Writing in the New York Times, Paul Krugman said Britain’s performance since 2010, after the global financial crisis struck, has been “startlingly bad,” with a tentative recovery that began in 2009, which was stalled in the last quarter of 2010. In his article entitled This Snookered Isle, Krugman provides an indictment of the Coalition’s claims and their methods of managing the UK economy. Mr Krugman echoes many leading economists in Britain.
Krugman says: “Unfortunately, economic discourse in Britain is dominated by a misleading fixation on budget deficits. Worse, this bogus narrative has infected supposedly objective reporting; media organizations routinely present as fact propositions that are contentious if not just plain wrong.”
Simon Wren-Lewis of Oxford University has dubbed this narrative “mediamacro.” As his coinage suggests, this is what you hear all the time on TV and read in British newspapers, presented not as the view of one…
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