Marketplace and the BBC both have good writeups on how
the economic austerity plans, written by Harvard economists Ken Rogoff and
Carmen Reinhart, which have tanked the EU economy, and which the US Republicans
have been basing their plans on, are faulty.
"This week, economists have been astonished to find that a famous academic paper often used to make the case for austerity cuts contains major errors. Another surprise is that the mistakes, by two eminent Harvard professors, were spotted by a student doing his homework." -[BBC]
"Better double-check your Excel spreadsheets. This week, two Harvard economists, Ken Rogoff and Carmen Reinhart, admitted they had made a mistake in the Microsoft Excel spreadsheet they used in their report on GDP and growth." - [marketplace]
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