Spreadsheet Art

Abstract models mirror modern art. Both cannot express the essence of reality. Growth in a Time of Debt, by Professor Ken Rogoff and Carmen Reinhart, models world economies and was accepted as truth by neoliberal policy makers. The bulky read has pretty charts which helped convince policy makers impose stiff austerity cuts.

Europe is reeling under austerity cuts. Rogoff and Reinhart, have for yours been crusaders against big government. In 2010, the world was convinced by their persuasive arguments and beefy charts.

Growth in a Time of Debt is flawed. Thomas Herndon, phd student, and his supportive professors have identified methodological failings in the elaborate spreadsheet modelling. Spreadsheets carry risk and graphs become modern art.

Practically, austerity cuts growth. Inverse relationships exist between growth and debt, on one hand; austerity and growth , on the other. The common denominator in all economic play is growth. With environmental considerations, sustainable growth to be precise.
Europe has seen austerity driven jobs loses or negative growth.  Sustainable growth can create employment for those suffering recession. Without growth, austerity worsens the debt balance as interest accumulates. Debt  can finance growth,  all this complicates the relationship between debt and growth. Charts all start to mirror modern art.