Saturday, November 27, 2010

A Depression As A Keynesian Role Model

This may be the first time that a country who has seen a drop in real GDP by 8.4% in the latest year even as most other countries are recovering is actually held up as a role model by Keynesians Paul Krugman and Brad DeLong. Not only are Keynesians unable to get the logic in their theories right, they can't even get the definition of success right.