Contemporary Arguments for Stimulus
In his rejoinder, Paul Krugman describes the distance between the realm of ideas and the realm of politics in the austerity debate. He notices that while austerian ideas have been defeated in the former, in some countries policies inspired by them are still dominant in the latter, and electorally successful for the feeling of economic responsibility wrongly associated to them. This is the case of the United Kingdom where, as opposed to the US, the ruling government and most of the media still support the austerity ideology. Through an inquiry into the history of austerity in its economic and political dimension, Krugman explains how we got to where we are.