2010-20 may be a lost decade for global economy: UK economist

Notwithstanding limited growth within the economies of Brazil, Russia, India and China (BRIC), he warned that there is potential for very poor global performance over the coming decade, a statement from the University of Cambridge's Judge Business School said.

According to Kitson, the world economy and individual countries like Britain need a high level of aggregate demand and continued investment in new technology and innovation coupled with a renewed approach to economic thinking.

"We shouldn't think that economics is a science that's fixed. Economics likes to think of itself as a science like Physics