Arnold Kling asks economists to fill in the blank:
Option A: Paul Krugman of The New York Times believes that they need a major reduction in their debt burden.
“Greece will achieve economic success when ____”There is an answer from the Austrian perspective, but first I want to highlight some thoughts from other prominent bloggers.
Option A: Paul Krugman of The New York Times believes that they need a major reduction in their debt burden.
“Two years after the Greek program began, the I.M.F. looked for historical examples where Greek-type programs, attempts to pay down debt through austerity without major debt relief or inflation, had been successful. It didn’t find any.”Option B: John Cochrane urges structural reforms:
“Advice remains, stop fooling around, massive structural reform tomorrow morning, grow like crazy, pay off debt.”Option C: Scott Sumner wants the country to build a factory that pumps out nGDP units at an ever increasing, but predictable, pace (I’m kidding, he thinks leaving the euro is likely their best bet):








