How the Case for Austerity Has Crumbled by Paul Krugman | The New York Review of Books »

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Austerity economics is in a very bad way. Its predictions have proved utterly wrong; its founding academic documents haven’t just lost their canonized status, they’ve become the objects of much ridicule. None of this should have come as a surprise: basic macroeconomics should have told everyone to expect what did, in fact, happen, and the papers that have now fallen into disrepute were obviously flawed from the start. This raises the obvious question: Why did austerity economics get such a powerful grip on elite opinion in the first place? Source Main page (current trends)

More about: academic documents, austerity, economics, Paul Krugman

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