Featured Articles
The Saga of the Flaming Zucchini
Jenny Uglow
Bee Wilson’s 'Consider the Fork: A History of How We Cook and Eat'
Ruthless Iran: Can a Deal Be Made?
Roger Cohen
'Going to Tehran' by Flynt Leverett and Hillary Mann Leverett
The False Claims for Austerity
Paul Krugman
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?
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