Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Swedish Academy of Science in Stockholm (Photo credit: Wikipedia)
This is simply a must-read from Paul Krugman, the Nobel winning economist, writing in his NYT op-ed blog. Check it out!
Britain’s Success Story – NYTimes.com.
Krugman expands on a blog from leading Oxford economist, Simon Wren-Lewis.
Both blogs are about the damage done in the UK by excessive austerity.
The damage according to Wren-Lewis is circa 2% GDP for circa three years. So if GDP growth was 2%, it would have been 4% without excessive austerity.
This blog has repeatedly argued the case that austerity has been excessive in Europe. Whilst there have been political differences between Eurozone members, the situation in the UKwas crystal clear -excessive austerity was used to advance political aspirations.
I wonder how UK economic history will consider George Osborne, the Chancellor?