September 6, 2012

The Myth of British Austerity

Robert Murphy, American Conservative

AP Photo

One of the problems with economic policy analysis is that pundits on both sides create their own versions of reality. A good example of this is economist Paul Krugman’s treatment of the British government’s spending since the financial crisis. As a Keynesian, Krugman of course thinks that massive government budget deficits are necessary in these times of depressed demand and a “liquidity trap.”

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TAGGED: austerity, UK

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