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«Для України постає питання — що робити країні, яка не така багата як Японія або Єврозона», - британський фінансист Едеір Тернер lb.ua - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lb.ua Daily Mail and Mail on Sunday newspapers.
My knowledge said clearly, okay, there is no cliff at 90%. and we really need that from them. for them to say, look, we think debt is dangerous. we think it is a problem. but 90%, that thing, that was the artifact of some things in our original calculation that do not appear in subsequent work. are you surprised by how personal this has gotten? the stakes are high. from my point of view, they went pretty far out on a limb with work, which is far weaker than anything else in their careers. unfortunately, that became really, that became what they are known for and then if you said, this is really bad work and has had an effect on policy, which i believe to be the truth, how can it not be personal? you know and let me say it, who cares? right. who cares about my feelings or carmen rinehart s feelings or ken rogoff s feelings. ....
You know, never mind the question. did they make the data available? well, other people, not in a way, that s all irrelevant. the fact of the matter is this one result, claimed result which is that growth falls off a cliff when debt exceeds 90% of gdp. that s what they picked up and that result is false. that result is clearly not true. there is a mild, negative correlation between debt and growth, but that cliff doesn t exist. never existed in the data and certainly isn t anything that anyone should believe now. that paper of theirs did a lot of damage by giving people who didn t want stimulus, who didn t want any kind of policy a way to scare their opponents to say, if we don t do it my way, we ll go over the 90% line and terrible things will happen. my problem now with carmen and ken while they have said a lot of things that indicate more flexibility, they have never, to ....
Willing to call this anything like prosperity. i have to ask you about this because this is the spat between two celebrity economists. ken rogoff and carmen rinehart which countries start growing much, much more slowly. they wrote a letter back because you criticized them for feeding this austerity mania which caused governments to slash spending and they say you have engaged in spectacularly uncivil behavior in the past weeks and you attacked us in very personal terms, virtually nonstop. you have doubled down, your characterization of our work to selection a is selective and shallow. it is deeply misleading. what does it feel like? it s very unpleasant. ....
You know and let me say it, who cares? right. who cares about my feelings or carmen rinehart s feelings or ken rogoff s feelings. we are having an economic crisis, long-term unemployment with the united states. i don t think that i don t think the question of how civil a bunch of comfortable academic economists who went to m.i.t. in the mid-1970s i don t think that matters at all. compared to the question of the subsative issues and are we doing this wrong, which i think we are. paul krugman, thanks for coming on. a fascinating fly on the wall look inside north korea. vice tv was there in february and we have exclusive footage. right back. ck? ....