Opinionomics | 15 May 2012

Must-read comment and analysis. Featuring economists vs Paul Krugman

1. How much structural unemployment was there during the Great Depression? (Marginal Revolution)

Tyler Cowen rounds up the literature about whether or not the Great Depression was a structural or cyclical collapse in unemployment.

2. Paul Krugman’s Economic Blinders (Michael Hudson)

Hudson writes that Krugman's focus on arguing with intellectual minnows weakens his overall arguments.

3. Record levels of under-employment show that the jobs crisis is far worse than the headline figures (ToUChstone)

Anjum Klair covers the underemployment crisis.

4. As ever, it will be the lawyers who benefit most from a Grexit (Telegraph)

Jeremy Warner addresses the legal mess Athens will be in "when" (not if, apparently) it tries to redenominate its debt in drachma.

5. Saving Greece will benefit Europe as it did when the Allies rescued Germany (Guardian)

German finance minister Wolfgang Schaeuble says if the Greeks don't like the rules they can leave. Phillip Inman writes that this is unfair and it won't work

Nicolas Sarkozy and President Hollande. France announced growth of 0.0 per cent this quarter. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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David Cameron softens stance: UK to accept "thousands" more Syrian refugees

Days after saying "taking more and more" refugees isn't the solution, the Prime Minister announces that Britain will accept "thousands" more Syrian refugees.

David Cameron has announced that the UK will house "thousands" more Syrian refugees, in response to Europe's worsening refugee crisis.

He said:

"We have already accepted around 5,000 Syrians and we have introduced a specific resettlement scheme, alongside those we already have, to help those Syrian refugees particularly at risk.

"As I said earlier this week, we will accept thousands more under these existing schemes and we keep them under review.

"And given the scale of the crisis and the suffering of the people, today I can announce that we will do more - providing resettlement for thousands more Syrian refugees."

Days after reiterating the government's stance that "taking more and more" refugees won't help the situation, the Prime Minister appears to have softened his stance.

His latest assertion that Britain will act with "our head and our heart" by allowing more refugees into the country comes after photos of a drowned Syrian toddler intensified calls for the UK to show more compassion towards the record number of people desperately trying to reach Europe. In reaction to the photos, he commented that, "as a father I felt deeply moved".

But as the BBC's James Landale points out, this move doesn't represent a fundamental change in Cameron's position. While public and political pressure has forced the PM's hand to fulfil a moral obligation, he still doesn't believe opening the borders into Europe, or establishing quotas, would help. He also hasn't set a specific target for the number of refugees Britain will receive.

 

Anoosh Chakelian is deputy web editor at the New Statesman.

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