The Harvard professors who led much of the Western world into austerity with their 2010 paper “Growth in a Time of Debt,” debunked in April by a University of Massachusetts grad student, have taken another hit, this time from two economists with the University of Michigan.
Carmen Reinhart and Kenneth Rogoff, the Harvard economists whose influential pro-austerity study was recently exposed as being seriously flawed, have penned a scathing open letter to the New York Times columnist, who has been a major critic of their work and one of the leading voices in the anti-austerity movement.
“It seems unlikely,” anthropologist and author David Graeber writes. “After all, as I and many others have long argued, austerity was never really an economic policy: ultimately, it was always about morality.”
Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists discuss the urge to jump to sweeping conclusions about the Boston Marathon bombing suspects. Gun control legislation goes down in the Senate, and economists Carmen Reinhart and Ken Rogoff of Harvard make an epic Excel error.
Economists from the University of Massachusetts appear to have debunked a Harvard paper that right-wing politicians have used to push economic austerity policies. The challengers explain where the Harvard economists went wrong in an interview with The Real News Network.