This is interesting: a major foundation of the argument for the economic austerity which is touted by conservatives around the world and which is dragging Europe back into recession, and which is now pretty much the course on which the US, thanks to teabagging congress folk, is headed, is a paper written a while back by a couple of economists. Turns out, they sort of fudged some stuff.
They go on to do so.
Whenever I write about such things I make no claims to economic expertise. But it's always seemed logical and persuasive to me that in times of fiscal downturn, where no other has or is willing to put money to work, government is the only source to which to look for infusions thereof; and that the time for governmental austerity, if there is one, is during good times, not bad.
[Image originally from NYT, by way of here]