The New York Review of Books is not where I typically look for macro-economic commentary, yet this post on its Blog about the impact on European economies of austerity measures implemented by several government across the region – including Italy – caught my attention.
The author reminds us that, according to John Maynard Keynes, the British economist, during recessions governments must expand economies through spending and tax cuts – yet we seem to be doing the exact opposite.
However, I wonder, is it appropriate to look at the U.S. Great Depression for comparison – or is the current crisis simply one of a kind?