sunglasses, herve leger, moncler outlet, jimmy choo, moncler, ray ban, canada goose outlet, cheap oakley sunglasses, cheap sunglasses, moncler
ReplyDeletekate spade outlet, true religion, toms shoes, coach factory, nike shoes, longchamp outlet, prada handbags, oakley sunglasses, chanel handbags, polo ralph lauren outlet, ray ban, michael kors, true religion jeans, michael kors, tiffany and co, louis vuitton outlet online, tory burch outlet, air max, ray ban sunglasses, oakley sunglasses, louboutin, oakley sunglasses, nike air max, jordan shoes, nike air max, coach purses, true religion outlet, gucci outlet, burberry outlet online, michael kors outlet online, kate spade handbags, longchamp handbags, longchamp handbags, louis vuitton handbags, coach outlet store, nike free, air jordan, air max, michael kors handbags clearance, michael kors outlet, cheap michael kors, prada outlet, louboutin, ray ban sunglasses, michael kors outlet online, nike free, coach outlet, polo ralph lauren outlet
ReplyDeletekate spade outlet, true religion, toms shoes, coach factory, nike shoes, longchamp outlet, prada handbags, oakley sunglasses, chanel handbags, polo ralph lauren outlet, ray ban, michael kors, true religion jeans, michael kors, tiffany and co, louis vuitton outlet online, tory burch outlet, air max, ray ban sunglasses, oakley sunglasses, louboutin, oakley sunglasses, nike air max, jordan shoes, nike air max, coach purses, true religion outlet, gucci outlet, burberry outlet online, michael kors outlet online, kate spade handbags, longchamp handbags, longchamp handbags, louis vuitton handbags, coach outlet store, nike free, air jordan, air max, michael kors handbags clearance, michael kors outlet, cheap michael kors, prada outlet, louboutin, ray ban sunglasses, michael kors outlet online, nike free, coach outlet, polo ralph lauren outlet
ReplyDeletedolce gabbana outlet
ReplyDeletecoach factory stores
kate spade bags
christian louboutin shoes
manolo blahnik shoes sale
discount mbt shoes
juicy couture outlet
jordan 11 for sale
gucci handbags outlet
coach outlet online
genuine ugg boots uk
ugg sale
nike uk
ugg boots clearance sale
uggs for cheap
air max cheap
ugg boots outlet store online
north face jacket
christian louboutin sale outlet
mcm backpack sale
kd 6
kd 6 shoes
the north face
jimmy choo shoes for sale
air max 95 cheap
fitflop shoes
nike store
nike free 5
uggs for sale cheap
nike heels shoes for women
ralph lauren polo shirts
ReplyDeletepolo ralph lauren
christian louboutin sale
jordan 6
michael kors watches
ugg outlet
timberland earthkeepers
hollister clothing
louis vuitton handbags
ray ban eyeglasses
mulberry outlet
michael kors uk
canada goose
cheap jordans
hollister outlet
louis vuitton outlet
jordan concords
jordan 3
louis vuitton
true religion jeans
red christian louboutin
hollister clothing store
canada goose
michael kors uk
cheap timberland boots
ugg boots sale
michael kors
michael kors handbags
ugg outlet
nike shoes
louis vuitton
jordan 11s
michael kors purses
michael kors
jordan 13
louis vuitton handbags
true religion
coach outlet
www.louisvuitton.com
uggs outlet
xiaozhengmm66
LINSHIJUN 3.14
ReplyDeletediscount oakley sunglasses
oakley sunglasses
oakley sunglasses
ray ban sunglasses
soccer jerseys
asics running shoes
coach outlet
kate spade handbags
louis vuitton outlet
christian louboutin outlet
louboutin shoes
michael kors outlet online
hollister clothing
christian louboutin
burberry outlet
lululemon outlet
coach outlet
adidas wings
marc jacobs
hollister shirts
prada handbags
adidas shoes
ray ban sunglasses
tods outlet
tods shoes
kobe 9
coach factory outlet
tiffany jewelry
timberland boots
air jordan shoes
michael kors handbags
rolex watches
fitflops
louis vuitton
hollister uk
coach outlet online
cheap nba jerseys
true religion jeans
burberry handbags
ferragamo shoes
north face jackets
ReplyDeletemiami dolphins jerseys
vans shoes
coach outlet
ugg boots
pittsburgh steelers jersey
real madrid jersey
air max 2014
chanel handbags
mizuno running
cheap football shirts
custom mlb jerseys
ralph lauren uk
futbol baratas
cleveland cavaliers jersey
the north face uk
dallas cowboys jersey
ugg uk
new york knicks jersey
cheap nike shoes
miami heat jersey
new york jets jerseys
the north face jackets
los angeles lakers jerseys
michael kors uk
baltimore ravens jerseys
nike free
tommy hilfiger outlet
cheap wedding dresses
michael kors uk
mbt shoes
new orleans saints jerseys
green bay packers jerseys
nike outlet store
michael kors outlet
the north face clearance
nike huarache
hermes birkin
mulberry uk
cheap soccer jerseys
a chang 0613
2015629dongdong
ReplyDeletegucci handbags
jordan shoes
abercrombie
louis vuitton
toms shoes
coach factorty outlet
toms outlet
burberry scarf
michael kors outlet
coach factory
longchamp handbags
louis vuitton outlet
abercrombie
coach factory outlet
insanity workout
chi flat irons
gucci outlet
oakley sunglasses outlet
michael kors
michael kors outlet online
jordan 6 cigar
louis vuitton
louboutin femme
coach outlet
louis vuitton
jeremy scott adidas
coach factory outlet
replica watches
ray ban sunglass
true religion
hermes
burberry outlet online
ray ban sunglasses
michael kors outlet, http://www.michaelkorsoutlet.org.uk/
ReplyDeletelouis vuitton handbags, http://www.louisvuittonhandbagsoutlet.co.uk/
longchamp handbags, http://www.longchamphandbag.us.com/
prada handbags, http://www.pradahandbagsoutlet.co.uk/
prada outlet, http://www.pradaoutlet.us/
hermes birkin, http://www.hermesbirkin.org/
nike huarache, http://www.nikeairhuarache.org.uk/
polo ralph lauren, http://www.poloralphlauren.us.org/
tiffany jewellery, http://www.tiffanyjewelleryoutlets.co.uk/
gucci handbags, http://www.guccihandbags-outlet.co.uk/
oakley sunglasses, http://www.oakleysunglasseswholesale.in.net/
air max 2014, http://www.airmax2014.net/
nfl jerseys wholesale, http://www.nfljerseys-wholesale.us.com/
chanel outlet, http://www.chaneloutletstore.us.com/
timberland boots, http://www.timberlandboots.name/
stuart weitzman boots, http://www.stuartweitzmanoutlet.us/
vans shoes, http://www.vans-shoes.cc/
oakley sunglasses, http://www.oakleysunglassesdiscount.us.com/
hermes belt, http://www.hermesbelts.us/
cheap jordans, http://www.cheapjordans.us.org/
nike trainers, http://www.niketrainers.me.uk/
coach outlet, http://www.coachoutletus.us/
moncler coats, http://www.moncler.us.com/
chanel handbags, http://www.chanelhandbags-outlet.co.uk/
the north face outlet, http://www.northface-outlet.cc/
ray ban sunglasses, http://www.ray-bansunglassess.in.net/
rolex watches, http://www.rolexwatches.in.net/
0918maoqiuyun
ugg boots
ReplyDeletenike air shoes
ray ban sunglasses
gucci outlet
abercrombie australia
oakley sunglasses
nike free run sko2
nike online
hugo boss uk
af outlet
wisconsincrime alert
michael kors outlet
abercrombie milano
michael kors canada
michael kors
sunglasses on sale
ed hardy
air jordan shoes
jack wolfskin outlet
nike australia
coach outlet canada
ray ban sunglasses
nike air max
nike jordan shoes
ugg australia
australia boots
popular sunglasses
kate spade
christian louboutin
nike shopping
converse shoes
ReplyDeleteswarovski crystal
cheap nfl jersey
true religion canada
coach handbags outlet
michael kors handbags clearance
moncler outlet store
abercrombie and fitch
cleveland cavaliers
ugg boots clearance,ugg australia,uggs on sale,ugg slippers,uggs boots,uggs outlet,ugg boots,ugg,uggs
karen millen uk
michael kors outlet online
abercrombie and fitch
ralph lauren outlet
true religion jeans outlet
michael kors outlet
lululemon pants
vans shoes
beats by dre
philadelphia eagles
mm1118
2016-03-05keyun
ReplyDeleteuggs outlet
coach outlet
mont blanc mountain
michael kors outlet online
abercrombie & fitch
coach outlet
polo ralph lauren
abercrombie and fitch
louis vuitton handbags
canada goose outlet online
abercrombie and fitch
lebron 12
coach factory outlet
ugg outlet online
true religion
toms outlet
tory burch shoes
micheael kors outlet
oakley outlet
tods outlet store
coach outlet
louis vuitton outlet
oakley vault
coach factory outlet online
tods outlet online
nike trainers sale
kate spade handbags
kate spade purses
abercrombie and fitch
longchamp handbags
tory burch outlet
toms shoes
burberry outlet online
ray bans
sunglasses oakley
louis vuitton handbags
louis vuitton purses
swarovski crystal
cheap toms
2016-03-05keyun
ReplyDeleteuggs outlet
coach outlet
mont blanc mountain
michael kors outlet online
abercrombie & fitch
coach outlet
polo ralph lauren
abercrombie and fitch
louis vuitton handbags
canada goose outlet online
abercrombie and fitch
lebron 12
coach factory outlet
ugg outlet online
true religion
toms outlet
tory burch shoes
micheael kors outlet
oakley outlet
tods outlet store
coach outlet
louis vuitton outlet
oakley vault
coach factory outlet online
tods outlet online
nike trainers sale
kate spade handbags
kate spade purses
abercrombie and fitch
longchamp handbags
tory burch outlet
toms shoes
burberry outlet online
ray bans
sunglasses oakley
louis vuitton handbags
louis vuitton purses
swarovski crystal
cheap toms
chenlina20160315
ReplyDeletelouis vuitton purses
michael kors outlet clearance
cheap toms
ray ban sunglasses
p90x
adidas superstar
louis vuitton outlet stores
oakley outlet
retro jordans 13
vans sneakers
louis vuitton bags
prada outlet
nfl jerseys
nike huarache
louis vuitton handbags
canada goose outlet
gucci outlet
abercrombie & fitch
abercrombie and fitch
instyler max
toms wedges
jordan concords
michael kors bags
adidas uk
christian louboutin shoes
ralph lauren outlet
coach factorty outlet
coach outlet store online
michael kors handbags
ugg outlet
prada handbags
oakley outlet
replica rolex watches
coach outlet
air jordan homme
canada goose jackets
coach outlet online
celine bags
kobe 11
ray bans
as
tiffany jewelry
ReplyDeletetiffany jewellery
adidas nmd runner
cheap rolex watches
michael kors factory outlet
michael kors outlet
http://www.outlettiffanyand.co
michael jordan shoes
jordans for cheap
tiffany and co jewellery
nmd adidas store
ralph lauren uk
fitflops sale
basketball shoes
michael jordan shoes
tiffany jewelry
ReplyDeletetiffany jewellery
adidas nmd runner
cheap rolex watches
michael kors factory outlet
michael kors outlet
http://www.outlettiffanyand.co
michael jordan shoes
jordans for cheap
tiffany and co jewellery
nmd adidas store
ralph lauren uk
fitflops sale
basketball shoes
michael jordan shoes
ralph lauren uk
ReplyDeletekate spade uk
longchamp outlet
cartier sunglasses
coach outlet
cheap soccer jerseys
michael kors factory store
longchamp pas cher
fitflops sale clearance
nike store uk
hollister clothing store
nike air force 1
michael kors handbags outlet
ray ban sunglasses
prada outlet
true religion jeans
thomas sabo uk
jordan shoes
versace sunglasses
ralph lauren outlet
michael kors outlet uk
cheap ray ban sunglasses
mont blanc outlet
mlb jerseys
celine outlet
coach outlet
michael kors outlet sale
coach handbags outlet
ferragamo outlet
jordan pas cher
mcm backpack
louis vuitton pas cher
timberland boots
tiffany jewelry
louis vuitton handbags
20160617caihuali
new balance shoes
ReplyDeletecoach outlet store online clearance
coach outlet online
yeezy boost 750
michael kors outlet online
fitflops shoes
louboutin outlet
cheap nfl jerseys
christian louboutin uk
kate spade bags
nike huarache black
vans store
coach factory outlet
louis vuitton borse
jimmy choo outlet store
puma outlet
polo ralph lauren
cheap jordans
jordans
asics running shoes
coach factory outlet online
the north face outlet
ray ban sunglass,ray ban sunglasses,ray ban outlet,cheap ray bans,cheap ray ban sunglasses,cheap ray bans,ray bans
coach factory outlet
cheap oakley sunglasses
rolex watches
ferragamo
cheap ray bans
michael kors outlet stores
nike tn pas cher
under armour outlet store
coach factory outlet online
jordan pas cher
under armour
coach factory outlet
buy red bottoms
reebok outlet store
chenzhen2016627
lebron 11
ReplyDeletetoms outlet
michael kors outlet online sale
coach factory outlet online
gucci handbags
nike outlet
michael kors outlet
michael kors outlet
coach factory outlet online
adidas superstar trainers
lebron 12
coach outlet store online clearances
toms outlet
michael kors outlet
adidas uk
air jordan homme
louis vuitton
nike roshe one
michael kors outlet clearance
michael kors outlet clearance
michael kors outlet clearance
kate spade handbags
michael kors handbags
polo ralph lauren
air jordan 4
true religion outlet
oakley sunglasses
ray ban sunglasses
burberry handbags
chenyignying2016730
falcons jersey
ReplyDeletenike huarache
nike store uk
michael kors handbags wholesale
cheap nike shoes sale
coach outlet
michael kors outlet
chaussure louboutin
carolina jerseys
basketball shoes
ralph lauren
ReplyDeletenike outlet store
nike roshe shoes
discount oakley sunglasses
coach outlet store
hermes outlet online
michael kors
michael kors outlet online
coach factory outlet
kd shoes
20170407yuanyuan
abercrombie and fitch
ReplyDeletenike huarache
cheap jordans
golden state warriors
ed hardy uk
bears jerseys
cheap ray ban sunglasses
yeezy boost 350
armani exchange outlet
cheap uggs
20170415alice0589
2017109 leilei3915
ReplyDeleteray ban sunglasses
adidas shoes for women
michael kors outlet
nike outlet
canada goose parka
canada goose jackets
pandora jewelry outlet
polo ralph lauren
ralph lauren
oakley sunglasses wholesale
michael kors outlet clearance
ReplyDeleteugg boots outlet
ugg outlet online
burberry sale
ugg boots
ugg shoes
moncler
coach factory outlet
ugg ustralia
canada goose outlet
ray ban sunglasses
ReplyDeletefitflops sale
ugg outlet
cheap jerseys
canada goose outlet
air max 90
thomas sabo
nfl jerseys
polo ralph lauren
uggs outlet
chanyuan2018.01.29
ralph lauren sale clearance
ReplyDeleteoakley sunglasses
air jordans
canada goose jackets
moncler outlet
cheap nfl jerseys
puma shoes
ralph lauren sale
jordan shoes
coach outlet
mt0412
louboutin shoes
ReplyDeleteyeezy boost
nike flyknit racer
nike air huarache
pandora bracelet
pandora charms
off white clothing
adidas nmd r1
pandora jewelry
nike air presto
giuseppe zanotti shoes
ReplyDeletecanada goose jackets
true religion outlet
ferragamo outlet store
pandora jewelry outlet
asics outlet
coach outlet
adidas outlet store
ray bans
pandora outlet
shenyuhang20180425
20180604xiaoke
ReplyDeletecheap ray ban sunglasses
canada goose jackets
oakley sunglasses wholesale
coach outlet
pandora outlet
christian louboutin sale
polo ralph lauren shirts
cheap jordans
coach outlet store online
kate spade
20180809 junda
ReplyDeletetrue religion jeans
air jordan 12
rockets jerseys
suns jerseys
ugg outlets
kate spade outlet
gucci outlet
kobe shoes
dc shoes
le coq sportif shoes
20180809 junda
ReplyDeletetrue religion jeans
air jordan 12
rockets jerseys
suns jerseys
ugg outlets
kate spade outlet
gucci outlet
kobe shoes
dc shoes
le coq sportif shoes
20180809 junda
ReplyDeletetrue religion jeans
air jordan 12
rockets jerseys
suns jerseys
ugg outlets
kate spade outlet
gucci outlet
kobe shoes
dc shoes
le coq sportif shoes
20181030 leilei3915
ReplyDeletemichael kors outlet clearance
kate spade handbags
michael kors outlet online
canada goose outlet online
ugg outlet online
longchamp bags
pandora outlet
kate spade purses
kate spade sale
coach outlet
maillot de foot pas cher
ReplyDeletechristian louboutin outlet
coach handbags
adidas outlet
red bottom shoes
mlb jerseys
coach outlet
ugg boots
nike outlet
lebron 13
201811.10chenjinyan
coach outlet store
ReplyDeletegolden goose shoes
adidas yeezy
off-white
goyard handbags
longchamp
moncler outlet
fila disruptor
cheap mlb jerseys
yeezy wave runner 700
coach outlet store
ReplyDeletegolden goose shoes
adidas yeezy
off-white
goyard handbags
longchamp
moncler outlet
fila disruptor
cheap mlb jerseys
yeezy wave runner 700
yeezy shoes
ReplyDeleteyeezy
goyard handbags
balenciaga
yeezy shoes
adidsas yeezy
goyard
air jordan
supreme hoodie
supreme outlet