Politics & Current Events
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Grad Student who Shook the Austerity Movement
Did anyone else see this?
http://nymag.com/daily/intelligencer/2013/04/grad-student-who-shook-global-austerity-movement.html
I fully admit economics is far from a strong point with me, but I thought it was an interesting read.
Basically, a UMASS grad student found a math error in Reinhart and Rogoff's work which has often been cited by politicians to justify cutting spending and other austerity measures (i.e. cutting social services or raising taxes on lower income brackets vs. higher income brackets) and shows that it's not, actually, that effective.
Does make me wonder if R&R really did miss such a math error or if there was hidden agenda there but that's just speculation now.
Re: Grad Student who Shook the Austerity Movement
it's interesting for sure. I don't do well with really complex economic theories so I may be missing some of it but the bottom line I picked up was that this kid found instances where countries had high growth during periods of high debt. If that's wro