Austrian economist Bob Murphy (of Krugman Debate and inflation bet fame) thinks that mainstream Keynesian economists Paul Krugman and Christina Romer, among others, are guilty of misrepresenting consensus among economists as to the effects of “austerity” during a recession.
Murphy cites both Krugman and Romer, the two of them incredulous that anyone might, in light of the evidence, hold a view contrary to theirs, before pointing out that the evidence is far less one-sided than these two suggest. He cites a bevy of studies to support his claim , one of which was authored by Romer herself.
Murphy also distinguishes between “austerity” of the increased taxes persuasion, and that of the spending reform persuasion. Read it here.
