... and continues to do so.

Here is a mighty good read about how the austerity band wagon built up steam and acceptance based on erroneous economic research, and ignoring lessons from past experience .

How the Case for Austerity Has Crumbled

Paul Krugman

http://www.nybooks.com/articles/archives/2013/jun/06/how-case-austerity-has-crumbled/?page=3

Interesting. Most everyone seems to understand the "moral" of the grasshopper and the ant but very few do anything about it. There seems to be very little that is "natural" about economics. The theories of economics seem to entirely be man made and therefore whatever interpretation is in vogue at the moment and to some extent followed likely will provide at least some of the desired results. However, man is imperfect, just like his creation, the computer, and therefore sooner or later the theory will fail just as each of us has had a computer crash.

Economics seems to be just another form of social justice and generally it will work so long as enough try to make it work.

Best regards,

RA1

Grand Pursuit by Sylvia Nassar is a good read for people who want to learn a brief history of economics just for fun. In the book, you will find many great things great minds have been able to see and articulate in numbers and theories. I think economists will be able to find ways to improve our knowledge in economics and utilize it to solve our economic problems.

I find Paul tends to be stuck with his ideas and unable to move forward. If I had any authority then I will write the Noble committee to take back his nobel prize so that he can humble himself and listen to other people's view points some times.