BUSINESS
11/21/2011 08:41 am ET

Paul Krugman: The Austerity Bullys Are 'Deeply Impractical Romantics'

There’s a word I keep hearing lately: “technocrat.” Sometimes it’s used as a term of scorn — the creators of the euro, we’re told, were technocrats who failed to take human and cultural factors into account. Sometimes it’s a term of praise: the newly installed prime ministers of Greece and Italy are described as technocrats who will rise above politics and do what needs to be done.

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