One of the biggest intellectual rivalries today is between Harvard historian Niall Ferguson and Princeton economist Paul Krugman on the subject of austerity vs. stimulus.
In this interview, Ferguson’s message to Krugman is simple: We’re not in Keynes’ world. The US is already starting off from a position of massive debt, and thus the value of levering up and spending is minimal, while the risks of a crisis in the years ahead is significant.
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