banner-no-place-nogreen.jpg

Grad Student Discovers Errors in Famous Economics Paper

Anti-austerity protest in Madrid, Spain/ AP Photo: Andres Kudacki

Anti-austerity protest in Madrid, Spain/ AP Photo: Andres Kudacki

Listen

In Economics, "Growth in a Time of Debt' is a famous work used to support the case for austerity measures. Some American and European pro-austerity politicians have used the paper's conclusions to back introducing cuts -- rather than injecting more borrowed money into an economy. But now holes have been found in the paper's research -- not by a pre-eminent economist, but by a grad student working on a routine assignment, Thomas Herndon.

Comments are closed.