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Paul Krugman: The Big Fail

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At www.nytimes.com

It's tempting to argue that the economic failures of recent years prove that economists don't have the answers. But the truth is actually worse: in reality, standard economics offered good answers, but political leaders -- and all too many economists -- chose to forget or ignore what they should have known. An economy is not like a household. A family can decide to spend less and try to earn more. But in the economy as a whole, spending and earning go together: my spending is your income; your spending is my income. If everyone tries to slash spending at the same time, incomes will fall -- and unemployment will soar.

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At www.nytimes.com


 

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