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Masochism macroeconomics?

Simon Wren-Lewis suggests we call the economic policies promoted by the European Central Bank a form of “masochism economics.”

Or is it faith in the macroeconomic afterlife: penury (a massive waste of resources) today bringing virtue (austerity and structural reform) that promises redemption (wealth creation) in the distant future.

We might even combine the two and refer to those policies as purification by pain.