Cafe Hayek — where orders emerge: "hich brings me to John Cassidy’s recent New Yorker piece, It’s Official: Austerity Economics Doesn’t Work. HT: JoshDoody) It’s been recommended by 17K people on Facebook. Over 2000 people have tweeted on it. The New Yorker is a fine magazine. I’m sure those 19,000 people and the other thousands who found the article believe that if something is in the New Yorker, it is probably true, especially if it confirms your other views. They will join the millions of people who know that reducing government spending is a bad idea when you’re running large deficits.
But just in case some of those people find their way here, I thought it might be worthwhile to examine Cassidy’s analysis. Is it official? Is austerity economics a failure?"
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