Paul Krugman: 'Austerity Has Been Sold On False Pretenses'

Paul Krugman: 'Austerity Has Been Sold On False Pretenses'
PRINCETON, NJ - OCTOBER 13: Princeton Professor and New York Times columnist Paul Krugman speaks during a press conference to announce his winning the Nobel Prize October 13, 2008 in Princeton, New Jersey. Krugman was given the prestigious award, which includes a prize of $1.4 million for his work on economic trade theory. (Photo by Jeff Zelevansky/Getty Images)
PRINCETON, NJ - OCTOBER 13: Princeton Professor and New York Times columnist Paul Krugman speaks during a press conference to announce his winning the Nobel Prize October 13, 2008 in Princeton, New Jersey. Krugman was given the prestigious award, which includes a prize of $1.4 million for his work on economic trade theory. (Photo by Jeff Zelevansky/Getty Images)

In this age of information, math errors can lead to disaster. NASA's Mars Orbiter crashed because engineers forgot to convert to metric measurements; JPMorgan Chase's "London Whale" venture went bad in part because modelers divided by a sum instead of an average.

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