Quote of the Day

by Pejman Yousefzadeh on July 20, 2011

Krugman can’t bring himself to present the figures on government spending.  Herbert Hoover raised spending and raised taxes too, in a slightly expansionary combination.  It is incorrect to take, say, a state governor who is pursuing a contractionary fiscal policy and liken that person to Hoover.  Krugman would do better to simply cede this historical point, which need not infringe upon his more general critique of contractionary policy.

Tyler Cowen. See also this.

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