Paul Krugman for The New York Review Of books
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Why did austerity economics get such a powerful grip on elite opinion in the first place?
Everyone loves a morality play. “For the wages of sin is death” is a much more satisfying message than “Shit happens.” We all want events to have meaning.
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And so we shouldn’t find it surprising that many popular interpretations of our current troubles return, whether the authors know it or not, to the instinctive, pre-Keynesian style of dwelling on the excesses of the boom rather than on the failures of the slump.
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“Wisdom that will bless I, who live in the spiral joy born at the utter end of a black prayer.” • — Keiji Haino
“The subject of human creativity is not an ethnic-centric, but a composite subject.” • — Anthony Braxton
“… It is not my mode of thought that has caused my misfortunes, but the mode of thought of others.” • — The Marquis de Sade
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