Discovering a spreadsheet error was never going to end the debate over austerity - and nor should it, according to Megan McArdle, special correspondent for Newsweek and The Daily Beast.
"There is other research showing that you can have these slowdowns when you get to high levels of debt," she says. "We have a very vivid [example] in Greece."
Thomas Herndon 's view is that austerity policies are counter-productive. But right now he's delighted that the first academic paper he's ever published has made such a splash.
"I feel really honoured to have made a contribution to the policy discussion," he says.
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Still more proof that Economics is yet another "discipline" founded on bullshit with results that are unfalsifiable and premises that are just mystical horseshit.
These blithering idiots are the curtain behind which the power elite manipulates markets. They are the "climate scientists" of the money world.
