Paul Krugman: The Lack of Courage Among Policymakers

The Oxford economist Simon Wren-Lewis recently asked on his blog: "Why does the economic policy pursued or proposed by the left in Europe often seem so pathetic?"

He was citing the government of François Hollande in France as the prime example, but also the limpness of the Labour Party in Britain. And he suggested that the answer is a matter of resources and organization: "Seeking out good advice (and distinguishing it from bad advice) takes either money or time," Mr. Wren-Lewis wrote. "An established government finds this much easier than an opposition or a new government."