04/26/2013 08:15 am ET Updated Jun 26, 2013

Paul Krugman: 'The Austerian Position Has Imploded'

Economic debates rarely end with a T.K.O. But the great policy debate of recent years between Keynesians, who advocate sustaining and, indeed, increasing government spending in a depression, and austerians, who demand immediate spending cuts, comes close -- at least in the world of ideas.

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