Paul Krugman: Europe Proves Austerity Doctrine 'A Failure Of Policy'

01/30/2012 08:30 am ET | Updated Mar 02, 2012
  • Paul Krugman The New York Times

Last week the National Institute of Economic and Social Research, a British think tank, released a startling chart comparing the current slump with past recessions and recoveries. It turns out that by one important measure -- changes in real G.D.P. since the recession began -- Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British G.D.P. had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.

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