December 30, 2011

Keynes, and Krugman, Were Right

Paul Krugman:

“The bottom line is that 2011 was a year in which our political elite obsessed over short-term deficits that aren’t actually a problem and, in the process, made the real problem — a depressed economy and mass unemployment — worse.”

Putting aside rampant political rhetoric and paying attention to economic details yields benefits. Krugman, in Keynes' manner, did the math, and the math was right.