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Politics : View from the Center and Left
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From: JohnM3/30/2012 12:32:41 PM
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Just a brief comment from Krugman on the frequent claims from the austerity crowd that Latvia is the country to watch. Krugman prefers Iceland. And you can see why.
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March 30, 2012, 9:44 am
The FT Does Iceland

I think I was one of the first econopundits to point out that Iceland, the poster child for financial excess, was actually having a surprisingly non-catastrophic aftermath thanks to heterodox economic policies. I got many attacks over this observation, with the usual accusations of cherry-picked data and failure to understand the wonders of austerity in, say, Latvia.

But at this point the Icelandic (relative) success story has become undeniable; it’s the subject of a long article in today’s FT.

Still, Latvia, not Iceland, continues to be the highly praised role model. And you can see why:


Or, actually, not.

krugman.blogs.nytimes.com
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