DEBATE:THE ECONOMIC conference of the inequality-fighting think tank Tasc at DCU's School of Business was dominated by "D" words: depression, deflation and "deficit fetishisms" – an expression coined by Nobel Prize winning economist Joseph Stiglitz.

“Mainstream”, neoliberal economists armed with mathematical models that failed to predict or prevent the financial crisis came in for a sustained drubbing from a succession of speakers.

Economists who wanted their views to be seen as indisputable as hard fact were suffering from “physics envy”, according to John Barry, assistant director of the Institute for a Sustainable World.

Tasc, which was set up to promote greater equality and accountability, showcased the “alternative” view on why Ireland needs fiscal stimulus, not more cuts. NUI Maynooth sociologist Mary Murphy listed her least favourite “deficit fetishisms” as the phrase “we can’t afford it”, misleading references to the cost of borrowing and the potential for “leakage” from a stimulus out of the country.

“The main leakage that people working in education would be worried about is leakage from roofs,” she said wryly.

One acronym stuck in the craw of both speakers and attendees, Togit. “Anyone know what this stands for?” NUI Galway economist Terrence McDonough asked. “The only game in town,” came the answer from the back of the room. (That’s Nama, apparently.)

The best image of the day came from Mr McDonough. The Taoiseach, he said, was playing Russian roulette with Nama. But he was putting more than just one bullet in the chamber.

“In the Nama legislation, it’s the other way around. There are five bullets in the chamber and one empty one.”