Huffpost Business

Paul Krugman: Global Austerity 'An Unethical Experimentation On Human Beings'

Posted: Updated:

Paul Krugman doesn't just think austerity is bad economic policy; the Nobel Prize-winning economist says it's just plain wrong.

"We've basically had an unethical experimentation on human beings going on across the world right now," Krugman told HuffPost Live on Friday. "All these countries are pursuing austerity policies, and in doing so, they are giving us evidence on what actually happens when you do those policies."

Several European countries -- including Great Britain, Greece, Spain and Italy -- have slashed their budgets in recent years. Those countries have seen high unemployment rates and stagnant economies.

"It's been a disaster," Krugman said of austerity in Great Britain. "They have gone back into recession."

The U.S. has also pursued austerity, albeit to a smaller extent. The U.S. government has cut 719,000 jobs since President Barack Obama took office. And the unemployment rate still is far higher than before the recession.

You can watch the whole segment here.

Earlier on HuffPost:

Close
Paul Krugman's Greatest Takedowns
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

Economics and Politics by Paul Krugman - The Conscience of a ...

Paul Krugman - The New York Times

Paul Krugman - Wikipedia, the free encyclopedia

Paul Krugman | Nobel Prize Winner and Op-Ed Columnist for The ...

The Unofficial Paul Krugman Web Page

Paul Krugman (NYTimeskrugman) on Twitter

Paul R. Krugman

Paul Krugman News - Bloomberg

Paul R. Krugman - Woodrow Wilson School of Public and ...

The Austerity Bomb - Paul Krugman - The New York Times

Paul Krugman: Austerity Is Not the Answer | Mother Jones

Paul Krugman: Hasty Fiscal Fix to the Deficit Would Cause 'Austerity ...