It is already conventional to name the former party leaders Ed Miliband, Nick Clegg and Nigel Farage as the biggest losers of the British general election. But this is to understate the abject defeat suffered by some Keynesian economists, and in particular the Nobel prize winning former Princeton professor Paul Krugman.
One would think by now the debate has been resolved on which economic model created a better recovery from this Great Recession or Lessor Depression, as P Krugman has called it.
Roosevelt understood that people who feel they have an economic future and a sense of stability are more able to spend money and participate in our consumer-driven economy. That means more business and more profits for companies selling all sorts of goods and services. Sooner or later, even the CEOs benefit. Call it "trickle-up" economics.
In the information technology industry, nearly all technologies become obsolete within 10 years. As a result, education expires much faster than it used to. And because digital technology permeates all industries, no field of employment is spared the pressure of accelerated innovation.
It is the ideology of austerity that has prevailed in the U.S. at least since the 1980s, and Paul Krugman says is putting Europe into its Second Great Depression.
This is something that Germany, instigator of the eurozone's austerity policies, has to learn if it wants to bring Europe out of its Second Great Depression; by supporting policies that will unite Europe into a greater union, rather than cause its disintegration.
The New York Times reported last week that in the closed-door Republican Senate Caucus retreat, Republican Leader Senator Mitch McConnell "encouraged the Republican troops to refocus policy on the stagnant middle class." That would be like asking the wolves of the world to stop hunting and refocus on cultivating asparagus.
In December 2014, negative annual rates were observed in sixteen Member States.
We're talking about something that requires far harsher condemnation. By lying about the numbers, Republicans are selling policies that take from the most vulnerable and give to the most fortunate.
If you can picture the Beatles explaining today's economy through their songs' lyrics, I suggest you take a look at Federico Rampini's work.
International trade aggravates the three great crises -- of finance, development and the environment -- and to those three it adds another, of democracy. It is far from a benign process fostering harmony and welfare among nations.
Europe is now suffering the same fate, with conservative governments in control and the debtor nations such as Greece still being punished, while Germany flourishes as it protects its own interests rather than that of the EU as a whole
New York Times columnist Paul Krugman is an effective polemicist with a wide readership. So when he makes arguments that are at best factually wrong and at worst disingenuous, one cannot simply ignore them.
Throughout the country, as states voted for Republican candidates for office, they largely voted against GOP policies in their initiative and referendum positions.
President Obama could cite the urgency to combat the spread of Ebola as well as ISIS in order to spend what is necessary to boost U.S. economic strength now. We have known since the Korean War that governments had to spend to create prosperity in peacetime as well as wartime.
Take Krugman's opinion on limits to growth at your peril, and that of your grandkids.