With governments around the world facing budget deficits and economic downturn in the wake of the 2008 financial crisis, commentary by the Nobel Prize-winning economist Paul Krugman has emerged to lead the counterargument to the rapid public spending cuts favoured in Britain and across Europe.
A New York Times columnist for more than a decade, he is widely credited with repopularising the Keynesian economic model, and is thought to have had a significant influence on the Obama administration's decision to continue with fiscal stimulus, rather than introduce cuts or increase the tax burden.
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