Productivity Growth
razib | March 11, 2010The New York Times has a scary but numerically rich piece on the impending pension crisis in Europe. As in the days of yore Greece looks to be a pioneer. Here's an interesting pair of numbers:
According to research by Jagadeesh Gokhale, an economist at the Cato Institute in Washington, bringing Greece's pension obligations onto its balance sheet would show that the government's debt is in reality equal to 875 percent of its gross domestic product, which is the broadest measure of a nation's economic output. That would be the highest debt level among the 16 nations that use the euro, and far…