Economists’ Open Letter Calls For Active Response to Economic Crisis

This is impressive!

"FOR IMMEDIATE RELEASE

October 8, 2008

Economists’ Open Letter Calls For Active Response to Economic Crisis

Ottawa: Today, 85 economists released an Open Letter criticizing the federal government for its inaction in light of the deepening global financial crisis, the growing probability of a worldwide recession, and structural weaknesses in the Canadian economy. The letter challenges government claims that Canada’s “fundamentals” are strong, and highlights the significant deterioration in Canada’s economic performance over the last two years. Despite recent government statements, there remains a wide disconnect between the appropriate policy response to the looming downturn, and the “stay-the-course” approach still being enunciated by the Prime Minister.

The Open Letter calls on government and its institutions to show leadership and play a more active role in stabilizing financial markets, stimulating real investment, and maintaining employment and incomes in the face of the worsening financial and economic downturn.

Signatories include:

four chairs of economics departments, two former Presidents of the Canadian Economic Association, a former federal Secretary of State for Finance and a former Quebec Minister of Industry

The letter is signed by:
Arthur Donner, Economic Consultant
Marc Lee, Chairperson, Progressive Economics Forum
Martha MacDonald, Chair Department of Economics, St. Mary’s University
Fiona MacPhail, Chair, Economics Department, University of Northern British Columbia
Mike McCracken, President, Informetrica Ltd.
Lars Osberg, Chair, Department of Economics, Dalhousie University, Former President, Canadian Economics Association
The Hon. Douglas Peters, former federal Secretary of State for Finance
Mario Seccareccia, Economics Department, University of Ottawa
Brenda Spotton, Economics Department, York University
Rodrigue Tremblay, emeritus professor of economics, University of Montreal, former president of the Canadian Economics Association, and former Quebec Minister of Industry.

…and 75 other economists.

To access the Open Letter and the full list of signatories go to: http://www.progressive-economics.ca/2008/10/07/open-letter/

For further information or comment, please contact:

Marc Lee (Vancouver): 604-801-5121 ext.228
Marc Lavoie (Ottawa): (819) 770-4306
John Loxley (Winnipeg): 204-474-9769
Lars Osberg (Halifax): 902-494-6988 or 902-455-9486
Mario Seccareccia (Ottawa): 613-562-5800 ext 1691

The Open Letter was conceived and prepared by the Progressive Economic Forum, a network of Canadian economists that promotes alternatives to conservative economic theory and policy.
***********"