Read all posts for ‘Krugman’

What is the difference between austerity policies and the politics of austerity? At a time when Europe is pondering how to deal with its debt crisis problem, we look back at the experience of Latin America during the 1980s Latin American debt crisis. Understanding what happened then, and recognizing the advances in economics and government, may yield some lessons for Europe.

The choice between austerity and more spending looks like an intergenerational dilemma, and a good test to the ability of the humankind to think beyond a couple of years.