Brendan Greeley:

Economists don’t get controlled experiments, so they have to take countries as they are. Right now, Estonia seems to show that monetary and fiscal restraint can, after pain, create growth. “If you look back, the crash is very good,” says Palmik.



Not surprisingly, Estonia, a country with 1.2 million people, has been offered as a model by advocates of austerity in Europe and elsewhere. On the far side of the Atlantic, however, Nobel prize-winning economist and New York Times columnist Paul Krugman has been arguing for years against this kind of restraint, saying it leads to pointless misery. The argument is central to the future of the U.S.—and most other countries, too.



On June 6, in a blog post titled “Estonian Rhapsody,” Krugman took on what he called “the poster child for austerity defenders.” In his post, he graphed real GDP from the height of the boom to the first quarter of this year to show that, even after a recovery, Estonia’s economy is still almost 10 percent below its peak in 2007. “This,” he wrote, “is what passes for economic triumph?”

Roberto Baldwin:

Hey, city slicker: Erase all preconceived notions about the technological competence of rural America. As you drive past all those rolling, pastoral fields during your summer road trips, you might be lulled into thinking our farmers and ranchers are stuck in the 1950s — or maybe even homogeneously Amish. But think again: The people who work the land are using technologies that rival what’s coming out of the world’s most advanced R&D labs.

Hell, they’re actually using technologies that come out of advanced R&D labs.

From autonomous tractors to robot fruit pickers to cow milking machinery of amazing complexity (see image above, and our explanation below), rural America is on the cutting edge. So throw away your twee, urban biases of country folk. They’re using the technology of the future to feed us all — and this holds true for the local produce, meat and poultry that you’re going to buy this weekend at the farmers market.