Alberto Alesina, Francesco Giavazzi, Tuesday, April 3, 2012 - 00:00

Europe’s embrace of austerity has sparked a debate among economists. This column argues that the debate has gone astray. Until the critical principle – ‘how’ is as important as ‘how much’ – is embraced, the austerity debate in Europe will continue to be completely out of line with the real economic trade-offs.

CEPR Policy Research