3 ms·
This reminds me of an error in the Excel sheet used by the EU to justify austerity programs back in 2008 the led to trouble in the PIGS countries. Someone doub
by readthenotes1 3y ago
This reminds me of an error in the Excel sheet used by the EU to justify austerity programs back in 2008 the led to trouble in the PIGS countries.
Someone double checked that and found that there was an error in the equation is correction show that austerity programs were mildly worse for recovering from economic disasters.
--
On an editorial note, it seems to me that economics is just highfalutin astrology and this does nothing to convince me otherwise
- codeulike 3y agoReinhart, Rogoff... and Herndon: The student who caught out the profs (2013) https://www.bbc.co.uk/news/magazine-22223190 https://www.bbc.co.uk/news/magazine-22223190
- nequo 3y agoIf you see conclusions drawn from country level data, you’ve gotta be careful. Unfortunately, there is a field of economics that uses such data extensively. Other fields have a, shall we say, weaker taste for it.
- immibis 3y agoMany excuses have been used to justify austerity. If this study didn't work, they'd use another. If 99 studies said austerity was bad and 1 study said it was good, I suspect that one would be more likely to get published; in either case it would get used to justify austerity. It seems to me like austerity is the pre-determined conclusion, and then they go looking for reasons.