Not to begrudge Penguin Press or Harvard political economist Niall Ferguson their incomes, but a reader would save the price of his new book by reading Paul Krugman’s column in The New York Times and appending a no to whatever he affirms. And a yes to whatever he condemns.
Krugman believes in an active government role in restarting a sagging economy. Ferguson, much prized by conservative economists and politicians, finds such a role close to an abomination. Krugman calls deficits medicine in times of recession. Ferguson calls them poison.