For those who like to have their Håagen Daz and eat it too, there is good news from Ivy League professor Mark Blyth: “Austerity: The History of a Dangerous Idea.”
Blyth’s recent book says you do not help a country like Greece by imposing tax hikes, spending cuts and the like. You help Greece by focusing on growth. As the economy expands, so says Blyth, the next generation will have less proportional debt than their parents. This is because the economy will be bigger. It’s all about the cardinal truth of macroeconomics: “the whole is different from the sum of its parts.”
In round figures, I think this means we can have our dish of Håagen Daz — Macademia Nut preferred — and eat it too!