It's Official: Austerity Economics Doesn't Work
Posted: Mon Dec 17, 2012 10:13 am
One of the frustrations of economics is that it is hard to carry out scientific experiments and prove things beyond reasonable doubt. But not in this case. Thanks to Osborne’s stubborn refusal to change course—“Turning back would be a disaster,”? he told Parliament—what has been happening in Britain amounts to a “natural experiment”? to test the efficacy of austerity economics. For the sixty-odd million inhabitants of the U.K., living through it hasn’t been a pleasant experience—no university institutional-review board would have allowed this kind of brutal human experimentation. But from a historical and scientific perspective, it is an invaluable case study.
http://www.newyorker.com/online/blogs/c ... -work.html
http://www.newyorker.com/online/blogs/c ... -work.html