“This error is needed to get the results they published, and it would go a long way to explaining why it has been impossible for others to replicate these results. If this error turns out to be an actual mistake Reinhart-Rogoff made, well, all I can hope is that future historians note that one of the core empirical points providing the intellectual foundation for the global move to austerity in the early 2010s was based on someone accidentally not updating a row formula in Excel.”

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nslayton:

Confused about the financial crisis and the recession? Wondering about austerity? Well, austerity doesn’t work, and here’s a great video from Mark Blyth explaining why. It’s actually kind of fun, and very informative. Looking at this f…