David Norris (Independent) | Oireachtas source

I welcome Professor Pissarides and compliment my colleague, Senator Barrett, on inviting him. I have a particular question about putting a human face on economics which is very important. One of the aspects of his contribution which I admired was that it was delivered in accessible language. I am lucky enough to have a house on the beautiful island of Cyprus, up in the Troodos mountains. This summer I saw people collecting money to give food to people in Athens. Mr. Schäuble recently visited Ireland. He complimented this country on the fact that we were successful. It does not feel successful. It feels rather like what happened during the Famine when a rigid economic theory was imposed from the centre on defenceless people here. This was not done maliciously, necessarily, but laissez-faire economics contributed to the disaster of the Famine. Similar rigid economic theories are now being imposed ruthlessly from the centre while people are suffering.

Mr. Micawber's explanation was, income, one pound; expenditure, nineteen shillings and sixpence; result: happiness. Income, one pound; expenditure, one pound and sixpence; result: misery. In this country, 1.3 million people have a disposable income of ¤50 or less at the end of the month and at least that much will be taken in the budget. How can it be done? Money is a symbolic representation of energy. It is unequally distributed. It seems there is less and less of a human face to be seen in this regard. The New York Stock Exchange has its algorithms set to discharge sales and purchases in nanoseconds and it is now introducing regulations that one must hold shares for eleven seconds, maximum. It is astonishing. It must mean that the humane element is drained out. Professor Pissarides has a capacity to deliver a message clearly. I was particularly glad when he spoke about education and investment in infrastructure. He is right and it was wonderful. Can we bring the desolate people of Europe with us? I am sure Professor Pissarides noticed there were between 70,000 and 100,000 people on the streets in Athens last night and that there is a disjuncture.