04.23.2013 16:50

Crashing the 90 Percent Club

Serious errors in an influential academic paper undermine arguments for austerity, arguments that have helped the rich get richer
By Dean Baker
 

Few academic papers have ever received as much attention or had as much influence on public policy as Growth in a Time of Debt, a paper put out in 2010 by Harvard economists Carmen Reinhart and Ken Rogoff. While standard Keynesian economics indicates that most wealthy countries could benefit enormously from increased government spending, this paper argued against such actions. 

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