Krugman – Success European style

Success, European Style

EUROPEAN COMMISSION
By PAUL KRUGMAN
January 13, 2014
Since I’m in Ireland, I should give a belated plug to the very good piece by Fintan O’Toole debunking talk about Irish recovery.

It’s kind of amazing, really. Here’s what Ireland’s recovery — both what has happened so far, and what’s likely over the next two years — looks like, according to the European Commission itself:

It takes an almost heroic act of denial to look at this chart and see a success story, a vindication for austerity policies.

And for what it’s worth (which isn’t much), Dublin still looks like a depressed city, with a lot of vacant storefronts — although my impressions may be colored by what I know about the macro numbers. Also, hotel rooms are remarkably cheap — good for visitors, but a sign that business remains very slack.

It’s really quite awesome, then, how the slight uptick here and in a few other places is being greeted by the likes of Olli Rehn with victory dances.

SHARE
SAVE
More In Paul Krugman
You’re All Losers
You’re rich or you’re nothing.
The Anti-Scientific Revolution in Macroeconomics
When bad people happen to good ideas.
The Raleigh Experiment
Much misery, no gains.
Back to top
Home
World
U.S.
Politics
N.Y. / Region
Business Day
Technology
Sports
Opinion
Science
Health
Arts
Style
Photos
Video
Most Emailed
More Sections
Settings
Download the NYTimes app
Help
Feedback
Terms of Service
Privacy
© 2014 The New York Times Company
DCSIMG

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: