The Myth of British Austerity

The Myth of British Austerity

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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