I just finished reading The Smith/Klein/Kalecki Theory of Austerity by Paul Krugman and I believe it is the most disingenuous piece he has ever written.
Krugman comes out blazing with the statement "Noah Smith recently offered an interesting take on the real reasons austerity garners so much support from elites, no matter how badly it fails in practice."
He then cites various sources who suggest "business interests hate Keynesian economics because they fear that it might work".
While halfheartedly dissing a similar thesis in Naomi Klein’s Shock Doctrine, Krugman goes on to say the "thesis really helps explain a lot about what’s going on in Europe in particular."
Paul, Please Be Serious
The first problem I have with the article is Krugman knows damn well that no Austrian-minded economist on the planet supports what is commonly, and mistakenly (on purpose) referred to as "austerity".
Please take a look at what Austrian economists want vs. what the nannycrats in Brussels delivered.
What Austrians Want
What Brussels Delivered
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Thursday April 17th, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 16th, 2014 | John Ransom