There was an error in this gadget

Follow Paul Gregory by Email

Monday, October 21, 2013

Krugman On Austerity: How About Looking At The Facts For A Change?



New York Times economist and editorial writer, Paul Krugman, has headed the Left’s crusade against austerity, both in the United States and across the industrialized world. To Krugman, “austerity” does not denote a careful husbanding of government money. Rather austerity denotes unwisely large cuts in government spending that, he claims, threaten economic growth and recovery. Krugman bases his opposition to austerity on an empirical assertion that we can test; namely: “Across the advanced world, big spending cuts have been associated with deeper slumps.”

Krugman’s testable hypothesis, therefore, is: Countries that experience large reductions in government spending grow more slowly (or not at all or worse).

Just as some people speak before they think. Krugman seems to believe his asserting something to be true makes it true. The scientific method does not work this way, however. It requires that we first gather the facts on government spending and growth. Second, we must use these facts to test the Krugman hypothesis of a positive relationship between government spending and growth.  

The scientific method, so applied, shows Krugman’s facts to be wrong (where are the “big spending cuts”) and it refutes his hypothesis. Not a good day for Mr. Krugman. Next time, he should gather and test the facts before he writes.
 


go to forbes.com

2 comments:

  1. Bohol Tours is fast becoming the country's premiere tourist destination, with its vast wealth of natural, cultural and historical treasures such as the world-famous Chocolate Hills. Now is your chance to experience the beauty and wonders of Bohol, and we at Wow Bohol Tours will help you with your vacation to Bohol.

    ReplyDelete
  2. Hello every body my name is Synder Anderson I just want to share my experience with the world on how Lord Alika help me, I got my love back and saved my marriage… I was married for 3 years with 1 kid and we lived happily until things started getting ugly and we had fights and argued almost e very time… it got worse at a point that he filed for divorce I tried my best to make him change his mind & stay with me because I love him so much and don’t want to lose him but everything just didn’t work out… he moved out of the house because it was a rented apartment and still went ahead to file for divorce… I pleaded and tried everything but still nothing worked. The breakthrough came when someone introduced me to this wonderful, great spell caster who eventually helped me out… I have never been a fan of things like this but just decided to try reluctantly because I was desperate and left with no choice… He did special prayers and used his power… Within 4 days my husband called me and he said he was sorry for all the emotional pains he had cost me, moved back to the house and we continue to live happily and our kid is happy too and we are expecting our second child… and my Husband also got a new job and our lives became much better web:http://lordalikaspelltemp8.wix.com/http I have introduced him to a lot of couples with problems across the world and they have had good news..contact him on lordalikaspelltemple@yahoo.co.uk or +13217666393. web:http://lordalikaspelltemp8.wix.com/http

    ReplyDelete