Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 29, 2020

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Fri Sep 13 16:12:45 +0000 2019

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Paul Krugman @paulkrugman

Instead, policymakers rushed to embrace Alesina and Ardagna, with their doctrine of expansionary austerity, and Reinhart-Rogoff, with their claim of a critical debt threshold at 90% of GDP. These were unorthodox, innovative ideas — and totally wrong 4/ — PolitiTweet.org

Posted Sept. 13, 2019 Hibernated

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Paul Krugman @paulkrugman

But that's not at all what happened. Econ 101 said that slashing spending in a depressed economy was a terrible idea. To justify their actions, policymakers had to *reject* standard macroeconomics and leap onto unorthodox theories 3/ — PolitiTweet.org

Posted Sept. 13, 2019 Hibernated

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Paul Krugman @paulkrugman

So blaming "old economics" for austerity is really unjust to the economics profession, and too complimentary to policymakers. If policy had followed professional orthodoxy, the world would be in much better shape 5/ — PolitiTweet.org

Posted Sept. 13, 2019 Hibernated