{"id":4709,"date":"2012-07-20T21:19:18","date_gmt":"2012-07-21T03:19:18","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4709"},"modified":"2012-07-20T21:19:19","modified_gmt":"2012-07-21T03:19:19","slug":"krugmenistan-vs-estonia","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=4709","title":{"rendered":"Krugmenistan vs. Estonia"},"content":{"rendered":"<p><a href=\"http:\/\/www.businessweek.com\/printer\/articles\/62994-krugmenistan-vs-dot-estonia\">Brendan Greeley<\/a>:<\/p>\n<blockquote><p><i>Economists don\u2019t 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. \u201cIf you look back, the crash is very good,\u201d says Palmik.<br \/>\n<Br><Br><br \/>\nNot 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.\u2014and most other countries, too.<br \/>\n<Br><Br><br \/>\nOn June 6, in a blog post titled \u201cEstonian Rhapsody,\u201d Krugman took on what he called \u201cthe poster child for austerity defenders.\u201d 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\u2019s economy is still almost 10 percent below its peak in 2007. \u201cThis,\u201d he wrote, \u201cis what passes for economic triumph?\u201d<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Brendan Greeley: Economists don\u2019t 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. \u201cIf you look back, the crash is very good,\u201d says Palmik. Not surprisingly, Estonia, a country with 1.2 million people, has been offered [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4709"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4709"}],"version-history":[{"count":1,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4709\/revisions"}],"predecessor-version":[{"id":4710,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4709\/revisions\/4710"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}