Below are two contrasting responses to the Treasury’s recent Comprehensive Spending Review. One is written by a Nobel prize winner and the other by the world’s most influential (and infamous?) media mogul. Their opinions, in many ways, could not be more different, although there is one striking similarity in their approach. Both use the past in order to judge the actions of the current British government. But they do not agree on what lessons Britain’s economic history teaches today’s politicians. Is Krugman correct to say that Cameron, Clegg and Osborne have failed to learn from the past? And are those who refuse to learn from the past doomed to repeat it?
Krugman’s New York Times article
Murdoch’s Margaret Thatcher lecture
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