The idea that austerity could be expansionary was pilloried by Krugman following the Great Recession. But the authors of a new book show that in many cases austerity did lead to economic growth—and for exactly the reason Krugman denigrated.
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The idea that austerity could be expansionary was pilloried by Krugman following the Great Recession. But the authors of a new book show that in many cases austerity did lead to economic growth—and for exactly the reason Krugman denigrated.