Saturday May 30, 2020

Finally waking up to reality

The IMF has come around to the realisation that austerity doesn't work, something this column has been arguing for years, writes David McWilliams.

13th October, 2012
2
No one likes to be proved wrong but, ultimately, the worst thing we can do when our world view turns out to be flawed is stick to it.

"When faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."

This brilliant quote from economist JK Galbraith just about sums up why individuals and organisations tend to stick to plan A when the evidence suggests that Plan A isn't working. No one likes to be proved wrong but, ultimately, the worst thing we can do when our world view...

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