Paul Krugman is on the warpath (Yes, again. Or maybe still..). And he has some choice words for the politicians and economists who've forgotten what we've learned the hard way previously...
And that consensus has, of course, been lacking — largely because a significant proportion of the economics profession has spent the last three decades systematically destroying the hard-won knowledge of macroeconomics. It’s truly a new Dark Age, in which famous professors are reinventing errors refuted 70 years ago, and calling them insights.
On top of that, anti-stimulus appeals to a fundamental meanness of spirit that is always present in the political world. The super-asinine we shall always have with us.
Read the whole thing, it isn't that much longer...
Also check out the good doctor's take on Greenspan's latest protestations.
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