UK austerity push 'deeply destructive' says Paul Krugman
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed May 30, 2012 11:43 am

INTERNATIONAL. Nobel laureate Paul Krugman said the U.K. government’s austerity plan is “deeply destructive” and it should instead step up spending to boost the economy.

The push for austerity “is failing dismally here,” he said in an interview on the BBC Radio 4’s Today program today.

“The whole intellectual framework has been tested to destruction,” he said “and yet the government is insisting that it will not revise” its austerity plan.

“Britain should be spending a couple of percent of GDP more,” Krugman said. “By all means have a plan for cutting the deficit, for reining in long-run spending, but not now.”

Editor's note: If more spending and debt is the solution for a country's deficit, then Greece should have been a European economic power.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: December 15, 2017
INTERNATIONAL. AI will create 2.3 million jobs in 2020, while eliminating 1.8 million.
date:Posted: December 15, 2017
INTERNATIONAL. Nearly all (94%) device makers have invested in software development in the past five years; Nine in 10 (88%) believe the Internet of Things (IoT) is driving growth within the manufacturing industry; 84% have changed their business model to put software at its core in delivering services and generating revenue.
date:Posted: December 14, 2017
UAE. As the interconnection junction between network providers, cloud providers and the enterprise, Equinix has a unique perspective on IT trends and where things are headed.
dhgate