Austerity vs Stimulus

In this BBC discussion with austerity advocates in Britain, Paul Krugman promises to be a fiscal hawk when the Lesser Depression is over. Actually, a pretty succinct encapsulation of the austerity vs stimulus argument, with both sides making their points.

And reasonably short.

Krugman is right that the austerity advocates here base their solution on ideology rather than empirical evidence, but he just couldn't stop himself from being insulting about it.