A Final Word With Ferguson
In the UK austerity debate, Niall Ferguson’s case against the Keynesians hinges on the assertion that Chancellor of the Exchequer George Osborne's package of spending cuts in 2010 was necessary to restore business confidence, and that it did so. But, given that Ferguson now concedes that it did not, he has no argument.
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LONDON – Like any skilful controversialist, Niall Ferguson knows that when you have lost the main battle, it is time for diversionary tactics.