Beyond austerity and Stimulus

The Keynesian Professor advocates that changes in the economy are more important than the polarized dialogue over austerity. The question of “what kind of post-recovery economy do we want?” has to be answered and this is where economics becomes political economy. “The radical case is that the pre-crisis economy crashed not because of preventable mistakes in banking, but because money had become the sole arbiter of value. So we should be energetic in seeking recovery, but not in a way that simply reproduces the structural flaws of the past.”