BUSINESS
07/02/2010 11:12 am ET | Updated May 25, 2011

Paul Krugman: Myths of Austerity

When I was young and naïve, I believed that important people took positions based on careful consideration of the options. Now I know better. Much of what Serious People believe rests on prejudices, not analysis. And these prejudices are subject to fads and fashions.

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