We have to admit that we're pretty amused by the latest economic dispute to break out in the world of social media involving a Nobel-prize winning economist, Paul Krugman, and the President of Estonia, Toomas Hendrik Ilves. The Los Angeles Times reports:
Twitter went atwitter Wednesday over a somewhat surprising spat: The President of Estonia apparently slamming New York Times columnist Paul Krugman as "smug, overbearing & patronizing."
Estonia enjoys a budget surplus after enduring harsh austerity measures, which have been deeply unpopular across the Eurozone. Wednesday, Krugman argued in a short blog that Estonia, "the poster child for austerity defenders," had only achieved an incomplete recovery.
"Better than no recovery at all, obviously -- but this is what passes for economic triumph?" he concluded.
In response, the Twitter account used by Estonian President Toomas Hendrik Ilves snapped that Krugman was indulging in "smug & snide gloating" at Estonians' expense. One tweet dropped a profane word to sarcastically say Eastern Europeans could be insulted because "their English is bad, won't respond & actually do what they've agreed to & reelect govts that are responsible."
So what of Estonia's austerity? Has it really put the nation on a fiscally-sustainable path? Are Estonians economically benefitting from the steps their government has taken in recent years?
Political Calculations is a site that develops, applies and presents both established and cutting edge theory to the topics of investing, business and economics.
Be the first to read Political Calculation's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for November 26th, 2014 | John Ransom