Sunday, February 10, 2013

Austerity—an unethical experiment on human beings

While I agree with Krugman that the economic prescriptions of the austerity ghouls are certainly unethical, I am not so sure I would call them "experiments."  I always thought an experiment was something you did when you do not know the outcome.  I would challenge the austerity ghouls to name one historical instance where austerity led to generalized prosperity.  Yeah, I know, the whole of the economics profession is littered with bald-faced liars who will claim with straight faces that bleeding will save the patient this time, but serious evidence this has ever worked?  Nah!  So without a reasonable doubt and predictable outcomes, the global austerity "experiment" is nothing more than naked plunder.

Paul Krugman: Global Austerity 'An Unethical Experimentation On Human Beings'

The Huffington Post | By Bonnie Kavoussi  02/08/2013

Paul Krugman doesn't just think austerity is bad economic policy; the Nobel Prize-winning economist says it's just plain wrong.

"We've basically had an unethical experimentation on human beings going on across the world right now," Krugman told HuffPost Live on Friday. "All these countries are pursuing austerity policies, and in doing so, they are giving us evidence on what actually happens when you do those policies."

Several European countries -- including Great Britain, Greece, Spain and Italy -- have slashed their budgets in recent years. Those countries have seen high unemployment rates and stagnant economies.

"It's been a disaster," Krugman said of austerity in Great Britain. "They have gone back into recession." more

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