An Economist Who Opposes Austerity - UPDATED

Unfortunately, I did not have time to write the blog post I had in mind, but fortuitously a friend alerted me to this video, a discussion between TVO's Steve Paikin and Mark Blyth, an author and Ivy League professor who discusses why the current austerity mania is a bad idea.

Coupled with the fact that two grad students detected a fundamental error in the spreadsheet calculations of the two Harvard professors upon whose shoddy work the justification for austerity largely rests, perhaps it is time for a larger consideration of its wisdom?

UPDATE: Here is solid evidence to support Mark Blyh's warning about the circular effect of widespread austerity efforts.