Sovereign doubts
The fourth in our series of articles on the financial crisis looks at the surge in public debt it prompted, and the debate about how quickly governments should cut back
ECONOMISTS are an argumentative bunch. Yet before the crisis most found common ground in the notion that fiscal stimulus was an obsolete relic. Monetary policy seemed wholly capable of taming the business cycle. Government efforts to increase spending or cut taxes to battle unemployment would only muck things up. When crisis struck in 2008, however, that consensus evaporated.
This article appeared in the Schools brief section of the print edition under the headline “Sovereign doubts”
Schools brief September 28th 2013
From the September 28th 2013 edition
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