The Fall Was Fast

I recently worked for an Irish company, so I am more interested in American perspectives on Irish business and culture than others might be. This NYT article “The Irish Economy’s Rise Was Steep, and the Fall Was Fast” (Jan 3, 2009) offers a snapshot of the current condition of the Celtic Tiger.

“This place missed out entirely on the moment,” says Stephen Kinsella, an economist at the University of Limerick. “There has been no accumulation of wealth here.”

Walking through the garbage-strewn, empty roads on a cold, misty afternoon, Mr. Kinsella points to the shuttered houses and the mothers still dressed in pajamas taking their children home from school. Social workers in Moyross refer to the “pajama index”: the more men and women one sees who do not take the time and care to dress for the day, the worse the economic situation tends to be.

The “pajama index” is well-articulated — although not just as an Irish phenomenon, because I’m sure that it’s a symptom in other Western cultures as well. Just as England is more than London, Ireland is more than Dublin.

1 Comment

Stephen Kinsella says: 16 February 2009 - 4:16 am

Hi Tracey, good post—here’s what we’re doing about the Dell collapse in Limerick: http://www.bizcamplimerick.com

Best,
Stephen Kinsella