Krugman on Economics and the Long Run

Here you go.

We are, after all, still living through the aftermath of a once-in-three-generations financial crisis. America seems, finally, to be recovering — but Bowles-Simpsonism had its greatest influence precisely when the United States economy was still mired in a deep slump. Europe has hardly recovered at all, and there’s overwhelming evidence that austerity policies are the main reason for that ongoing disaster. So why the urge to change the subject to structural reform? The answer, I’d suggest, is intellectual laziness and lack of moral courage.