Friday, 15 March 2013

Austerians unite

Looks like 'austerians' everywhere are using the same, not always convincing, arguments. At my paper in Milan, one of the commentators talked about how his grandfather was a very frugal man and how that led him to great economic success. I tried to explain the difference between a grandfather and an economy. (Not necessarily something you would expect finding yourself doing in an economics department.) Today, I see that Paul Krugman, too, is making that point once again on his blog. In some respects that's a consolation. In others not so much. After all, Mandeville first pointed to the difference between private households and economies in the early 18th century.

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