A Fateful Mistake
Adjustment fatigue is setting in, and governments risk losing support if they go much further in the effort to achieve fiscal consolidation. But the recent discrediting of the evidence on which hasty austerity has relied risks undermining the case for fiscal responsibility in the long run.
https://prosyn.org/ZlHFurs
PARIS – Controversy is essential to the advancement of science. So the debunking of methodological flaws and a coding error in a paper by the economists Carmen Reinhart and Kenneth Rogoff is just part of everyday life in academia. Yet coverage of the controversy by the news media and the blogosphere has been astonishingly intense – and simplistic.