IN THEORY: A LETTER TO THE ECONOMIST (November 15, 2011)
Your special report on Europe and its troubled currency is an excellent read (“Staring into the Abyss,” November 12, 2011). As you suggest, the euro crisis might wake Europe up, but it is much more likely that it will lead to confusion and decline. Well put. But your report is marred by yet another attempt to point at the right solution to the European crisis: economic growth. Although your short section on growth as the only long-term solution to Europe’s woes bears a prudent title, “In Theory,” it is still rather irksome in its classroom economics. In the not-so-long run, Europe is destined to become nothing but a tourist attraction. If growth will ever visit the sub-continent again, it is in tourism and its many colorful trappings, such as boisterous entertainment, enticing food, outlandish art, cheap drinks, startling fashion, sexual attractions for every taste, and legal drugs. Only think of Venice in her dotage writ large! Luckily, tourism offers many a job for the poorly trained, as well as the not quite talented. But not only in theory, to be sure.