What's wrong with Europe? | Arkansas Blog

Monday, January 11, 2010

What's wrong with Europe?

Posted By on Mon, Jan 11, 2010 at 6:28 AM

Not much, Paul Krugman explains. Universal health care, higher per capita economic growth and lots more. It's a poor example to invoke, in other words, as the supposed dire consequence of a modest improvement in U.S. health care.

So if there were anything to the economic assumptions that dominate U.S. public discussion — above all, the belief that even modestly higher taxes on the rich and benefits for the less well off would drastically undermine incentives to work, invest and innovate — Europe would be the stagnant, decaying economy of legend. But it isn’t.

Europe is often held up as a cautionary tale, a demonstration that if you try to make the economy less brutal, to take better care of your fellow citizens when they’re down on their luck, you end up killing economic progress. But what European experience actually demonstrates is the opposite: social justice and progress can go hand in hand.

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