Krugman: Learning From Europe

January 11, 2010 at 9:33 am  ·  Category: Macro Economics, Politics

The real lesson from Europe is actually the opposite of what conservatives claim: Europe is an economic success, and that success shows that social democracy works.

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So why do we get such a different picture from many pundits?  Because according to the prevailing economic dogma in this country — and I’m talking here about many Democrats as well as essentially all Republicans — European-style social democracy should be an utter disaster.  And people tend to see what they want to see.

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Europe is often held up as a cautionary tale, a demonstration that if you try to make the economy less brutal, to take better care of your fellow citizens when they’re down on their luck, you end up killing economic progress.  But what European experience actually demonstrates is the opposite: social justice and progress can go hand in hand.

– Paul Krugman, “Learning From Europe”, The New York Times, January 11

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