Niall Ferguson's FT Op-Ed has sparked more rounds of artillery fire in the empirical macro wars over what can and cannot be read into the effects of austerity in the UK. I come at this debate from the relatively more 'Austerian' position [compared to Krugman, Portes and Wren-Lewis], having been supportive of the initial 2010-2011 phase of Coalition fiscal policy. But I don't see anything to approve of in Ferguson's attempt to declare victory for George Osborne.
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Austerian empirical macro wars
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Niall Ferguson's FT Op-Ed has sparked more rounds of artillery fire in the empirical macro wars over what can and cannot be read into the effects of austerity in the UK. I come at this debate from the relatively more 'Austerian' position [compared to Krugman, Portes and Wren-Lewis], having been supportive of the initial 2010-2011 phase of Coalition fiscal policy. But I don't see anything to approve of in Ferguson's attempt to declare victory for George Osborne.