Could a 'defeatist' budget work again?

'Horror budgeting' has helped Australia in the past, when conditions were starkly different. But Joseph Stiglitz’s modern take says one piece of the puzzle is missing.

Watching Professor Joseph Stiglitz criticise the austerity of the first Abbott-Hockey budget in interviews in past days, one can only wonder what Coalition strategists see ahead for the domestic and global economies that the Nobel Laureate does not.

It is a serious question. Because although Stiglitz is the fourth most cited academic economist in the world, he does not have the direct knowledge of backroom business and political conversations that Coalition MPs have.

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